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How do you know? You have no evidence to back up your rediculous conjecture.
Refunds The Interest They paid (plus 8% Apr Interest on that money as restitution ), FOS amd the CMCs charging 50% are the ones coining it in,
They will go above total exposure due to fees, Amigo have a 80% share of the whole market so they will need to borrow to cover the cost of complaints( every one who can will claim its free money).
And where did you get your total exposure figures?, they may hang on I will give you that but the rate complaints increase is scary how ever you look at it.
I know guys just don’t look and it will all go away.
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.
They have to pay the interest back and £650 if it goes to the fos. Original capital is still due.
In the 6 months Jul-Dec the uphold rate in favour of the customer was 94%.
Not sure what the individuals will receive back as payment but sure not the loaned capital. It would be better if we had a clear understanding of what they company is required to pay customers on cases upheld by the FOS - all interest paid by the customer plus additional interest? I cannot believe it is possible to take a loan(even one which is upheld by the FOS as having been one which should not have been made) and then the FOS saying.......don't worry about paying it back...and here...have some interest for your stress!!!!!
One says 320%, one says no material change. Who should I believe? Some faceless username on a BB or the announcement on a regulated news service?
I think I need to learn the FILTER feature!
Timmy they have reserved 135m they have an additional 145m (at the last count ) unrestricted cash and according to the fca muti firm review the total liability for the whole guaranteed loans market is 301m.
So that’s before the need to look for extra funding to bolster a profitable business and you reckon they are going bust? I dont know what school of economics You studied but .....
Thanks hound dog. Should say I think that the other £35m-ish is likely to be available for recruiting / training / paying complaints handlers and other costs such as FOS fees, systems etc. That’s all guesswork though.
Timmy, I wouldn’t still be invested if I thought they were going under. These are still relatively small numbers. But the trend is unmistakeable and confirms that the complaints issue still has along way to play out.
87% of 1163 cases upheld for 6 months to June 2020. It is on spreadsheet tab resolved complaints
Agreed, a proper ********, has been for weeks and always will be.
Re Timmycoles - Look back at his posts, he ramps, he deramps all for his own profit. And doesn't care about the impact he has on others. . ---- ? He wants back in at a lower prices.. Filter|!!!!
Thanks Jimmy, an excellent post. Simple calculation says the overall payout would be in the £80m area which is comfortably within the £116m provision. This explains why the company didn't increase the provisions from fy results to Q1 results, so there's still plenty of headroom left should complaints increase.
timmycoles....the resident twat.
Mark sorry Nickel saw it coming, the results Jimmy just posted wow what an increase, the words getting out !!!!!
People are jumping on the band wagon there’s going to be increase after increase that’s why GC left .
The BOD are paying out on every Claim, Amigo will go bust it’s clear now.
I’m not even gonna bother to explain what’s wrong with that statement Timmy
Wow jimmy that’s no good to be honest I think there going under, how can that be sustainable??
Agree hounddog. Not a massive number in itself. But this is only what’s gone to FOS, there’ll be payouts handled by Amigo itself not showing in here.
Unfortunately, I don’t know what % get sent to FOS after Amigo has looked at it.
My very rough estimate (I’ve posted the thinking behind it before) is that Amigo’s provision is based on receiving around 40,000 complaints in total (not just at FOS) with around 16,000 being upheld with average compensation of about £5,000.
So we’re still in the dark about the non-FOS picture.
Jimmy from 266 to 1163 doesn't seem like a bank breaking amount. If claims upheld are say 60%, then that's not really all that bad in the grand scheme of things. Don't suppose you know what the average redress payout per claim is?
Latest complaints figures for Jan - June 2020 show 1163 new complaints for Amigo.
This is an increase of 337% (up from 266) for the same period 2019 and an increase of 267% (up from 317) for the previous six months (July - Dec 2019).
I’d be interested to know very latest numbers given the FCA investigation and VREQ was announced in the summer (and has been megaphoned repeatedly by JB ever since).
Can’t see any info on uphold rates, this is just number of complaints received so far as I can tell from a quick look. Data is available here:
https://www.financial-ombudsman.org.uk/data-insight/half-yearly-complaints-data