Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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you can get a idea by reading trust pilot. theres many recent complaints and amigo are delaying paying the complaints out. seems like every man and his dog who has had a loan is putting a claim in. crazy this really people are acting like amigo put a gun to there heads to take out a loan. you even get 8 percent interest as well. so take a loan out say you shudnt of had it and get 8 percent interest as well crazy
I think hound dog is right on one thing - complaints volumes must still be very high. Amigo pretty much quadrupled its provision in July after a major spike in volumes and now says there’s been no material change. We should get an update on VREQ within a month. This requires us to be answering all complaints within eight weeks by 30 October.
We don’t know what assumptions were made when the provision was calculated - whether it was based on a short term spike which then dropped off or ongoing higher levels. Roger’s recent statement suggests the high levels are continuing. That’s the key to whether the provision will be enough.
I do wish the board would be more detailed about the numbers. It’s hard to know what’s happening in Amigo Towers when we only have FOS numbers.
True @Gazza but I don’t think there will be any challenges for Amigo to find people keen to access finance at the moment. The key is for them to do it with a robust affordability/assessment process and FCA support. Once this is rectified then this company/share is only going up, and probably very rapidly. Have a lovely weekend all : )
Redundancy and furlough means less people to lend to not more...especially given the FOS position. You can't lend to people already struggling basically.
Yes Toe it's the regulators fault, the FOS are compete mongaloids.
But the main question here is - why aren't AMGOs bods fighting the FOS?
Toma good question. The company MUST start lending ASAP as its loan book will have wound down to much and the damage will be done. The nature of a lender like amgo means it cannot afford to not be lending for a prolonged period.
I imagine lending will be miniscule, they won't see previous lending volumes for a good 2/3 years if they survive imo.
Why? Well quite a few of them are off mate for a start. -)
The VREQ tells me there was a problem, which they acknowledged and it needed to get addressed. Less than ideally they probably paid off more claims than they should have but strategically one hopes they address this more robustly going forward. Previous CEO and BOD have been less transparent than I would have liked on this point. Hopefully we get more clarity going forward.
Like I say I want to see more of the leadership team investing into the company and buying stock that would provide confidence and boost the SP higher. If we do not see that then it does raise questions for me as to why?
OK, and the company did confirm this.
Hound
How many differant ways do you intend to bore us over the next few days/weeks ?
Yes we know blah blah blah so please give it a rest mate and stop acting like you want to be our saviour
We KNOW there are claims issues and we are prepared to take that risk and don't need you here
People will always complain if there’s chance they don’t have to pay there debt back!! Same as the PPI scam. It’s the regulators fault not Amigos
Having been here for sometime , the only real reason the share price tumbled south of 10p was because of serious doubts about company as a going concern re Complaints and FCA investigation. GJ investment was expected. Main concerns are under control so share price should rise in time . My only concern now is that it could take longer with so many day traders playing with the stock . Resumption of lending should end this.
Yes, and they will start lending again by the year end.
All the vreq means is they will have caught up with the backlog, it doesn't mean there's no more complaints coming in. What does it tell you when it takes them months and months just to catch up to the backlog?
This ship has a leak.
The other reason GJ invested to be clear was to put a floor under the price which prevents JB or anyone else building up a cheap stake in the business amd then interfering.
He bought because he knew we’d hit bottom and would make himself an instant profit. No sentiment for the board in this lot. They’ll do a job that’s all and get this to £1 in time.
Filtered hound..my predictive text suggested filleted which i would prefer as an option.
Yeah great advice Richmond, the more people you block the less avenues of information there is
*face palms self*
My take on the Gary buy yesterday and it's only my humble opinion, that he wanted to send a message that underpins what this board are saying that they have turned a corner. Let's see if the VREQ announcement also underpins.
I think it is a good gesture but I'd like to see more of the leadership team do it and hopefully this is what we will see. Nothing backs up a pre-prepared RNS statement better than the leadership of the company ponying up with their own money and investing.
They also gave guidance that provisions set aside were adequate to manage complaints douchebag.
So hound dog your view is the ceo would throw his money down the drain if the situation was not manageable but worse as you put it.... fatal. Dick
Ok Hounddoggy why would someone that actually knows the facts, not you who spouts ****e, invest in this company. More tr1s to follow. You are a nob. Filtered.
Why would you not listen to what I'm saying? Why would you ignore such honest well researched facts? Why dismiss the truth? It's your money on the line here, don't you want an honest clear picture? You lot baffle me sometimes. Ever heard the saying you can lead a horse to water but you can't make him drink?
Ps whoever this hillman character is, I assure it isn't me.
I goat - hillman been permanently banned mate. I speak to him and HD isn’t him :-)
You ain’t nothing but a hound dog ah ha thank you very much