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From email:
Our records show that you have, or may previously have had, a loan with Amigo Loans Ltd (Amigo) or been a guarantor for an Amigo loan. Recently, we’ve received a lot of complaints from customers (mostly from those who’ve had loans they may not have been able to afford because we did not carry out the right checks at the time of the loan or the guarantee).
In order to manage these complaints, ALL Scheme Ltd is proposing a Scheme of Arrangement with its creditors, including customers who are entitled to compensation. You may be a creditor if you think you’ve a claim. Creditors will be invited to vote on the Scheme, and we will be asking the High Court on 30 March 2021 to organise a virtual meeting of creditors (likely to be held in late-April 2021). If the Court agrees to call a meeting, you will also be able to vote on the Scheme online in advance of the meeting.
We will be asking the Court to order one meeting of all creditors because we think that the rights and interests of those creditors who will be subject to the Scheme are sufficiently similar such that they can consider, and vote on, the Scheme together.
We invite you to read the 'Practice Statement Letter' and to consider whether you wish to attend the upcoming Court hearing on 30 March 2021, which is likely to be held by Microsoft Teams. You will find details in the ‘Practice Statement Letter’ and on www.amigoscheme.co.uk about how to attend the hearing or let us know if you have any objections to all of ALL Scheme Ltd’s creditors voting on the Scheme together. Please note that if you do not act promptly, you will lose the opportunity to vote at the Scheme meeting. Further, if the Scheme is approved and then you do not make your claim in the Scheme by the claims submission deadline (expected to be in mid-November 2021), you will lose your opportunity to submit a claim in the Scheme.
If the Court orders a meeting to be held, we expect to notify you again in early-April 2021 explaining how to vote on the proposed Scheme. You can also find more information on www.amigoscheme.co.uk, including details of how to contact us.
Afternoon folks,
I’m out here but thought i’d update holders. Just received the following text from Amigo Loans as a previous customer:
ACTION REQUIRED
If you have taken out or guaranteed a loan with Amigo, you may be affected by a scheme of arrangement that ALL Scheme Ltd is proposing with its creditors. You may be a creditor if Amigo owes you compensation. Please go to www.amigoscheme.co.uk and read the 'Practice Statement Letter' which provides important information about the process. You should do this as soon as possible. If you do not act promptly, you will lose the opportunity to vote at the Scheme meeting, expected to be in late-April 2021. Further, if the Scheme is approved and then you do not make your claim in the Scheme by the claims submission deadline (expected to be in mid-November 2021), you will lose your opportunity to submit a claim in the Scheme.
Is how so many seemingly mature humans have so much time to spend pulling down a share and slating it on a message board. Imagine what you could do if you channelled all that energy into something to benefit yourself. Strange behaviour.
Anyway, we most know this is a LTH and i’m not overly fussed by the RNS today - lets see where she is in 12 months.
Those who fall into the bracket of my first statement need not respond. Off for a wine.
Actually disagree on the brand perception (brand marketer by profession) point here. If you are in the market for a guarantor loan (previous customer here) then brand trust doesn’t really become a factor. When landing at the door of Amigo, you are there because you can’t get credit elsewhere, not because you have the luxury of shopping around for the most reputable brand.
I sold today as it was too much risk/exposure for me but if they can overcome the SOA obstacles, the brand damage won’t hold her back.
Morning folks,
Just bought in here following a less than graceful exit from AMGO. Heres to what the future holds on this one.
I’m out for the time being, hopefully back in at a later date but the risk is too high now for what I was in with. Was my first dabble into investing (with a view to buying the other half a large ring in 2021 ha)
Really good luck to all - i do hope this comes good!
I find the MMs code thing fascinating, do people really believe that MMs still communicate with shares as code? Its 2021 and almost incomprehensible to think that they wouldn’t have a whatsapp group to discuss things...
This is just the same product amigo have always had but their marketing team have added additional pages for SEO so when someone searches for 'debt consolidation loan' then they will rank higher. When borrowing with Amigo (previous customer) they would ask what the purpose of the loan was and it would be a dropdown from a list containing those headings.
All just a shift in marketing strategy to acquire more leads.
The whole market changed around June 19. CMCs began to ramp up their focus on this sector and it became the new PPI.
See here: https://www.amigoloans.co.uk/press-releases/article/amigo-holdings-plc-statement-ahead-of-panorama-broadcast
Possible employee briefing early afternoon at Amigo on forthcoming operations, relending etc. News will have been told to friends and family following this with a couple of buys from employees who are holders too which then triggered the FOMO rush.
Could be way off the mark but only reasonable conclusion ive been able to reach.
Just got this marketing email from a company called ‘guarantor reclaim’ who have partnered with clear legal marketing according to the small print at the bottom of the email. Never signed up to their mailing list, never heard of them or engaged with them but foot back on the gas it looks like.
Hi,
Amigo and other guarantor lenders have faced criticism due to inadequate affordability checks. If you have a guarantor loan, you could be eligible to claim compensation.
Let's start your refund today without any upfront fees.
Lenders are required to respond within 8 weeks.
It takes just 30 seconds to start your assessment!
Go!
? The average compensation paid by Amigo is £4,600*
? Amigo have set aside £115 million to pay out on compensation for mis-sold loans**
? Ombudsman uphold rate is 94%**
? Claim back the interest on your loan, plus 8% compensatory interest
Have you ever borrowed with a Guarantor and found the repayment unaffordable? If the answer is Yes, you could qualify for a Refund!
We have partnered with Clear Legal Marketing Limited to offer our clients the opportunity to reclaim compensation for mis-sold guarantor and payday loans. By clicking the link you will be directed to Clear Legal Marketing Limited's website to complete your application.