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Biglippy you’re new have read all the posts, I’ve made a fortune this year that’s the point 3000% I’m repeating my self again .
I have various different brokers one for uk, one for the us market, and one for the German market.
Thanks mate for the post .
Jimmy the fos decision is final. Even if the customer doesnt like it.
Phill I heard that they can go as far back as 1842, when their great great grandparents borrowed from Ebeneezer to buy a penny farthing. So we are fooked!
@Biglippy - We are indeed although the filter button is getting a good workout today.
Evening all we all staying strong ;-)
Senator - just checking. Your numbers are based on FOS complaints only. They don’t include the complaints that Amigo have assessed and paid out on without FOS involvement? And we don’t know what proportion of total complaints get sent to FOS because customer doesn’t like FOS’s answer?
More questions than answers at the moment.
Is there a limit to how far back a claimant goes?
Why are very few contested?
Who determines to uphold...FOS?
Is there an appeal process in place for lenders?
Tc-you won't make money on here you need a broker
Why would I worry about seeming dim ?? I care about making money .
good riddance you smarmy little prat
The current upheld rate is 94.9% as stated in the article posted her earlier, GC left because the BOD were paying out on all claims, the word is out people, the claims situation is getting worse.
Keep a eye on your money is all I’m saying, bye love you.
Sen1 why are you giving the figures of the total banking claims of course Amigo is going to looking tiny against Lloyds Barc hsbc ect ??? No relevance.
And 1% of amigos customers have received apaid claim in the last 3 months and your promoting that wow .
Also if you take a 90% upheld rate and assuming payout is twice the average loan that is only £8.1m. These figures don't justify today's price and they are not hard to work out.
sorry last 3, 6 month periods going back to Jan 2019.
Yes your figures correct. Perhaps a more interesting way to look at them though is Amigo represented 0.69% of the Banking & Credit claims July-Dec 2019 and are now 2.57% of a slightly smaller number @45,165 total. Another way, the last 3 month periods total 1,746 claims out of 220K customers is less than 1%. 1,746 @average 5.5k restitution is only 9 million so they look well provided for on these figures. The 5k restitution i got by taking net loans at £553 million divided by 199k customers and multiplying by 2. Yes the growth in claims is large but you have to put it in perspective. A thousand percent of a small number is still a small number. They have a £120 m claims provision against a conservatively calculated liability of £9m based on claims to June and assuming claim is twice the average loan. Anyone saying its going bust is guessing. That conclusion is not in the numbers we have.
The percentage of upheld cases is pretty alarming.
Again, it would be useful if the company kept a running commentary on the average cost of upheld cases - that way we (the company owners) would have a clearer insight into the costs and potential damage that the complaints are doing.
At the moment all we have is a huge sum of money set aside for such damages.
It’s a mixture of many excuses.
People / guarantors saying they were not informed correctly
People saying they lied on the forms and didn’t earn the money they said so it was unaffordable
People saying amigo didn’t Do sufficient checks
Every excuse under the sun, and the fact that the whole process was approved by FCA pre ipo means nothing because they changed the goalposts and Opened the door to backdated Claims.
We know this, we have spoke at length for 4 months+ about it :)
It’s all bull And all but a handful are legitimate it is what it is while uncontested any Old excuse.
GCN - I’m not saying I think it will sink Amigo but I think the £135m provision makes it self evident that it’s a stretch to say the refund of interest is “not much”.
As I understand it, whether you’ve repaid the loan is irrelevant. If you had to borrow or cut back on commitments or essentials to make the repayment then FCA rules say it was unaffordable.
On the other hand, failing to repay doesn’t mean it was unaffordable either - if your couldn’t repay because of a change in circs or some other reason Amigo couldn’t have been expected to know about.
There are examples of this on FOS cases.
So we will just have to disagree then.
Time will tell.
Clearly there is some useful knowledge on this thread.
I am interested to know if the FOS are also upholding complaints where individuals have repaid the loan?
I assume that the compaints are centred on an individual's ability to repay the loan amount and the amount of interest.
Clearly where an individual has repaid the loan that they have found the funds to cover both.
My interest is whether there is a possibility for the floodgates to open for retrospective complaints/claims for repaid loans.
TIA.
By the way I have been an investor for a while but I am usually over on ADVFN but the boards have been poisoned lately.
GCN said “ The beauty here is the interest is not much. The problem sunny etc faced was the huge percentage interest payback crippled them. This wont be a problem for us”.
I strongly disagree with this. Whilst the APR might be lower, the amounts lent and the length of the loan were much higher. Interest on a single loan can run into thousands of pounds - way more in pounds and pence than Sunny / Wonga / even BrightHouse ever charged on theirs. That’s why Amigo is classed as a high cost lender by FCA.
The numbers suggest Amigo is expecting to pay £5000 per upheld case.
GCN - you don’t need to put your faith in me. I provided the link to the FOS data. See for yourself. And if the FOS data is wrong, no doubt Amigo will vehemently protest - and rightly so.
There’s actually no inconsistency - yet - between what I wrote / what FOS figures show / what RL said yesterday. The last update we had on complaints was the roughly four fold increase in provision from £35m to £135m. That recalculation was done in the period covered by the figures showing a roughly four fold increase in FOS complaints.
The test for whether Roger spoke accurately yesterday is in the next set of figures. If the figures from July - September show no increase on Jan - Jul then there’ll be no problems.
Are you talking to me or Mark GCN could be either.
Most of The customer Will save more money by accepting the offer amigo offers.