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Is it Amigo holdings obligation to immediately start re lending due to the pending “2nd lockdown” or further restrictions?
Many eligible members of the public need loans now more than ever!
Do the General publics lives matter as much as the “Key Workers”?
Or is there a new “CLASS SYSTEM” on the horizon?
What I can’t see it. But hope your right.
They will restart when ready by end of year, there is no rush, let them quietly buy the bonds back and build the cash pile while sorting out old loan book and rearrange financing.
Waiting for the bulk of c19 to be over is the Best option, with everyone losing jobs, or income at threat you cannot predict someone’s income and would be opening yourself up to way way more issues and im sure the papers would have a field day with headlines such as “XX exploits the poor by profiteering with a new aggressive Advertising campaign during Covid”
This would be my concern, they are cleaning the old loan book and to restart a new one with Even “higher” High risk loans from day one would be A terrible idea, more patience Needed, it will come.
With that logic calamari:
“ Lending to people who are going to be locked-down so the won't be able to repay the loan is bad for the borrower and bad for the lender”
Are you saying Amigo Holdings thinks we will be in lockdown until the end of the year, maybe Christmas?
NOW is the time people will need loans, not just the “Key Workers”
A lot have now gone back to work and with the reduced furloughed wages they have been receiving is a good time to restart lending as keyworkers are now not just the ones working and this did amuse me when the FCA would let amigo lend to keyworkers but not others so the FCA can’t really say don’t lend to the general public as they have let them lend to key workers who are really the general public
There’s only one way this is to go and that’s re rate to 60p vote will be over on Tuesday so everything is all then in place and this share has been played very good so far and the ones at the top are going to be making multi millionaires over the next few weeks
Itisagame
Where is the logic in what You said:
“im sure the papers would have a field day with headlines such as “XX exploits the poor by profiteering with a new aggressive Advertising campaign during Covid”
So it ok to profiteer and exploit “KEY WORKERS”
They have quite happily advertised that!
The fact is there are people in need, who are being told they are not worthy like the “KEY WORKERS”. !!!
Also the longer they leave it the more the government will have to help said people if things are Really that bad, and it just proves that amigos services are needed even more to the FCA /fos/ Dopey politicians going forward.
They lent out what £300k to key workers?
300 k alone could have provided 60 FAMILIES with £5000 cash Each to start a covid friendly business and feed their families!
Are Public and family lives less important than “Key Workers” Now?
Ask the FCA It was them that told them (Or have guidance atleast) to lend to key workers.
How about the other side of the coin.
Why do YOU need them to restart lending right now?
Itisagame
In answer to your question :
“
People IN work will have more money (if their wage/hours were not cut) so won't need to borrow from an expensive service as much. People losing work won't be able to borrow. A second lockdown (for 6 months) means very little custom for Amigo
Yawn
In which case let's just wind up the business and give the shareholders a divi payment of 34p each shall we happy either way
Itisagame
In answer to your question :
“ Why do YOU need them to restart lending right now?‘
The directors and board of Amigo Holdings have responsibilities and duties as well as the legal and moral obligation, amongst Many other things to promote the success of the company?
Have they really not seen the share price for the last few months?
Has that decision not adversely affected the success of the company?
Is it time to revise that decision on the current circumstances and global events?
The Fca says they can lend, its happening with “KEY WORKERS”
Its the board that has decided to STOP the main business of lending!
IS IT NOT TIME TO REVIEW THOSE DECISIONS GIVEN RECENT EVENTS?
Even if they just lent to people starting a COVID friendly business, maybe they need to buy a sewing machine, or 3d printer, or other equipment to work from home?
That would go a long way in “MAINTAINING A COMPANIES REPUTATION FOR HIGH STANDARDS OF BUSINESS CONDUCT”
Their plan is
Resolve vreq / fos backlog.
Obtain FCA approval for glen and Jonathan’s positions
Once obtained goodbye roger in any case.
Get past the upcoming votes.
Obtain new lending facilities.
In only a matter of weeks most of the above will be sorted.
Then they can focus on getting back to actual business.
No point restarting lending today of JB gets in and defunds the UK arm in 3 weeks.
It’s coming, just takes time, will all work out eventually.
Pension-Investor, are you having a laugh? Do you think we should start relending to help families or do you think we should start relending to help the SP? Which is it?
Also a £5k "covid friendly" loan would cost a nearly £12k to repay over 5 years. If a family needs to borrow to put food on the table today, what will they do in a few months when they need to put food on the table AND make their £200 per month Amigo repayment?
You're showing precious little understanding that lending isn't just about the need to borrow but about the ability to repay.
Have you considered that, as well as being a bl**dy good marketing line, key workers are those most likely to be needed at work so their income is more likely to be protected? They're probably the group with the best job security so they're the safest bet from an affordability perspective. In any case, I think the amount lent to key workers recently has been peanuts.
Jimmyg56
Perhaps you should learn to read before coming on this board for the big boys and girls!
The re lending could help Families + Investors.
If people could use 5k to set up a friendly business from home they would then be able to put food on their families table and pay the loan!
Perhaps this is too difficult to comprehend if you have binary thought.
Run along now...
Pension investor great comment, some people don’t understand how great the current situation is for amigo, a guarantor loan still means if you don’t pay your better off guarantor Pays???
Forget the affordability claims that’s completely separate( and a farce anyway in my opinion),guarantor loan still means what is says on the tin.
It’s one of the most secure loans on the market.
Applicant: "My income has gone to pot recently, but I've got a great idea for a COVID friendly business which is guaranteed to work in these very uncertain times. I know your checks will show that my current position is a bit sticky, but I'm sure I'll be able to meet the repayments. And I'm quite happy to take on a five year commitment, meaning I pay back more than double what I've borrowed. Of course, I may need to use a bit of the loan to feed the kids, but that's not a problem for you, is it? Now if you wouldn't mind awfully getting that Amigo cheque book out for me please - and I absolutely promise not to complain about your lending decision."
And you're advocating that Amigo start lending to lots of people on this basis? And you think that'll be good for the share price too?
Timmy, some people don't understand that the loan has to be affordable for BOTH the borrower and the guarantor to meet responsible lending rules.
Jimmy who are to judge what sort of people they would be, just because your a divy doesn’t mean they won’t have a good business idea, or in fact need a loan to help with something else a car for example; so they can get to work ect.( keep the economy going )
Come on Amigo, we know this business will be back on track soon.
Timmy, I'm not judging anyone. I'm trying to show how difficult it would be for Amigo to show they've thought carefully about whether a borrower can afford a loan if they haven't got a reliable income.
Telling Amigo you're planning to set up a business (even a COVID friendly one, whatever that means) is not going to be enough for Amigo to show they've lent responsibly. Yes, there may be a few people who could borrow successfully this way. But it's just not scalable.
timmycoles is such a silly individual, couldn't come across as being more stupid if he tried :)