Member Info for gwhizbang

My point is, this board is full of rampers that have no ability to ramp. Just talking people into loosing their shirts. My advice was solid but I was told to shut up. TOLD YOU SO!

Look back at my previous posts on this stock if you can. I called this price and lower years ago

Something needs to be done here and quickly!

Amigo BOD’s, should apply for an injunction against camel toe, to stop her giving unregulated advise to Amigo Customers, specifically telling them that if they have not made yet made a complaint / claim, not to repay any Amigo Loans they have and for their guarantors to also stop and cancel any Direct Debit or card payments. She is inciting people to commit (illegally in my opinion) a total breach of Contract. If the Amigo board just let her get away with it, she will be trying to influence Amigo customers to vote against the scheme. From what I have gathered (though I would certainly like to see a transcript, if anyone has one, or better still listen to the judge and the comments camel toe made in the court) off this forum, she was reprimanded by the Judge, so I personally believe that an application for an injunction would have legs and it may shut her up once and for all, as if she breaks it, the consequences can be dire, so it may make her think twice.

Sara (Debt Camel) says

March 31, 2021 at 4:13 pm

Read this page on the Scheme: https://debtcamel.co.uk/amigo-scheme-timetable-approval-how-work/

If the Scheme goes ahead you can make a claim to it in late May.

Under the Scheme a refund value is calculated if they uphold your complaint. This is then used to clear any balance. So if you have paid £8000 in interest and your balance is £1000 then your balance is cleared and you will then get the remaining £7000 paid from the “refund pot” – which means you will only get much less – Amigo thinks 10%, I think it may be less… So you would get say £700 in cash.

You aren’t going to get your interest back plus 8%. That isn’t going to happen :(

Do I continue paying back the loan?
Every £100 you pay off this means you will get just £10 more in a refund. So it would be best to stop paying them now. especially if you are borrowing to do this!

Can you explain why to your guarantor? They will also need to cancel their direct debit to Amigo. This can’t harm their credit record as the amigo loan is not on there. Amigo may threaten court but Amigo will not be able to take you or your guarantor to court as there is not time to do this before the Scheme starts. Amigo has said it will not take people to court if they have put a claim into the Scheme until Amigo has decided whether the Claim should be upheld.

re voting in the Scheme. If the Scheme doesn’t go ahead, Amigo will go into administration. In that case you can still make a claim and have your balance cleared. But there would be no cash refund. The unknown here is whether Amigo will uphold your claim in administration. If they don’t then you would be better off if they go under and your claim was upheld in administration! From my experience, administrators usually try to follow what the Ombudsman would decide in the case.

So it may not be easy for you to choose how to vote in the Scheme.

PS I will move this to the Scheme page i

Pickles, yes they did lower criteria and put out more loans prior to float, but who is at risk here? Its Amigo, if the loans Defsault its AMIGO who have to pick up the cost. I don't get where you are coming from. UK Credit and other guarantor lenders are getting the same Affordability rubbish and so are the likes of Provident.

For Example, Provident have been trading for 141 Years! For 140 of those years, not one customer complained that they should not have been lent the money. In the last 12 months 10,000 customers plus have now jumped on this because it's an invention by the FOS to close down companies. Where were these complaints for the last 140 years? You tell me this is not a conspiracy by FCA and FOS to close sub prime all for the favour of the few in detriment to the many.

MOD123 - It will be a sad day if they don't get the SOA not just for the day traders but the whole sub prime sector. Even looking at the woolard review, he said more access to cheaper credit than what was currently available for sub prim was needed, they said in the 175% are needed to be more like it!!!!! Amigo 49% but still treated like the monsters. Really the 15milliion or so sub prime candidates can not be lent to at lower levels by anyone, its a simple fact its how it has always worked. See the guardian and all sorts put out articles that guarantor loan most complained about. I am not surprised, its basically free money for any customer now, its disgusting that so many people are putting in these claims. Sad news.

Fake claims don’t get that far. Fos can’t charge for fake customers its a waste of fos time and the cmc’s should be punished for submitting them but fos won’t kill their cash cow. I see amigo keep saying mistakes of past but they didn’t make that many, it was just pre ipo they lent without many checks, those loans defaulted anyway only business lost out.
So if amigo are saying they are now a new team etc etc they are telling everyone to come make a claim which is idiotic at best of the ceo. I fear the soa will fail

Does this not mean that the shorters have simply closed their positions raking in huge sums?

Whooooaaa......GJ said all the wrong things. Terrible PR job

Seamus12 it’s just a slim figure, guess work, it’s possible they could get it but the odds are heavily against them

HH no it was measly and now is pennies. I only bet what I can afford to lose.
Yes I said that before JB come in with his bid to buy back so I was nearly 100% right, he did try. I know your upset that I’ve been right but let it go, along with this stock. Orrrrr you could buy more in the hope a judge approves their plan.....very slim. But if it was approved my measly sum will be less measly yours too. I think there is a 5% chance this gets approved.

Bottom of the pile but above share holders. HH, yes iam on here saying told you so. I bought a measly amount of stock but that was just incase I was wrong. This time though I’m right. If you have anything worth selling, sell it now. As arnie said “I’ll be back” in March to say it again. HH stop giving people false hope, I reckon you sold out months ago but I agree with your comments on Sara williams but I disagree that the poor lending is small. I believe all their lending was good but the fos now view it all as bad and that’s where the story ends because they did not challenge the fos or the rules.

So many miss informed people on here, it’s apparent the same people posting on debt camel at the same on here.
Look back at my posts, all of this predicted for you moons ago.
Only the courts can save them here so don’t hold your breath.
If you owe mo eye to them you still have to pay and so you should.
A company wiped out by false claims and cmc just demonstrates what a joke of country we live in. Sad day and sadly next couple of months for a company that had so much potential

Trying to save a multi million pound once profitable business. But they will never be able to get back to lending anywhere near at the level they were if they actually ensure each loan is affordable using bank statements. The market will shrink and there are other lenders doing the job better already

I’m sorry guys but there is not a chance that Amigo are in discussions with the FCA. The FCA don’t discuss with businesses, they regulate and tell them what to do, it isn’t a two way conversation.

Likely hood of them getting the waiver is slim at best. Right now FOS are doing the regulating and that’s why Amigo are stumped. FOS declare all of their lending is unaffordable much like the whole sub prime. Until FOS are told to sort the act out then this is going one way.

Paul Anthony, I know more than you realise. I hope they get what they need but I fear it will not be the case

The Woolard review depends on his recommendations, I can't see him doing subprime any favours, I've actually heard he's a save up and buy it man. Either way it has to then be approved by FCA and go through Parliament no quick fix there either.
This all depends now on the high court allowing them to put a line in the sand which I find quite doubtful, but Moneyshop got one although they still went into administration. It really looks bleak.

haviland - It has the potential to make them riches ONLY if the FOS are put in their place and normal trading can resume. Otherwise its trouble ahead.

Truthfactory - I dont believe they are making money out of misery, in fact the opposite, that's just what the better off say because there's no way in this world they would use an amigo loan even if their life depended on it. ... but hey those people are so out of touch and up their own arse its plane to see...... you can pull your head out of your arse now and breath Turthfactory

Spireite1955 The regulator wont be ****ed off, they will just do what they do, they will tell them to cease lending and repay all redress and actively write to all customers past and present and offer redress. They have VREQ for christ sake, this is protecting what money they have for refunds. The only way then is to fold. They must fight this in the courts if they don't they are doomed. (IMHO)

inkownuffin, yes I have a holding, it is worth nothing right now, as I bought in around 245. I could afford to lose what I hold so that's not the issue. The issue is I work in the sector and unfortunately although you and I see sense in this market and the need for the product, the FCA do not care. I know they do not care because when they don't like a product or it is politically unfavorable, they will make subtle changes that make it near on impossible to continue trading. So they say they allow the product and they are happy for it, but like Sub prime, they have enable the affordability complaint to be made and won at a level that makes trading and underwriting these loans near on impossible. I see Bank statements being provided upfront for loans and the FOS still uphold complaints. So they truly have it in for Sub prime, why, I think it is political the likes of Stella Creasey making a name for her self. They do not understand the working class people and the needs of the poor credit sector.

iknownuffin , I disagree completely but only time will tell who is correct. I hope it is you.