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Its not just about income is it. Its about expenditure as well. If someone borrows money and carries on buying their groceries at waitrose and refuses to trim down, cancel subscriptions, stop taking cash out on credit cards etc. Is that loan affordable or unaffordable? Rather than make tough decisions you borrow more to put off the pain of change in the hope a better solution comes along. This is hugely subjective therefore and far from a case of yeah we ll pay up compensation. Its about treating customers fairly but holding them accountable. Many of these loans one suspects were affordable but expenditure of individuals is usually out of control. This makes it a very grey area so actuallly its much more about process. Were they followed and why did the superviser aka the FCA not do more sooner if amigo ops was out of control?
If you’re calling me a knob I must be doing something right ??
So your credit report has your salary on it does it?
Again, not sure I'm here for counselling. Appreciate your concern though. x
How can you make a call on affordability without checking someones income do you think? No need to provide payslips or bank statements. ?
Also, I wasn't looking for counselling, not sure I would look here for that, I was trying to give an example of what might be going on which might help people? If not, ignore it. Quite easy really.
@gwhizbang Thanks for your constructive thoughts princess. x
OK, you are at major fault here. If you had a gambling issue and it effected your ability to repay your loans, you should have told them about it. There is no rule that they must look at your bank statement. They are not the gambling regulator.
You can use, the "I was addicted" garbage all you want but at the end of the day you have committed fraud. Bet your sorry arse you will and should end up on a fraud register now. Have fun getting no credit ever again.
Company figures out on 23rd??? JB holding down to 30% in 12 working days. GC in position on Aug 1st and an orderly exit of exisiting board. Fundimentals say this share is worth more.
We will be fine fellas - it's just going to take a few weeks n those with money can make hay while the sun shines in the Isle of Fernandos : ) Just rang my hotel AND ITS OPEN!!!!!! : )
i've been invested here for a while, so don't worry lol. and i was planning to add to my position regardless this week.
results will be out next week and the founder will run out of shares within 2 months, so the downward trajectory of this share has a short time limit as compared to other shares, where i've had to wait for a lot longer for the value to be realised.
Please don’t do that on my say so. I’m purely giving my opinion. I have no dog in this fight.
thanks for the replies.
i will take on board your endorsement of the company. It's promising coming from a previous customer of the company, regardless of the claim being made. i'll be adding to my position this week.
@istock Of course i didnt, however i applied with other companies at the time who declined my application based on my bank statements and seeing the issue.
@kpet123 I would say it took me a week to put it together, though thats because i wanted to look at everything, you could do it fairly easily in a few hours I would suggest. Ive got no idea if I will get a refund, or how much, i just presented the amounts that i repaid in interest.
I'm not invested in this, but have been watching with a keen interest given the volatility and was just suggesting that in my opinion is there is a viable business here.
Somehow this firm turned up on my mobile ,offering to deal with claims .What they were saying some were gting less then the asked for .Such as 2k instead of 2,500 pounds they asked for ..
thanks for the reply...couple more things if you have time. how long would you estimate it took you from start to finish to complete the claim/appeal?
just thinking it might be long enough to put off some people lol.
also, before appealing/claiming, did you have a figure in mind that you felt you could get back in compensation?
if so, how did you come up with that figure?
and if the perceived figure was lower, would you have still claimed? or would you have not bothered?
just trying to work out where your threshold would have been (inevitably it will be different in each case).
@Wtatr123 I can tell you any sort of claim will be part of your credit score, they use all kind of data points to valuate your profile... claim is a big deal.... also including your incoming/outgoing income/expenses...
And when you applies the loan back then I guess you didn't tell them u was going to use the loan for gambling purpose did you ;-) and of course you have to pay more interest due to risky profile hence unable to get loans from other providers... Amigo just took a larger risk but in return more interest...
By your own admissions you paid all payments in full every month. So surely they were correct in lending you money as you could afford it. What you spend it on be it gambling, alcohol or crack is up to you. Is it there job to say you shouldn't be gambling that much. In my opinion no. Also not being rude but isn't dealing in shares a form of gambling.
Wtatr, thanks for sharing and the insight and congrats on getting yourself out of the gambling. With AmgO- Did you or your guarantor ever have to sign an agreement stating around affordability? And did this include what the ££ was for? Just thinking that would be considered as a contract, minus Amgo’s due diligence to check. My biggest fear here is the risk that legal firms will be advertising this like PPI, and many will apply just for a quick buck, regardless of if amigo did good by them or not but FCA based on what I’ve seen will have a balanced approach which is likely to improve once the new BOD are in play. .
Will try and respond in order.....
@istock at the time i was glad they gave it to me, however in the middle of a pretty serious addiction, you take what you can get. If i had used this for a car/home improvements/holiday etc I have absolutely no ground for complaint, the fact that 85% of my income was going to gambling sites, they should have looked at this more and seen that.
@kpet123 The claims process is pretty clearly advertised on their website, i haven't used a third party company as they too take a fairly large percentage of any award, I asked amigo for a borrowing summary which they have to provide and spent quite some time going through old bank statements and credit reports to substantiate my claim. There is no cost to me to make a claim. Some third parties charge 30% i believe?
@greatcrestednewt Yes, I'm positive, the loans were all paid off on time each month. Amigo cannot go back and alter my payment history to show otherwise. I completely agree if you have an open loan and you stop payments this will obviously effect your credit rating.
@istock Yes, payment holiday on a mortgage, you stop paying so may effect your credit rating. If I never missed a payment, they cant report otherwise?
I was only trying to provide some insight into the fact I think Amigo has a decent future with some fairly small tweaks to the operating model. Would like to see the share go back up.
Peeps even get penalised for using mortgage holiday... claim will certainly affect the credit rating.
Very interesting watrt. Thanks for sharing.
Are you certain a claim will not affect the credit rating...I notice you paid your loan off so you may be right?
no abuse or judgement here. one shouldn't pass judgement when they haven't walked one's shoes 24/7.
just want to understand the claims process more.
can you further decribe the claims process? who with? how long will it take to conlcude and are there different stages to it?
what are the costs, if any, for your and the claims company?
how did you hear about/come across the possibility to making a claim against amigo?
@Wtatr123 thanks for your insights and honestly... one question, how did you really feel when you need the money but unable to get any loans? are you really ****ed about the fact that Amigo provided you the load or somehow you should/may appreciated it especially during your most difficult time!
I have been thinking about posting for a few weeks and have been watching these boards with interest.
I had five amigo loans from 2017 through 2019, totaling £42,500 and I have to say they were first class, the service and idea behind the product was fantastic, at the time I had very little option in terms of lenders as I had destroyed my credit rating through years of misuse and abuse, although did have a very good income to repay a loan. This is where the problem with Amigo lay. I had an unbelievable gambling issue for years and this was clear and obvious if they had reviewed my bank accounts., they did review my credit file and allocated portions of my income to each outstanding debtor which on the face of it showed that I could afford the loan. The loans are now paid off including interest and the gambling stopped 18 months ago. That being said, given the press noise around this, I have made a complaint against Amigo as there is no way that they should have lent me money and it exasperated a gambling issue that I had at the time that should have been quite obvious. The interest that I paid totaled £6.5k. As has been mentioned, why would I not try a claim, there is no downside, no effect on my credit rating and they made an issue worse and prevented me from fronting up to the issue. Yep, my fault but Amigo did not help the situation.
That being said, I think that Amigo has a great business, perhaps the claims will wipe out their cash balance entirely but I'm not sure how much more than that it could be? If they almost start again, tighten up their due diligence, surely there is a need for this type of product? Perhaps its at a smaller APR, but it should be a low default number based on guarantor back up so it might work, would imagine the New CEO can work this out pretty quickly and satisfy the FCA. I would think that there is going to be plenty of people that might need cash in the coming months, so the sooner the better.
Not really sure the point of this post, just thought I would maybe add some insight and personal experience. Try and keep the abuse to a minimum please....