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AS I have said to Beevorma, THE FCA say that a firm only has to do "Fair and reasonable Checks". check out their guidance here https://www.handbook.fca.org.uk/handbook/CONC/5/2A.html
Absolutely ridiculous and unfair on business. The FOS are using this grey rule and making up their own. This complaint that is destroying the sectors was invented with a purpose.
Beevorma, The FCA will never state the correct way to do things, it is left open (purposley) to interpretation by firms. This is so they can hammer a sector when it becomes politically unfavourable as in the Sub Prime Sector. There are many companies feeling this right now not just Amigo, and as you see SUNNY have just exited the sub prime market in the UK. Stating COVID but it is clearly FOS and the affordability redress saga. The FCA and FOS are loose cannons and they will not stop until its too late.
From April 2002, any referrels to FOS is now £650. FOS are obviously behind the complaints, why wouldnt they be? Its their business, the more things to complain about the more they can keep their 4000 plus workforce employeed. Apparently they are a non for profit organisation. They are in fact a limited company with over £250m CASH at bank.
My opinion Specilaonek is that AMIGO have always followed the FCA guidelines in CONC on affordability. The problem is the total lack of clarity from the FCA which has allowed FOS to wade in with whatever they think is FAIR and REASONABLE today and go back retrospectivly as far as they wish.
What FOS thought was ok yesterday and for the whole book loaned out, they have suddenly changed their mind and are now saying "Although we agreed with what you done in 2014, we now believe we (FOS) were wrong and now you must refund everyone". IF they do not take the FOS to judicial review they are in BIG S**T because they will have £750M of loans that could potentialy have to be refunded, plus interest plus compensation plus £650 to the FOS.
Doomsters are fed up of looking at Invest_Share101 SPAM comments desperately trying to ramp this stock with miss-information.
Surely this person/bot SPAMMING should be blocked somehow? Ridiculous.
JOHNK82 : Also that dodgy CMC you used now have all of your financial information, who you ever took loans with etc and they will be mailing al of them. Welcome to the workd of a quick buck for a lifetime without credit. You will be in the dole queue soon and you will need to show the FOS that Bank statmeent where you bought 5K in stock market too. I dount you will win, only help the demise of this company with a £650 FOS complaint bill. At least your complaint will end up lowering this 90% uphold rate.
You are nothing but a scum bag sponge.
JOHNK82 : SO you got a joke Claims managment company based in Warrington to send your complaint to the FOS (you do that yourself for free) and you will owe them 33% of any money you receive. If you dont get money but its wiped from your loan, you owe them 33% of that and they expect you to take out a guarantor loan to pay them.
Here is a tip for you. You went to a guarantor lender as you could not lend anywhere else. Give yourself a round of applause you have now been blacklisted by Amigo plus you will be blacklisted from many others as you will rightly so receive a CIFAS fraud marker for lying on your application and your comaplaint.
You deserve to lose all your money.
Why the ramping? It shows that you have most likely lost a lot of money here.
I am afraid this is a stock to buy if your are willing to gamble. Only 2 ways for this to go, boom or bust.
a.) Carry on paying out on complaints DO NOT challenge FOS or FCA = BUST company closes.
b.) Challenge FOS and FCA on Affordability Complaints and WIN = BOOM
c.) Challenge FOS and FCA on Affordability and LOSE = Same as a.)
They are already at answer a.) above and they must take these affordability complaints to judicail review or challenge the ruling. I believe the complaints are from the whole book, not just the last of it and JB was probably partaking in a damage limitation exercise for himself. Blame the board when they were lending in the manner he decided to pre IPO.
You need to understand that these large loans are given to customers with a history of not repaying. Their credit file is terrible. Once the guarantor is removed there is not a chance on earth that these customers will continue to pay. Not a chance. So say goodbye to interest and the capital. The whole idea of the guarantor is to ensure that that the customers have a personal interest in making the payments and not to take their usual route of screw the big company their fault they lent to me, look at my credit file!
I disagree, the company was making plus £70M profit. They have 200K customers but there are 8 million people in UK who fit the demographic of a guarantor loan. No room for growth? Also competition come in, a lot of AMIGO customers understand the guarantor model and if they pass affordability with other guarantor lenders they will simply have an amigo loan and another one with someone else.
If the board do decide to take the FCA and FOS to court and WIN, this stock is back up to 275p and more, if they lose then not much difference at where it ends this week. They now have nothing to lose, take the regulators and FOS to TASK NOW!!!
HeresHopin, I am not JB, I do however work in a similar sub-prime lending company. I have seen some of Amigos lending which has been silly to put it lightly, but not in the realms of what is happening to them now.
The FOS and the complaints culture in finance are going to do some irreversible damage if Amigo and other Sub-prime lenders do not put up a fight on this one. Where I work, they do not have the cash to launch a legal battle, AMIGO and Provident do. Why are they not doing something about it?
It is possible that the FCA and FOS have something in an ACT of parliament where they can not be taken to task, if so, that rule needs taking to task. Once a judge see's the nonsensical madness that is going on the damage can be reversed.
I wish you all luck and I hope the board do something about it and I stand by my opinion, if they don't its going to be a tough road ahead as all of their lending will be deemed irresponsible because what the FOS found ok a few years back, they decide they got it wrong, they go back retrospectively and tell AMIGO to refund them. They have been refunding loans form as far back as 2009 past the 6 year rule, again ridiculous.
AMIGO must act, it may cost £1M in legal fees to fight and get a definitive answer. They now have nothing to lose, the business is going to go (in my opinion) if they do not take the FCA and FOS to court or do something. FOS are acting as a quasi regulator and they must be put in their place. They are a complaints arbitrator not a complaint inventor.
Complaining about AFFORDABILITY is a creation of the FOS to bring down businesses. As you will see AMIGO charge the same interest rate as a Bank Overdraft and you can not complaint to the FOS about affordability on an overdraft at least the FOS will not look at it, which in itself is a joke.
I believe the FCA and FOS are conspiring to close business they or certain politicians do not understand, and in doing so will create a void that can only be filled by crooks who will use violence and bullying to extort money from the fallout of customers who will be desperate to lend.
I will put this out here:
Amigo have one thing to do or their business is bust. I will get to that at the end.
The problem is the FOS. The FCA give poor and very vague guidance on affordability.
CONC Rule 5.2A states only this: "A firm must undertake a reasonable assessment of the creditworthiness of a customer ".
Your reasonable and my reasonable, could be and probably are, two different shades of grey. The problem is there is no clear cut instruction on how this is to be done. I personally believe what Amigo did in the past (on affordability) was perfectly fine, I also believe that same method should still apply now.
BUT.........
For some magical reason, the FCA and FOS believe (Although they were happy back then) that they no longer believe enough was done. This is the nonsensical part of the problem. Although FCA authorised these firms knowing exactly what and how they work they allowed it to run. They get similar complaints (not many though) regarding affordability and FOS find in favour of AMIGO most of the time.
Amigo float on stock market, they are valued over £1.3B and the do - gooders jump on board.
Now FOS decide (NOT FCA) that the lending was no longer correct due to affordability assessments. Most affordability assessments rely on the customers knowledge of their own expenses. Amigo already see what they pay on other forms of credit, but things like shopping and rent etc do not show on credit file so they took the customers word for it and compared to ONS data.
Now FOS look at these old complaints and if a BANK STATEMENT was not used, (why would it be) the customer has lied to get the money, the company is at fault. This is ridiculous. People are no longer culpable for their lies, deceit and fraudulent antics. They say "The customer was vulnerable, so they lied as they were desperate". My answer is, Armed robbers are also desperate, would you provide them with the same leniency? I doubt it.
So now we have the CMC's getting their teeth in to make a fast buck on customers and AMIGO.
Finally, I believe there is some poor lending at Amigo but not on the scale of what they are seeing and not deserved, it is because Debt Camel, FOS and FCA are facilitating the majority to commit fraud and gain a nice big pay out. This can only end one way if something isn't done.
So AMIGO must take the FCA and FOS to court regarding how they view affordability assessments. Not only will the compensation pay back to 90% of the book close this company, the fees to the FOS of £650 per case will do it. 200K customers, potentially 200K complaints at £650 a pop equals £130M just to FOS never mind the interest refunds along with 8% on top and a compensation payment of £200 to each customer.
*As a note, this is not just happening to AMIGO but all of sub prime creditors are in pain with this now. Once they go these customers are screwed.
RAN OUT OF CHARACTERS .... CONTINUED