Member Info for FrankyS1971

Simply wall st is a bullst rag and not worth the paper its written on.

The trouble is you lack the courage of your convictions dear chap. We re only 2-3 months in. 1 month since a fight for ownership...if that. This isn t a free lunch or a cuppa soup just add hot water and there s a wad of cash....this is investing not trading.l and only when the fly bys bugger off will this start to build and reward the people who deserve it.

There are almost as many messages on the board today as there were physical trades. Love it.

ULTRA HD. Reading Bull**** just became clearer than ever.

PS can anyone tell that I'm actually bored senseless today:-)))?

405 Gabriel! I stand corrected...only 297 of them are on LinkedIn...including an inhouse chef! Well they need to keep their strength up! Maybe they're all chained to the desk slurping on a very watery minestrone. GJ meanwhile, is stomping up and down the aisle.."I don't get care if they've lost their job or if granny just died, get the mothaf£ckin moolah out of them, NOW" But what about the FCA sir? "You leave these pieces of sh"t to me, understood". yes sir.

I agree. They don't exist to put firms out of business. They're alleged big principle is to "act proportionally" when fining and regulating businesses and putting a firm into administration with 300+ people losing their jobs is not one of them. I would like to press the fast forward button and watch the last 10 minutes of the movie as I feel we're about 10 minutes into "The Irishman" right now:-))

Lets remember that the CMC's also fall under FCA regulatory supervision. As unintended beneficiaries of the rules , the FCA has exasperated the problem which they will be resolving with a 3 way negotiation no doubt. The CMC's will not be impervious to the investigation and I'd like to see remedial action taken whereby spurious claims trigger a payment back to Amigo by the CMC! That would be fair would it not, given the resource internally it take and the costs?? How can you have Amigo fined for not testing and challenging the affordability to the Nth and yet the CMC can ask " so did you feel under pressure...you must have been upset right?? And you must have been stressed as well is that right???...TEST THAT!!! Ha! Its not hard to see that the balance here is totally wrong and therefore I have faith that the FCA have identified this issue and will be working with all parties to find an acceptable solution that protects GENUINE cliamants. We have to use instinct where numbers don't really exist and this is mine. I have faith that the FCA will reach a balanced outcome.

I like that point.

"Separately, on 1 June 2020, the Company announced that the FCA commenced an investigation covering the period from 1 November 2018 into whether or not Amigo's creditworthiness assessment process was compliant with regulatory requirements. While this does not directly address complaints, any findings could have implications for how complaints are decided. At this time, the potential result and impact of this investigation is unknown."

This is the key thing ultimately - THE FCA investigation determines how complaints are decided which is when we know the extent or limit of the damage. This is where all the work is....working with the FCA to limit the damage and stay alive.

The existing complaints are either being paid or being sat on, pending FCA guidance post investigation. IMO the outcome of the investigation leads to a massive backlog of complaints being paid out or hopefully not. This may explain where we are at currently with seemingly low numbers in complaints. Currently Amigo are not paying out on complaints where a guarantor stepped in and paid as I understand. They are waiting for guidance and negotiating to circumvent the level of claims.
This may not be sorted until Spring of next year, but will not prevent us from relending and enjoying a rise.

A quick recap would be useful to me at least. Was reminding myself of JBs original tirade where he stated..
"Now, irrespective of the budget plan, any indication that the customer had been living beyond their means (or might do in the future) became a reason to retrospectively refund all interest payments as far back as 2010". Elsewhere it was suggested from November 2018 which was the most plausible but TBH this has dragged on enough for me to forget..i do know its not systemic faillure at least aka you pay out everyone regardless of whether they claimed or not...anyone remember how far back this goes categorically.....

I believe any payment involving a guarantor is being sat on by Amigo currently. This may well be slowing the process down not neccesarily new complaints. This is an area that Amigo are.talking to the regulator about to agree on the right remedy so i believe.

The uphold ratio is so high they are better off just paying.

I ve not seen Glen cash in.

Oh I agree NS20...this is a cultural issue that was driven by the top. Hamish Patton. That is an absolute. GJ talks a lot about the team and this is a massive thing, because you need everyone doing the right thing with the correct mindset. My view is that Hamish was negligent and lazy not bothering to react to the new FOS guidance and allowing business as usual. This was however the case across the whole sector, so I have some sympathy for BODS and for Nayan who could be a different beast with a new team around him. It is very difficult to mobilise a workforce into a new mindset and way of working which usually comes from an external shock and rarely happens voluntarily. GJ knows what he is doing but then I expect GC did as well, so I'd love to know what the difference in opinion was. I suspect GJ was less willing to rock the boat with the FCA. I am hoping that he can see a way through without spitting the dummy out and facing off to the regulatory body as there will only be one winner, unless you want to burn another 2 years up fighting them through the Tax and Chancery Tribunal. This is the quickest path back.

Peace seems to reign today on the board. ahhhh....bisto....
ns20..the call for Nayan to go is really about wooing the II's back. I do think its hard to have a CFO tainted by the seismic destruction of business value, effectively being part of the SMO to charm back investors. This is better done with a new face and someone with city connections who has reputationally not been through the mill and has been a success. It would help the line being drawn on the past.

Well at least the pondlife won t jump in and accuse us hardcore of holders claiming 50p by Christmas Etc Etc. Etc. Not that i can read what they re on about! I still think 1pound+ by this time next year Rodney...just a longer time to get the momentum. I think the next RNS will be a major leaver and joiner on the BOD. Thats not yet done!

Ok controversy time. I m thinking that relending will leave us underwhelmed. Definitely a bump up but i reckon 2-3p only. I think the rises will come steadily around 6-8 weeks after as we get a sense of volumes, returns and defaults etx. I think we need 2Qs of BAU to get predictability. That still means 30p + by spring and then rapidly up as this snowballs. So many investors will be happy to join the party later when the risk is largely gone. I don t expect fireworks and will settle for 15p by Christmas.

Watch his video. Loans b4 christmas and expectation of turning business around " at pace" or words to that effect.

I can't see wee Jimmy Kranky's messages but get the jist. All of his endless guff over 10k. jeeez. Buy some premium bonds and foxtrot oscar for the love of god.