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Morning Amigos,
Will add my 2 pence here too :)
I think the voting score will be calculated by the following:
- 50% of overall votes e.g. how many loans do you have I.e. some customers have had SIX top up loans.
- 75% of total redress value e.g. if you’re a single entity like the FOS would you count toward 5% of votes and 10% of the value?
- Existing/past customers and guarantors could be scored based loan length left/paid etc.
I would imagine the value weighting will be based on likely redress owed if the claim is valid; so for borrowers it would be the interest paid and for guarantors it would be all payments.
There might be some self-assessment as part of the vote process but they won't be offivially assessing whether claims are valid until after the scheme is approved. Basically if you think you might have a claim your vote will count.
The value will be pre-calculated and each creditor will have a unique ID. As the votes come in for each unique ID they will be able to total up the amount in real time. This is very easy stuff technically, so dont worry about that. I think they would also be required to audit which would be a manual process but cant see that being more than a couple of weeks.
Barrieprov, I would say pretty much identical to a CVA including how it needs to be passed. It is just difficult to imagine how long it will take to work out whether 75% of the creditors value has been accounted for to allow the scheme to pass the vote.
So a bit like a Creditors Voluntary Arrangement then?
I shall leave that to the professionals to think about as i dont know how they are working that out. Hopefully we will hear more soon in regards to this.
The Scheme will not go ahead unless:
a
a majority (i.e. more than 50%) of the creditors who vote at the Creditors' Meeting vote in favour of the Scheme; and
b
those creditors who vote in favour of the Scheme, hold 75% or more of the value of all the creditors that vote.
LTHcine, they need to determine that 75% of the valid claim value has been acknowledged as for the vote. That is not an easy thing to work out. It states this must be achieved for accepting the vote over all. How can they possibly start lending without determining that the vote has been accepted??
specialonek - the vote will start early April and the court will decide on the 2nd court hearing in May. If it gets the go ahead claimants will then have 6 months to make sure they have made their claim, after wthe 6 month period they wont be able to submit a new claim. So it might take a while to sort through all the claims but really shouldnt make a difference as we will be able to lend again during that period.
They said they were making an online portal so assuming you can vote if you have a customer number?
We need to get one and vote lol
Also how long will it take to determine which voters are valid voters? They state you should not vote if you do not fit specific criteria, how long is each vote going to take to verify and have compensation worked out for? This is not going to be a quick vote count or confirmed result for quite some time IMHO. If 500,000 customers vote then that is a lot of reviewing to do or am I missing something?
This indicates that they need over 50% of customers past or present to vote for the scheme and that those who do account for atleast 75% of the total value of claims being made. It makes you wonder how long it will take to work out the second part. If you still owe Amigo money then any claim you are entitled too will be taken off your balance. To me it is not weighed towards anybody and everyone whether past customer or existing customers carry equal weight. It is down to the values of claims as long they receive more than 50% of the vote.
Creditors who are able to vote together on whether or not to approve the Scheme are known as a 'class' of creditors.
31
All creditors within a class must have sufficiently similar rights against SchemeCo. This is what allows them to be able to consider the Scheme, and vote on it together, as they have a common interest.
32
SchemeCo thinks that its creditors form a single class to consider, and vote on, the Scheme. The creditors of SchemeCo who will vote together are: (i) the Redress Creditors; and (ii) the FOS. There is more information in Appendix One that explains why SchemeCo has decided that its creditors form a single class to consider, and vote on, the Scheme together.
33
Every creditor of SchemeCo affected by the Scheme has the right to cast its vote at (or before, via the online voting portal at amigoscheme.co.uk) the Creditors' Meeting. The Scheme will not go ahead unless:
a
a majority (i.e. more than 50%) of the creditors who vote at the Creditors' Meeting vote in favour of the Scheme; and
b
those creditors who vote in favour of the Scheme, hold 75% or more of the value of all the creditors that vote.
Im sure Gary ad the board will make sure that everyone is dealt with in a fair manner, and chancers will hopefully be stopped in their tracks. From what he says i believe him when he says he wants to treat everyone fairly and equitably. :)
Past value of loans would indeed be smooth. Let’s not forget that Amigo have developed the scheme (with top of the line legal partners) and they don’t want the vote to fail.
SR no the value is the “live” weighting you have in, so the FOS is a big player in the vote and so are the live customers.
Past customers is the query, these would likely get a nominal value however a smooth move would be the past value of their loans. That is purely speculation though...
Well yes, LTHcine. That would be great and would mean that amigo doesn’t have to repay all of the old customers that paid in full. Would cut the bill massively. Unfortunately that’s not how the scheme will operate and so a fair method of redress for everyone has to be found.
I think it should be based on how much you struggled to pay and how many times your guarantor had to step in. If you have no missed payments then you could afford to pay.
I would think the other way around @Beevorma - It’s only weighted based on remediation though isn’t it? For example - The more you paid off the more you are due... so a past customer fully paid off will always be the largest compensation due.
SR I think it will actually be weight the other way around I.e those that have a value outstanding will have more of a say than those past customers, this is because the vote is both 50% majority based but more importantly 75% value based
Yes @Beevorma,
All Scheme site - ‘’What is my vote worth?
The value of your vote will be based on several factors. These include: (a) whether you were a borrower or guarantor; (b) the amount of payments you have made on your loan(s); and (c) whether you have repaid the money we lent you. Amigo will calculate the value of your vote for you based on the above information.’’
So simplifying this and using my own fictitious example, let’s say;
Customer that has repaid - you get 5 points for being a borrower, 5 points for having made 36 payments and 5 points for having repaid in full. 15 points
Customer that is still paying - 5 points for being a borrower, 3 points for making 22 payments out of 36 and still repaying so no points for that. 8 points.
Weighting in the vote is therefore heavier toward those that have repaid. Plus, there are 700,000 in that position versus 300,000 still paying. The vote will pass.