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Does anyone know if the new loan programme
has a credit repair system like a bad credit card?
Looking at time lines here( if Fca approved)
Re lending to commence before Feb 2023 with a max of £35M. Then no more lending before the rights issue completed which could take up to may 2023. Looking back over old business rns's amigo in its hey day was lending out nearly £40m per month. If we get the go ahead to relend by August the £35m could be gone quite quickly and subject to the fca monitoring that and being happy with the new model, the rights issue will need to come round reasonably early to facilitate more lending. The bottom line is the FCA are still in control of consenting to short and long term operations on amigo no matter whot "a few weeks" Gary might be telling the radio listeners.
Its quite simple - the business was a high cost lender (though on the cusp previously). FCA wants this end of the market taken down. We are now positioned as a mid-cost lender. One day Mid-cost will be the new high-cost and the same cycle will happen again (albeit in several years thankfully). We will have our asses diluted but if you take up your rights you'll likely do very well. This is another 2-3 years away from reaching a stable business with a head of steam under it, so expect the SP post rights, to take a year or so to properly inflate. Long way to go and most potential investors won't touch this for a while yet!
Capital One Classis Credit Card - min. limit £200, max. limit £1,500. Representative rate is 34.9%
Vanquis Bank Classic Credit Card - min. limit £150, max. limit £1,500. Representative rate is 39.9%
HSBC Classic Credit Card - min. limit £250, max. limit £1,000. Representative rate is 29.9% APR (variable).
Truthfactory, this is the world we live in. If you can go through a life without any debt then well done. The reality is this is unfortunately the world we live in. There is an audience that unfortunately needs the support of these types of facilities.
https://www.finder.com/uk/credit-cards/credit-builder-credit-cards
That's the point, if the banks check their records now they laugh them out the door. Everyone's overdraft or credit card rates arent that far off. The point of Amigo is not to trap them in to high interest rate but give them a route out of their immediate problems and allow them to prove the banks can trust them.
But you know that.
Are you answering your own question there truth? Why borrowers should have the loan not guarantors, so they can improve their record.
Agreed it's not a blow away range but not bad and more importantly a step forward atleast announcing. Never expected relending within weeks, probably end of July Aug, let's hope so and not Feb!
Thankfully the doctor prescribed me anti cynicism tablets last week, I took 3 for breakfast before reading the Rns this morning. If we leave aside the " blow the market away with new products" drivel we heard from the board in the past. This is positive news...
haha big lippy. Problem is you have to be sound mentally, to be a guarantor so TF only has option of going direct anyway.
The age to be a guarantor has increased so you'll have to look for someone else;-)
Sadly I filtered TruthWhackjob a long time ago. Reading between the lines it'll be that the new business is selling loans at outrageous rates and deserves to be shut down blah blah. Oh dear. Can Guarantors run affordability checks? and if there mate says they can't pay for a few months, how do you know for sure? I wish TF was my guarantor. I'd take his money and F straight off.
Truthfactory - sub prime lenders don’t meow, only cats do.
I' m content with Amigo taking tentative small baby steps until FCA approval and then we could some real rise
Keep the Faith
GLA
What next Truthfactory, gonna start complaining that Ford shouldn’t be making cars?
So Amigo want to lend out £35mill of their own money (at circa 30%-40% interest) before the capital raise......which equates to a gross income of £10mill in interest on that £35mill, before the capital raise which is interesting.
Secondly - the guarantor doesn't want to borrow any money - they are simply standing behind the loanee. It should be a good system (because the guarantor will have made a judgement call on the loanee prior to agreeing to stand as guarantor........one hopes. If nothing else they will have made a decision as to the trust-worthiness of the loanee......one seriously hopes).
If you can't borrow from the banks then sometimes this is the only way?
Truthfactory
If you want to see ridiculous interest rates look at BeLoans or Lemon Loans both of which are FCA approved.
Looking positive so far,place your bets please ;-)
But lending straight to the guarantor won’t fix problems of people getting back on the straight and narrow before onto main stream banks
That’s what amigo is all
About
Positives - it's great to finally have some clarity on the new products and a more detailed timeline on the return to lending.
Negatives - the new products don't exactly 'blow me away' (contrary to Gary's beliefs).
Overall positive, it'll be interesting to see how the market reacts today. No mention of any FCA fine, but that surely is a given.
How long is the FCA going to take to decide if we are fit to lend? Good news about seeing the new products finally BUT market was expecting FCA sign off by now and won’t like delayed decision- it’s not going to 10p today on the back of this. We are still very much up in the air and at the mercy of FCA to say yay or nay. How long weeks or months now? We are way behind shareholders expectations time wise now.
IMHO DYOR GLA
This is great news, I'm sure the fca will sanction this and then the new company can move forward.
ATB