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Jimmy
Amigo didn't take customers word for it
The main issue has come from a second loan where they weren't as stringent
I've seen and surprised you didn't see the post that was the finding of the FOC regarding a complaint
Findings were Amigo were compliant with the initial loan did do all needed checks and claim was dismissed for that one. Second loan FOC awarded to the claimant and the guarantor was allowed to come of the loan
GJ also said they must make sure that those claiming through opportunity and greed were not allowed to just get paid out
Basically some staff were obviously after hitting their targets as I'm sure the bod were but that will stop now.
Jimmy does this help reassure you a little?
I don't like the idea of customers who gave inaccurate information getting a payout. But FCA rules for lenders say:
(3) For the purpose of considering the customer’s income under CONC 5.2A.15R, it is not generally sufficient to rely solely on a statement of current income made by the customer without independent evidence (for example, in the form of information supplied by a credit reference agency or documentation of a third party supplied by the third party or by the customer).
You can read it for yourself here: https://www.handbook.fca.org.uk/handbook/CONC/5/2A.html
If Amigo took a customer's word for it, they acted against FCA expectations.
BetRight --- I have no problem with people invested here having opinions either way, however, having been here for months, i have seen your posts before and remember them. I have not asked you not to post on here, what i have done and i feel i have right to do as an investor in this company is to make anyone reading your posts aware that unfortunately you have lost money here and consequently may or may not be posting as you are bitter about that. Once they are aware, that is up to them to decide. So no, i will not just simply ignore your posts ! As i have previously said, i am sorry you lost but, my opinion is, unless the company goes bust, you do not actually lose unless you sell. Up until then it is a paper loss. Stuck, yep, might get stuck with a share for a while but you do not really lose all until you sell or it goes mammaries up . That is my opinion anyway.
Awe bless you Betright
We don't mind and it is a free country
You just picked a day that we've had real derampers on all morning
Roharps
I doubt they know right now
What they are going to fight, what will get passed to claim etc etc
If someone could help me with this question please- If they did know and it would be detrimental to the sp, wouldn't they HAVE to publish ?
Okay, good luck everyone. I do enjoy this board, but will be a viewer only as my comments are not welcomed.
It's me who is not good for Amgo, but Amgo is very good for those trader who can make money from.
I do wish board would provide exact number of complaints though outstanding
That doesn't make sense. I work in the industry so I'm an expert in this. The fact that you paid them off - and also with support from the guarantor - suggests the loans were lent affordably. The back up was the guarantor, and it sounds like they bailed you out (hence why they were the guarantor). It would've been un-affordable had the guarantor not been properly vetted; or been under pressure from you or if they didn't really know much about the loan. But this claiming because you can is the problem! You benefited from the money lent to you, which the highstreet bank probably wouldnt have lent when you needed it the most. So whilst I get some dubious tactics from the amigo and other payday loans before them, it can also be unfair for them as borrowers dont always complete their end of the bargain/obligations.
The answer is most people who had any difficulty repaying will now make a claim owing to the fact that claims companies are becoming predatory. It is an absolute snowball affect and I don't think it's fair. Many lied to get credit and now the blame is falling on amigo becuase they took their word for it.
The FCA has recognised that things are getting out of control and taken a precautionary measure to restrict cash. In other words they see a risk of amigo falling out of existence if the snowball continues to roll on.
I'm not selling simply because I think most people taking out loans would have been decent and met payments in full without problems and therefore with no right to complain
Encouraging people to sell will not make you feel better or recoup losses so concentrate on making your losses back.
viking, my comments are for those people who don't mind to hear both sides, if you don't like it please ignore it. I wish everyone wins not lose like me.
BetRight .... On the 27th July at 08.50 you posted " Good luck every one, i am off now with big lost. " . On the same day at 12.10 you posted " I am fully wishing good luck to everyone, this is my last post here. ". I am sorry you lost money as you state in 1st i have copied here, but please keep to your word as you state in the 2nd post copied here. Thank-you.
October 16, 2020 at 4:08 pm
Q: Hi I have had 3 loans with amigo all paid off guarantor had made a few payments. My loans were from September 2010 till June 2013 is it still worth trying to make a claim?
October 16, 2020 at 4:14 pm
A: If the guarantor made payments, that suggests you found it hard to pay them – so they may well have been “unaffordable”. In that case a lot of people are winning these complaints!
How many claimants are there ? we all would like to know this i am sure, optimistically could there be less than we think ?
How can the FCA defend someone who for instance have lied on their application and or the guarantor has ?
I know a example as to what some of these people are like, 2 years ago i knew someone who excepted being a guarantor ,and when amigo started sending out letters to her because of late payments of the borrower she pretended she hadn't understood the application which was a lie, however she didn't get away with it.
Now what i am saying is how can the FCA support such people ? and there are many,because their are lots of desperate people out their who will do it just to get the money regardless ,how do you weed all these people out ? i know for a start that apart from anything else the telephone conversations are recorded from the applicants, so its hard to wriggle out of what you have stated which is why i believe alot of claims although not all will ultimately fail.