The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Hey Cando
I bet your smiling now buddy :)
JB stated that he would not go after Hamish while he was under the Amigo legal umbrella, Amigos legal team is top notch, they will have this under control as they have done since the beginning
If JB was still around I would of definitely pressed the sell button LOL
One loose cannon that amigo would never need now
BOD are doing well and have turned this around
I think that Amigo needs to evolve with the new BoD, create and release the v2. We have invested our money in the new BoD and it's the new BoD who would have prepared our case on Wednesday. Although JB created a great product at that time I don't think a return would be positive for Amigo. We know there is a place in the market for sub prime lending and our new BoD should have learnt from all the mistakes under Hamish leadership. I think JB would be a great motivator to talk about how and why he created Amigo but I don't it will help our position with the FCA.
I've been watching fight between JB and HP with an interest. I was delighted when GJ was appointed in place of HP to lead this business to recovery from this mess. Once sorted both GJ and JB should join the forces and get justice done. HP's incompetence and ignorance is a one thing, but repeating the same gravely mistakes again and again leading companies to the same outcome with FCA and FCA approving him again and again for the same roles looks fishy.
Game of Loans
I like that!
i see a couple gaps but they are not in the low 20s ;)
Total respect to JB for calling out all the issues to shareholders, it was amazing to see everything that JB came out in time..
I would advise anyone to read his blogs to understand the damage the previous BoD did, luckly we have a new BoD who wants to take Amigo and the FCA have to accept they were part of the problem of the old company and should be working with our new BoD to ensure a positive future, then the FCA can take set a blue print for what responsible lending to sub prime should be. The technology exists such as Open Banking which must be adopted to ensure our old customers lies can't be repeated.
https://medium.com/@jamesbenamor
Have a good weekend everyone. We touched 30 and 20this week. All gaps filled. Now 3 trading days and 4th day the nighty result. Be in for 2-3 bags or out now. That's everyones sole decision. Game of Loans last chapter.
And then exonerated from any wrong doing by the at time BOD
"...designed to benefit from consumers not repaying their debts in full and on time"
Laughed out loud at that. Sounds like a loan to me...
https://twitter.com/JamesBenamor/status/1285250818980098053?s=19
Hamish Patton.. what a track record under his leadership
Brighthouse
Amigo Loans
Provident Consumer Credit
If anyone doesn't understand the destruction this man caused Amigo Loans please read JB blogs...and yet after what he did to Amigo he was approved by the FCA into Provident. At least he has taken out one of our competitors for when Amigo V2 is launched...
FCA changed its approach in 2018-2019. This was discussed with companies and Amigo ignored this. Hamish Patton did not do his job. FCA moved the goal posts to look after existing and former customers especially those that had been given top up loans. FCA information attached. For most borrowers, credit performs an important function, smoothing income and expenditure, which, if affordable, can be beneficial. However, unaffordable lending and borrowing can cause real harm to individuals and society. Vulnerable consumers are disproportionately affected, with some business models benefitting from consumers struggling to repay in full and on time.
We will continue to look at those areas where we believe there may be continuing harm such as in the volume of relending and firms’ affordability checks. Examples include our work on motor finance, guarantor loans and the Credit Information Market Study.
We are concerned that the business models of some retail lending products, including some subprime credit, are designed to benefit from consumers not repaying their debts in full and on time. We will carry out diagnostic work, including consumer research, to identify these business models and consider what action we may need to take. The above us why Amigo got into trouble. Gary wants to clean up this mess. FCA however must also take responsibility for its own poor management as they approved Amigo loans business model before it was floated. FCA created this mess along with Hamish Patton not adjusting Amigo loans business approach. This is why JB was so irate when he returned. FCA owe Amigo loans a huge sense of injustice as they moved the goal posts and hung them out to dry. It is time for them to repay the mess they created. Hamish Patton should be the target not Amigo loans.