Member Info for hunniford

Hey Xel123 - I agree she also doesn't let my comments go through when I answer some of the posters who blatantly say they lied on their application as committing Fraud. To the earlier point about JB I think this is why he wanted to push for a JR on the affordability. However at the moment we can only look at the current situation.

On the numbers I haven't checked those so they may be incorrect I just wanted to put up an example that shows Amigo seems to be responding to claims that are before 2018. Hence I am interested to know where the 2018 marker comes from it would obviously be great to see. As of course I know not to take for gospel everything I read on the internet as being true but there do seem to several of these pre 2018.

Hey Lloyd I wouldn't necessarily call you a liar. I'm just disagreeing with the statement you have made (Complaints are from 2018 onwards.) based on some information I have dug out from a website that supports people making claims against Amigo.

I have shared some evidence with of Amigo upholding claims pre 2018. There is more on that site but I don't think it is worth posting here. I am also happy to take a look at the evidence you have substantiating your 2018 point. Clearly I would like that to be the case and hope to be proved wrong.

I cannot comment on JBs statements, other than to say that I have seen several examples where JB was certain of a particular outcome only to see it be very publicly proved as incorrect. Therefore I have grown to learn to take what JB and others say with a pinch of salt. Which is why I didn't sell up when Glen did.

What I can also say is that there are now claims being made now from when JB was inside the tent, perhaps that is because the floodgates have opened more. I don't have enough data to assess whether this is correct or not but some do seem to be getting paid.

Here's the thing, if people want to make assumptions that is fine but don't get upset when these get countered by publicly available information. I am not posting this to deramp, I have an extensive holding of shares in this company probably more than many posters on here. I also agree with statements that have been made that hopefully the current situation of claims and no relending should be priced into the SP, which is why we took a drop when the information came out in October.

Well in this example here is the answer from the site admin "Sara Theresa" who seems to be the arch angel at this...

Sara (Debt Camel) says

November 23, 2020 at 6:10 pm

I make it total benefit £12463.86 – I agree with that

But I make the interest paid on each loan as follows:
loan 1 £418
loan 2 £4,525
loan 3 £2,686
loan 4 £4,010
loan 5 £2,500
so a total of total £14,139 – that would be your cash refund and the balance is written off.
Plus about £1500 in 8% interest.

Lloyd that is not true. Go to debt camel and you will see, here is an example of one.

Hi Sara, please can you have a look at the below for me. I have managed to get Amigo to start looking at my complaint from the 6th Aug after a number of calls (guarantor made one partial payment of £67 in July 2013) which was holding it up and we have both completed the survey confirming I have paid him pack. Please can you work out what my redress could potentially be for each loan:
Loan 1 Nov 2011 FLM -£3300 x8 payments of £161.01 (included £300 broker fee)
Loan 2 Dec 2012 – £5000 ( Settlement £2429.33 -payout £2570.67) x28 payments of £197.62
Loan 3 May 2015 – £5250 (settlement £4008.97 – payout £1241.03) x15 payments of £207.51
Loan 4 Aug 2016 – £7000 (settlement £4830.62 – payout £2169.38) x17 payments of £276.67
Loan 5 Feb 2018 – £9500 (settlement £6317.22 – payout £3182.78) x32 payments of £375.49
Outstanding balance 23/11/20 £7115.03
I make it total benefit £12463.86
Total Paid £25365.08
Not expecting them to uphold all loans but if they did would be refund of Total interest paid £12901.22 and balance of £7115.03 written off?

Ultimately I would have thought that the company should have a good idea based on the claims they have settled to date on how many loans and tops could be further categorised as being "loaned irresponsibly" there should be enough data in their system to use that as the WORST case scenario. Then ultimately it is up to the customer to come after the funds. Not every customer will likely claim but I think a lot will. I mean why wouldn't they, even if they committed fraud it seems it is still down to the lender to make the assessment on affordability using open banking tools etc. However I appreciate it may not be that straightforward to mine that data, which means it is possibly quite labour intensive depending on what was captured at the time the loan was made. The biggest issue I see on debt camel seems to be the top ups.

Other issues I see are people who took out a loan to consolidate some pay day loans and what seems to have happened is by way of example the payday loans were £10,000 so Amigo lent them £10,000 they then could just about afford to pay Amigo off. However they omitted to realise that there was another month's interest on the £10,000 at silly percent that came and needed to be paid for a settlement. So they concentrated on paying Amigo and the other pay day loan snowballed meaning they ended up owing Amigo and the Pay day lender now several thousand.

Ultimately this is something Amigo is going to have to tighten up on as part of their process to make sure if someone is consolidating that all figures are taken into account and the loan is paid in full. It seems you cannot leave this responsibility to the lender. Now of course some o these people could be telling porkies in that they meant to pay the original £10k but paid £9k and had a week at Butlins, however the way the system seems to be this counts against Amigo.

Quote: Re-lending could overshadow complaints as it secures future revenue, having said that future revenue is meaningless if the cost of complaints outweighs the profit

Technically speaking if we can get relending then we can keep servicing the complaints, it wouldn't be ideal but if the business was generating revenue it could afford to make a loss to service the complaints. Ultimately any losses could be rolled into the next year and offset. So really being able to relend is probably the most important thing as that is what will offset the churn in the loan book.

That's why I think recommencing lending will be the catalyst to get the SP moving up.

The irony is not lost on me that Thursday as well as being the biggest day in the current Quarter for the Amigo family, it is also Thanksgiving day.

Will us long suffering Amigo holders have anything to be Thankful for, or will we be left feeling like Turkeys? :o)

Hopefully we will have an "in" the Black Friday as opposed to a Black Friday.

Short term, I think this will be ok. I really can't see the covenant not being extended on a "viable business". I don't think the outstanding complaints can factor on this unless the business has more bad surprises to share with us. They are still demonstrating decent cash & collections. Therefore I think the can will be kicked along the road for another 3 months for review. In the same way landlords have had to give their tenants some leeway I think the credit agreement will be the same. Plus half the population was on credit payment holidays for months!

The business could & should argue that they are ready to relend but the recent lockdown pushed this decision out of their hands.

I just want to see the GOVT Man the Fk up and get the economy and all the kids back behind and in front of the bar @ the 'Spoons & All Bar One! Ergo then we can get back to the business of lending and get the SP well and truly out of single figures.

One thing for sure there is going to be a credit boom when things get back to normal, people want to go on holidays and want to spend money they don't have!

Hey Seamus, I hear you and I hope I am wrong about the Q2 start of lending, it is just my feeling. I do take some comfort in Gary's message about wanting to get back to lending as quickly as possible and like I say I think they genuinely do. Its just this very weak spineless govt that could hurt us long suffering investors a bit longer. But let's see, this week provides an opportunity to really see where we are. Hope some folks are going to ask decent pressing questions at the meeting about their investment!

Probably the biggest issue that holds the SP lower is the lack of new lending to support the churn on the loan book. As others have said a great team has been assembled by Gary - people who aren't there to play the violins as the ship goes down.

However one of the key challenges this business faces is somewhat out of it's hands and that is the Govt's response to COVID. It is clear the business has ambitions to re-lend and it is likely being prudent by not commencing now. Since no point lending to people who could be at great risk of losing their jobs, as that could reflect in very high impairment which is something the company could not sustain aligned with a shrinking loan book. Risk v reward therefore it is probably better to keep most of their new business staff on Furlough than find 1 - 2 candidates per day they can lend to (slight exaggeration)

Unfortunately the Govts response to COVID is somewhat bewildering when you look at the stats. Sure one death is too many but when dealing with a virus this is not a reality, particularly when this is compared with the Flu it is potentially less serious and most people under 65 that have died have had an underlying condition, making this probably the greatest OVEREACTION in modern times.

So this is why this coming week will be interesting, we know claims are ongoing and will also have an effect on the ability of the company . Since we are still seeing advertising on social media and chatter on forums about claims we can only assume they CMCs are still making enough money to keep advertising. I think the complaints can be sustained and dealt with ONLY if we can get back to generating revenue. Clearly bringing on the big dogs of past FCA roles is a great move as ultimately you will earn more respect and get better progress dealing with former colleagues (as long as they respect you and don't think you are an *A Hole !) which from what I can see won't be an issue.

My guess - I suspect the company may state new lending will not commence until Q2 in line with furlough supposedly ending. Or they may keep the message vague NEXT YEAR but Q2 is where it ends up.

The one good thing about the business is that the product is very very simple. Lend money out and within 1 month start bringing it back in. Meaning revenues can be generated very very quickly. Added to that there is possibility of stored up potential from everyone who has been forced to find loans at a much higher rate due to Amigo not lending. The doorsteppers will keep lending because of their risk reward 2000% interest can tolerate more defaults. These doorstopper customers will be begging for an Amigo consolidation loan and probably at much higher borrowing amount than they would have originally borrowed had Amigo been lending.

So if claims can be shown to be put to bed by next year it is still a very investible business, I just hope there is enough in the tank to keep us going without seeking additional funding from sharehol

Your last post on AMGO was 10 Nov

ODX bit of a mixed bag eh? Hope he's doing ok though, guessing he got out of this?

FB - your earlier post, I reported some of the similar stuff (either bigoted or racist) either way it wasn't required. I'll listen to anyone and their arguments for or against but some of it got off topic and personal (not to me) which over stepped the mark.

End of day, I don't even care if someone wants to troll me and tell me I'm losing all my cash, that's ok for me. But start attacking some of the decent folks on here and it goes a bit far.

What happened this dude by the way?

Was a good help to me in the early days.

Nice finish today, celebrate that with a few G&T's in the club lounge 31oC today, could be worse.

Actually it will be worse when we fly back on Thursday, going to be minus 14, let's hope the SP keeps rising to warm the ****les.

Surely Seamus Nov 30th nayan kisnadwala day. Has to be the day for that!

ITSA - Good sum up:- Cracking day. Cracking week - 6p - 10p in a week. Cracking month? Thanks Gary for being on the ball.

We have a long way to go. I'll be the first to admit I had a tough week last week. for me this became a punt. I said i would put no more in but then i broke the rules and got my average down a bit more.

Longer term I said I would go for the £1 and revaluate (if i'd revaluated several times over I'd probably hold more than Vinson by now!) but I think like Seamus said this is my one trip for glory. Very risky but a chance I'm wiling to take.

Let's hope the UK govt also pony's up to do their bit on this.

Ex I think we are in a close period so no director buys until after then 26th - let's hope they don't torpedo the SP to get those buys in :o)

GOAT at the moment we are living in Central Asia, been here since the first lockdown. The trip to Dubai was to have a break and then hit the UK to get a new visa. As it turns out my visa status got extended until March so the Dubai trip could have been delayed. But 32oC is hard to turn down and we had already bought the flights.

Plus it was a good opportunity to break it to the missus on neutral ground that we'd bought some more stake in a vibrant guarantor loan company :o)

Cheers and it seems every time the hound barks these days the share price goes up!

Hey guys. Hope you are all well. I finally made it to Dubai & it seems I should go on trips more often. Three days downtime and we rock back towards 10p, plus the son of a French wino buys up 10M large in shares. What a difference a week makes.

However it is good to see the hound keeping us grounded. True this company still has a long way to go & thanks Hound complaints are still there. However what a dream team being assembled!

So in true honour. I would like to reserve 30 November as "Nayan Kisnadwala" day wherever you are in the world at 16:30 GMT open something fizzy and alcoholic and join us in remembering the last dinosaur to depart the rocketship before it properly takes off.

Let me know if anyone is interested and I'll get a zoom set up for the occasion.

Also for the purpose of clarity the term "rocketship" in my post in no way is meant to reflect a ramp or deramp as we know rocketships can get to orbit or blow up on the launchpad!

GLA DYOR