Member Info for FrankyS1971

Once the details of the SOA are released and the date set for the vote, lending restart will be announced. Statement will talk about prudent lending initially etc. You d be mad to sell as these announcements will land before wnd if Jan.

We re two days into the NY FFS lol

It's an interesting thought. With complaints paused and an SOA requiring 3 months to get rubber stamped. What do 70% of staff now do?? Either you start relending (not what id do in a lockdown or you furlough. That would save another 1-1.5m. Likelier bet is relending or whats the point of ops sitting around twiddling thumbs.

You re being a bit melodramatic Mickey. Woollard report is landing very soon and will have major impact on how the sector works going forward. FCA are dysfunctional and also need to get their house in order with proactive supervision not constantly allowing these situations to occur by being reactive. They know this and a trusted partner like GJ and the team is important.

We'll be lending by end of month - just after the details of the SOA are announced which will be next week IMO

"all ICL previous customers were emailed in August 2019 and asked to vote on the scheme;"
As said - Amigo will do the same which is why the customer vote will be a shoe-in. thousands who haven't complained and will get a few hundred quid out of the blue!

Going back to what I tried to raise in early December about the likely SOA now confirmed - They can also change the rights of shareholders not just creditors. Any thoughts on what those changes could be?

Entirely the opposite..its called investing not trading. 90% of retail traders lose 90% of their money 90% of the time. Enjoy.

Yes you're absolutety right Sharesrising. I'll never post here again as a long term holder I offer no value ato others and don't have interest in reading what other people have to say. either. Thanks again. I think you're amazing.

Think about what you just wrote Sharesrising and it falls into the bucket of breathtaking arrogance. Let me help unconfuse you why people bother to write as LTH's. Its because they choose to. I hope that has helped.

Deramping does sound fun. I must be the only idiot who said that complaints would overwhelm the business and kept my cash in!-))!..have a strong hunch on this. I actually.think it would be a PR disaster for the FCA who are already under the cosh. They wont kill off Amigo to save face.

It wont gap up on Monday or indeed any other just yet IMO. The SOA is a process and the finish line is a customer vote and then a court approval. There will be public arguments to push/pull a few % points but it will stay range bound. Further, lending may well start and ot have the bounce effect everyone immediately hopes for whilst the SOA is in balance. Its set for choppy waters..might be good to trade therefore.

Sorry Mark..i m being a byatch lol -)))

Ah yes....then trying to play the "some of us traded and did soooo well out of Amigo"...full of SHi% haha..even Vinson now vanished. My 6-9 month shout was about right having bought in summer. SOA dead cert IMO. Millions paid to advisors to draw up parameters and FCA entirely involved of course. Further, 10p in pound means thousands of customers who havent complained will get 400-500 quid if they vote yes. We ll approach them with the good news. All the muppets trying it on with pretend PTSD trying to extort thousands and already in process will get outvoted and trampled down by the past customers that we contact. This and Lending and announcement of new products will start to land thick and fast very soon Mark (pun intended) my words.

Reason why the FCA is also a shoe-in. First the RNS alludes towards this. You don t announce that without tacit agreement up front. 2nd. Ther negotiation of 5% of future profit is low as its an opening gambit. It ll likely be 10%. Finally FCA are very far from blameless as the whole sector is delinquent. They are the authors of this and are also under pressure. The current cycle=1..set up loans business and get FCA to approve. 2. Mis-sell. Line BODS pocket and get cash i. 3. Get caught for mis-selling run down book. CmCs and FOS feed off carcass and business goes into admin. Bad luck shareholders and bond holders everyone else did nicely. This is a disgrace and actually the FCA enable it are reactive and the ones allowing this.sequence of events. The Woollard report will hooefully call this out for what it is and i think the FCA may well want to clear up the shi# on their doorstep this time and.approve it.

There is a good reason why this SOA is a shoe in for customers. amigo approach past customers that may complain and offer them 5p in the £. If they vote yes. Then hey presto they will vote yes. Essentially here is a few hundred quid you didn t know you were due. These numbers will outweigh any existing claimants inclined to vote no.

To make the vote work in Amigo s favour they will approach past customers that havent complained and offer them 20p in the pound versus existing complainants and what they thought they d get. I know if i got a letter saying we re giving you 800 quid but you need to vote yes or get nothing, which way i d vote. Therefore chill folk as any exisitng complainants voting no will be outnumbered by the proactive shout out by Amigo.. SOA is a game of cajoling the sheep into the pen. Slam dunk IMHO. Tutty bye and happy crimbers.

Hunniford the 5% over 3 years will be put in up front. The 5% is an estimate of what they project to be making! This is quite exciting to me as the amount they put in, will give you a projection of where we are headed! Mark - yes these are some options. I don't see a buyout as who would take on unknown liabilities..not sure..Last point to raise is that Amigo's poor practices are not so awful just careless. Many of the cases will be because the sellers in house didn't push hard enough with wordings over the phone or ommitting certain key facts in the process. It was a cultural issue born out of the IPO and the way everyone was incentivised to grow the book. That is the past. I believe that we will get a lifeline under GJ and trusted people to rewrite the ops scorecards and manage this business correctly. There is no logical point for any party involved to make Amigo insolvent and I am betting that common sense this time will prevail. Sara of debtcamel said this will set a dangerous precedent to allow it. In other words no firm has been allowed to get rescued in this situation before, it will be a first. I suspect the mood music at the FCA is going to allow that precedent to inform the future functioning of this sector under the auspices of the Woollard review. (sorry I didn't mean to write so much!!) . Otherwise what you have is a business sector which looks like this EVERY TIME. 1. Set up a loans business and FCA approves. 2. Mis-sell and get the money in - feather everyones nest. 3. Company runs into trouble from mis-selling but who cares as the BOD have made a packet. 4. FOS gets the money in and the CMCs do nicely of what remains and the business goes into run off and then sold off. This is Wonga, Sunny, QuickQuid the lot of them. Now ask, who is enabling this to happen??? Answer = its the FCA. Its an utter disgrace that they are the authors of this and enable it and why you will see this SOA will happen.

GJ said this was the " best" option not the "only" option.

Hunniford- a lot of your email can be condensed to simply saying there is an 88% uphold rate which is higher than PPI. I said the only way they could survive was an SOA sometime ago. Since then i have dug into the legals.
1. Used as vehicle specifically to avoid insolvency.
2 HC will approve initial plan in principal. 100%.
3 FCA and creditors already know what was coming and in regular conversation.
Therfore final piece is a customer vote. Details needed. Many claims put in and on hold, they will take a lower offer rather than even less or nothing.
Then it goes back to the high court for final approval.
Process is not actually too long and has solid chance of approval.
Lets move the conversation on and discuss what Plan B could look like its important to get ahead of events. There are other less goid options to survive. What do we think they look like?...