The FCA have been 100% aware of who is eligible to vote from day one - they were also aware that the votes of past customers would count for more in monetary terms as the loans had all been settled. All this information has been perfectly clear from day one.
I 100% accept this objection is purely because Amigo notified them of the vote results and they thought they had better make some representation just in case there is backlash at a later stage. If I was the Judge I would say that they had plenty of time to object to the scheme prior to the first Court hearing and didn't so their objections are now totally invalid and a case of closing the stable door after the horse has bolted.
What I took from that ISA is that (as far as I understand it) there won't be a next hearing if the vote is NO - I could be wrong but to me that was a very positive indication from the Judge (although I appreciate he is impartial)
4. New. Had an Amigo loan? Payouts may be smaller & delayed - but still claim ASAP. Amigo recently proposed a new scheme to limit payouts to try to avoid going into administration. If it's approved mis-selling payouts may be capped, meaning you wouldn't get the full amount, and there may be a time limit too. If you submit a claim now Amigo's confirmed it will be transferred into the new scheme if that goes ahead, so it's worth doing.
RE: Peoples thoughts on the vote ??31 Mar 2021 21:49
I feel the same Bryn - Tuesday was a tick box exercise (although worrying as I am here until the end) but for me the vote is they key test. However I have 100% confidence in GJ, the BOD and their team and I would be amazed if they didn’t feel very confident of getting this through.
Despite all the negativity and criticism on Debt Camel etc everyone knows there is no real substance to those claims. Before applying for a loan you do your own affordability checks and there is no way a decent person would prejudice a Gurantor by applying for a loan they knew they couldn’t afford to pay. But these people did and are now abusing the system to try and get something for nothing. Amigo may have done some things wrong but nothing as bad as setting a Gurantor up for horrendous debt and problems.
My view is that the best outcome for 90% of the public will happen and Amigo 2.0 will happen so that honest people who may have a credit problem will have somewhere to turn in the future. That is why I am here as a long term holder
RE: Peoples thoughts on the vote ??31 Mar 2021 21:24
Whilst I agree with what you say those numbers will be far less than the tens (if not hundreds) of thousands of current and ex customers that have never even thought about claiming against Amigo because they were happy with their service
RE: Peoples thoughts on the vote ??31 Mar 2021 20:59
Have you actually read the negative Trust Pilot reviews? Most make no sense at all and those that do are just trying to blame someone else for their ignorance and/or mismanagement of their finances. I do have to admit though that I certainly wouldn’t have lent money to some of those people just based on their comments let alone affordability and things do need to change with Amigo 2.0
No problem ISA - thanks for responding. I was just thinking if they have taken over each individual customers right to vote for every case they upheld then a Yes vote from them (which I am sure we will get) will go a long way to approval of the SOA.
Personally, having seen the astute way Gary and the BOD have dealt with this so far I think that is the case. Would be good to know if and when the Court transcript is released
Hi ISA - sorry to hassle and no urgency for the reply but I wondered if you recall what weight the FOS votes will have in the SOA? Will they have one per complaint (and monetary value) they have dealt with or just one overall vote?
Great job today by the way and thank you for taking the trouble to relay events to us all in ‘real time’.