View from the other side and Questions..13 May 2021 11:03
I was thinking about the overall situation in this market and still find it interesting that none of those reporting the Amigo/Provident situations are questioning the actual borrowers themselves or the actions of the Claims Management Companies and their 'ambulance chasing'.
If everyone who had borrowed from Amigo etc. repaid their loan as contracted, would there even be a 'situation' here? No.
There are so many questions...
Can all the blame be laid at the feet of Amigo et al or do we look towards those who won't or can't repay and cry foul?
Do we look toward those who made fraudulent applications in the first place?
Do we look towards the nefariuos actions of the CMMs in creating a tsunami of 'claims' that has skewed the situation.
Or do we look at those with political or personal agendas casting the loan companies as villains and evil?
In creating this tsunami, have the CMMs effectively prevented those with legitimate claims (which I am there are some) receiving the required attention and their just compensation?
Has this created a toxic attitude towards all 'sub prime' lenders subsequently causing others to fold or leave the market?
Take Provident - why after over 100yrs of 'sub-prime' doorstep lending are they now bad boys? What's changed with their model? When they started, they would have seen to be a God send - a welcome, safe and legitimate alternative to other sources of borrowing at the time and indeed since.
Once lenders like Amigo and Provident have been milked, who will the CMMs move onto next - local Credit Unions who can't afford an expensive lawsuit??
Has the FCA behaved professionally and unbiased both politically and in the interest of both the lenders and their customers or are they bowing to the shrieks of a vocal few with an agenda?
I speak as someone who has borrowed hugely variable amounts over the years many, many times, in many different forms and through some very thin times indeed. No one was 'forced' to borrow from these lenders. The choice to borrow and the choice from whom was entirely theirs. Sometimes personal accountability should just be faced up to.
Just my twopence worth of thought.....
(apologise for the size of post and GLA)
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