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Expru, that's a perfectly reasonable point of view to have.
It's very convenient for the FOS that JB did not win the vote. Can you imagine the stink he would have created for the Regulators/Gov had he opened up a Judicial Review.
I think there's darker forces at work here.
Hound
I don't disagree Amigo shouldn't just accept all claims and it ****es me off they seemed to be
But if it was going to bust them i;m sure they would know by now and therefore so would we
expru2000
Wasn't my intention to patronise, so apologies.
Doesn't matter who I am, I hold shares in Amigo and have worked in financial services - in this sector - for 10 years.
my intention was to provide some perspective on the comments you made regarding insolvency. It is a claim that will terrify many and I don't think that is fair
Sunset - you lost the plot years ago : )
I was the biggest cheer leader for this share pre the vote and I am still in for a damm sight longer than most of you . By the time I sell up, all the disenters here will be a distant memory. I am just trying to understand why these claims are being allowed to be paid out by a BoD who are lying down and rolling over without argument and why the claims seem to be paid out on a vast scale without challenge!!!!
Steve, Thank you for that info, really helpful
JB ? Can we move on ?
Seamus, the FOS are complete morons, they don't mind making perfectly legitimate companies bust at all. This is why AMGO need to get the Gov on their side and sort the FOS and its extremely harmful practices ASAP.
Ex a little out of date
Hargreaves Lansdown Stockbrokers Ltd. 51,744,000 10.9%
MIC Capital Partners (Public) (US) IM LLC 38,232,498 8.04%
MIC Capital Partners 36,976,659 7.78%
Glen Paul Crawford 28,680,098 6.03%
Aberforth Partners LLP 27,698,380 5.83%
Woodford Investment Management Ltd. 23,719,154 4.99%
Miton Asset Management Ltd. 22,037,402 4.64%
James Rachid Benamor 12,657,117 2.66%
Hargreaves Lansdown Asset Management Ltd. 11,713,000 2.46%
Stephan Wilcke 10,155,613 2.14%
Steve - a bit harsh - I was a financial consultant, a mortgage arranger (whole of market) and a guarentor for an Amigo loan. I have read testimonials from ex clients of Amigo who have had monetary payments of compensation - fact.
I don't like being patronised by someone I don't even know - who are you anyway???????
@bumblebee1
People are desperate sadly and claims management companies make them all sorts of promises.
Sad carry on
A large majority lied on their application forms i bet and, i know of one such case who was a guarantor, who then tried to pretend she didnt understand what she was doing ,but she did ,to try getting out of it.and they will be thousands like her both the borrower and the guarantor's.
expru2000
Wow, I'm guessing you know nothing about financial services.
You appreciate the majority of these claims are from people who have defaulted owing sums to Amigo and as such, become eligible to a write-down of their debt in most circumstances, not a physical payment of cash.
I suggest you do some research into this before you embarrass yourself any further
oh GOD what a rubbishy explaination you are pathetic go clime into the same cave as houndog if thats your best explanation. GO back to sleep
HOUNDDOG why dont you watch and listen AMIGO has stated that they have sufficient money for complaints and for going forward at their agm...where were you,? on another planet or in some cave somewhere .
Seamus and everyone else - I know Hound D has contravertial opinions, but, I have been thinking about these claims payouts all day and I can only come to the conclusion that the FCA/FOS have been told by a higher authority to allow these claims against Amigo to be successful as it puts money back in to the pockets of the lower social classes that are hard up and needed to borrow in the first place.
I can't see the government being bothered about letting a PLC go to the wall, as long as the less wealthy among us are able to put food on the table and as long as the poorer borrower gets double bubble by borrowing and then getting compo as well - I think this is a possibility. That's why we MUST take the FCA/FOS to judicial revue as they are independent from government influence/orders.
Sorry : (
@HounddogMK2
I agree FOS are the problem and that is evident following the failures of Wonga, WageDayAdvance and most recently Sunny. They have decimated the HCSTC sector and similarly the HCS.
The real problem though are the Claims Management Companies (CMCs) who instigate spurious claims in the thousands, leaving lenders, like Amigo, in a position where they cant respond with required periods and thus leave the door open for a FOS complaint. Why? Because they try and blackmail a lender into settling a claim to avoid the FOS fee.
To me though, this is different. Amigo are currently under a VREQ, the terms of which state "Requirement relating to handling of complaints about affordability, including re-reviewing previously determined complaints which have been identified as being potentially incorrect."
A VREQ involves the appointment of a Skilled Person (SP) who impartially investigates the company with a remit of reporting back to the FCA on specific, pre-agreed factors. A report is ultimately submitted to the FCA and the lender then has the ability to respond. The outcome involves the lender working with the FCA to resolve outstanding issues (I accept this is incredibly simplistic but I don't want to bore everybody).
The FOS and the FCA are essentially one and the same. Amigo agree a resolution with the FCA and that will bring an end to the FCA involvement, the VREQ will be lifted and business will continue.
I am not saying the resolution will be without pain, of course it will, but Amigo will already be aware of the SPs thoughts and will be working on a resolution. If that resolution involved potential insolvency, Amigo would have already started down that route. It has to be remembered that under insolvency law, they cannot prioritise one creditor over another.
To finish, nobody knows the outcome to this but your posts of "insolvency2 are misleading, misguided and without any form of evidence. That is not fair on readers
Not afraid to take a punt...... £40-45m less than expected provisions.
He is about as bright as my colon...
Hound
So you are saying the FOS would rather bust Amigo and get nothing for the claimants than come to an agreement?
A good company with a valued service that's helped our heroes over covid and will be needed now more than ever
Your not that bright are you
Steve, no doubt GJ is a solid man, but it's not the FCA amgo should be worried about, its the FOS who are likely to ruin amgo by upholding to many claims. JB and GC both wanted a judicial review to deal with this issue, why? the rest of the board clearly don't want a judicial review, why?
No matter how good a guy GJ is, AMGO WILL need to go down the judicial review avenue as there are just to many claims being upheld.
No hound dog you go further than the truth and you know damn well what your up to ! Don’t treat all on the board as ****ing stupid , back your arguments up !! You cannot so you go down the doubting route , why ? Well who knows what your getting from it ?!?! I won’t filter you because truly it makes me laugh
Hound dog you always have to ruin things don’t you !, your right about the people harping on regarding recovery and 20p , 30 and so on but don’t start saying it will go bust because you know damn well it won’t simple , the mcap will not look expensive at bloody all and the claims has only ever been a small window and will be sorted very soon with the money accounted for for ****s sake
@HounddogMK2
The company is clearly satisfying the FCA that it can meet its liquidity obligations. Talk of insolvency is unnecessary at this point.
I know Gary Jennison through a company I worked for and one thing I can state is that he knows exactly what he is doing. Solid man who will get things done.
look around the FTSE, losing 50% of share value in the last six months is pretty common. Its this thing called Covid I think................
It absolutely is the truth. The sp has gone up 7% today (no one's mentioning the 50% drop over the past month are they) and your all acting like the recovery is on.
Everyone talking about 20p 30p 40p etc, just wait for the full complaints £ numbers to come out, the company could genuinely go into liquidation, at best end up with a very small loan book.
£50m market cap may start looking expensive soon.
You are giving an opinion. Fair enough, although I disagree with it. Please don't describe it as the truth though. Nowhere close.
Hotdoggy/Hillman no-one deserves to listen to your fake self-centred views. Give it a rest and sod off. You are out for yourself only. And need others to feed your ego. You’ve been exposed so sod off.