Member Info for FrankyS1971

Excellent shout Mark. Smoke and mirrors. No way Provident have done what Amigo did.

They are making sure that the SOA is nt a disingenious way of not paying out and that we didn t slow things up knowing this was the plan. Very very hard to prove anyway. Feels to me they will begrudgingly accept this SOA as a lesser evil whilst ensuring politucally they appear fully diligent. Good.

This is good. FCA want to be whiter than white and ckear of any fallout when they give tbis the nod. It feels like a last sweep of the historical process. They need to make sure they haven t been gamed.

I was having a refresher and reading the comments on debt camel. The pervading sense is that so many borrowers are on a cycle of debt, born out of their own irresponsibility. So many questions are tantamount to, "if i complain will i get away with it?" I m amazed if Sarah doesn t also have this over-riding sense that this is the case with so many of the complainers. Suggesting administration as a good idea suggests to me she was also in debt once and is still a hater-)!!

BINGO Jonno. That has been a large part of my investment rationale since last August. The Business model is entirely defunct and actually tragic and the FCA is the enabler! Everyone benefits but the investors! Worse still the people who ran loan businesses and knew the game, made their money up front and low and behold, now run the CMC's from overseas (places like Malta) and away from FCA control. So they're making at both ends . The FCA need the book throwing at them and trust me, they are not in a good place. The solution has to be with trusted partners to ensure this doesn't keep happening. Very hard for them to turn down new licenses based on what they fear might happen in the future even when its inevitably going to, so solve the problem children now and actually proactively help drive change. One final point. Provident have other profitable divisions so hard to see an SOA for one division with the profits from group hived off...not sure if they'll get that one away?!

"a knife in the hopes" lol...seriously Beevorma..thats just a wee bit extreme lol. The court isn't go to decide on whether creditors should be allowed to vote on an SOA because of someone else doing the same at a future date with different details. They'll take each SOA on it own merits. This isn't like the movie Minority Report lol. Further the FCA, will also do the same and take each one on its individual circumstance. Either that, or they wash their whole hands of it and let everyone go bust, but that would be unimaginably bad for the FCA. If anything we have first mover advantage.

Not sure every man and his dog going for an SOA is a good thing. Might not be the best precedent in the world t allow one and then have to allow all. BUT equally FCA validated the business model and then reactively sat back and let this happen so they are major part of problem and need to help with the solution also. Interesting times.

Mark called this well. I reckon the IIs are buying still but only to fill orders around 13p so MMs will suppress price to fill big order...iis not willing to pay higher just yet.

Absolutely CT - I don't see how anything other than some form of SOA is tenable for the FOS. Unless they can convince the court that they should be treated as a separate class of creditor and be getting more of the pot, but even then, its just taking away from the overall available cash and cannibalising what's available to consumers which would be a nice PR disaster. We could always refer every single case to the FOS and just bog them down with an impossible workload and grind the machine to a halt whilst relending - they might cry mercy in the end lol

Well i think you re great either way mouse lol

I don' t think this is the place for getting self-affirming remarks or congratulations, on your personal investment successes or strategies Mouse. Folk be too chippy for that lol. Good luck and bye.

What we know is that Short term its total guess work. I anticipate by the end of March the share price will be between 10p and 20p and that by the end of April it will be between 20p and 30p. Doubtless the SP will jump about in those ranges week to week but not sure why that should matter to anyone as you just have to sit tight and switch off!!!!

And just to bludgeon the point home. Its way easier to fine Amigo and make your money that way!!!

But its more than 5p in pound. We don t know final figure but likey to be more like 15p in pound with the extras over next 4 years. Anyway forget that - think of it another way. The FOS vote no to the SOA and get nothing. Politically you have a backlog of complaints with many man hours and costs tied up with Amigo. And for that you get zero. Those reports are page upon page per complaint. The FOS will have burned up all that resource for no income. The new CEO won t last long voting down the SOA for no income and that is an absolute. This is a headache and needs to be removed as the backlog of complaints with Covid will only go one way. If i was the CEO i would clear the decks, find efficiciencies where possible and go make my money more easily elsewhere off Klarna and the likes! Not beat a dead horse.

*want to clear

Nothing new to remark against and no new developments. Though new FOS CEO will hopefully want cleat the 150k backlog quickly by taking the SOA opportunity!

Zero as they re being held remotely.

Anyone got an opinion on this:
a majority (i.e. more than 50%) of the creditors who vote at the Creditors' Meeting vote in favour of the Scheme; and
b
those creditors who vote in favour of the Scheme, hold 75% or more of the value of all the creditors that vote.

Given the FOS is in the same class as complainants, they are the key to this. If the FOS approve this then with the amount they are owed they will make the value of the vote over 75%. Therefore complainants votes only need to be over 50%. With the huge backlog in cases i would be surprised if they didnt clear put 10000+ cases expediently by agreeing to this, making the scheme a shoe in.

Hi Steve..no the financial ombudsman is seperste to the financial conduct authority. The ombudsman has to fund itself i beleive where as the FCA is government funded. They also work independently. The FCA supervises participants and the FOS deals purely with complaints.

Sorry about the typos. I hate my b%$#y phone lol.