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Why would it need it refinancing? When they have a good income and even when paying for complaints half will get thrown out. And when they start lending again more monthly income.
Also the only reason this is dropping Is simple shares going down because there is more sells than buys, why jb drops them everyday.
I have a holding here and at a loss so I will be staying for med term, maybe for when they give dividends again.
It may involve us small holders getting wiped out before a refinancing. Seems likely to me.
All problems solved with another £200m bond raise.
My view is the share price is currently priced to run out of money from these claims. It's a serious problem, as we have no idea of the total cost to settle almost all of them. If Amigo can challenge FCA/FOS and win then the share price rockets. Amigo have good history with creating their processes but I think greed within the business changed their acceptance policy and now they are paying the price. Can they reinvent themselves with some major backing, I hope so because there is a place in the market for them and they have an established brand.
Correct Malpenn - Do not forget when you read these invitations from law firms to apply, they will of course make everyone feel they have a chance to get money back as they want volume. The reality is "affordability" is a grey area. I would want to see bank statements to see what the expenditure of each individual was. If they are wasting money on non-essential items then the loan may well have been affordable. Ultimately I think the number 1 acid test will be way simpler. Did Amigo do a proper check with credit agencies on any defaults or mis-payments etc. Even then, they are borrowing from Amigo because they have been refused elsewhere and will almost certainly have a default. It seems to me that the mgt is very weak to roll over and accept the FCA version of events who have moved the goalposts in what seems a very grey and murky sector of the credit market. I would be pushing back hard on these guys and if it threats the business, you would go legal if only to get an exact clarity and agreement on what can and can't be done going forward.
i agree. But if the guy who posted yesterday saying he has made a claim against them gets a payout even though he could afford the loan and paid the loan back in full and on time then it could get really bad.
As you say they need to challenge these claims if they have no merit. By all accounts Hamish rolled over and paid on 90% of claims
This shouldn't come as a shock we know this is the biggest risk to the company and why the share price is so low, they have show the FCA they are settling ones with merit and hopefully when Glen comes in they will be stronger to challenge the FCA/FOS on those without merit or those who have lied on their applications.
i found this part interesting:
UPDATE In early 2020 Amigo stopped upholding many complaints. It is now rejecting some strong ones or only making a very poor offer to refund the current loan when the borrower had previous loans that should also have been refunded. So if they do this to you, send your complaint straight to the Financial Ombudsman!
He has just posted the wrong link, these are true but it seems that Amigo are delaying any cases which have gone through the FOS, cases they uphold are being paid. Not pretty reading..
https://debtcamel.co.uk/how-to-complain-guarantor-loan/
May 2019 ....how old is that ??
Put your glasses on and read all the way through it is not
Harold ,your LINK I OLD ..OVER A YEAR AGO ...
Do you think if any of that was true glen would be going back in ? Think about it.... we have heard this on this bb for weeks. Amigo god is angry with you
Atleast wait for their cash pile to drop to under the Mcap before you start with this crap again today.
From what I have read Amigo are now trying to string the claims out for whatever reason.
Think they could go under, everybody is claiming even the chancers no win no fee.
https://debtcamel.co.uk/amigo-more-refunds-2019/