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As expected no RNS! All steam towards the half yearly result which they have now taken off the "no later than 26th" so that confirms the 26th. Lets see how the markets react in general big week this week

1. Lockdown hangover from the weekend. (At least they let all the pubs clear their beer this time. Weds night will be a big one)

2. US election

3. More EU stimulus required?

4. Chuck in a smattering of Brexit negotiations somewhere

Loving it, in 12 - 18 months time when these folks get back to working a bit they will be looking to consolidate into an Amigo product to stand a hope in hell of paying it back. Let's hope at that stage some of them didn't try to screw Amigo over with some compo from an "unaffordable loan"

I wonder how many will take the payment holiday and buy Amigo shares?

I suspect no update on re-lending until the half year results. this will allow time to absorb the new lockdown.

Each element of stimulus Furlough & Job support scheme creates uncertainty as we know mass redundancy will follow the end of these schemes. Then I think the economy will take another 6 months to reboot. However this current process of lockdowns just simply won't work because we are not NEW ZEALAND. Last lockdown airports stayed open and no testing so we imported more Corona so it's bonkers.

Plus a point on masks , I'm in central Asia and it has been mandatory to wear a mask everywhere even in the gym and i still picked up Corona somehow.

The market didn't seem to like the VREQ. SP took a dive after 19th

From my perspective I thought it was a nice negotiation for both sides but then what do I know.

The FCA got to wield the stick a bit and get the company to agree to it. Looks good for them.

The company conceded to it in a period of time where they would be bonkers to even consider a dividend or bonuses or shifting funds anywhere. So ultimately has the company made any sacrifice or lost anything that they wouldn't be doing if they are operating under a good governance model? Don't think so.

As my old grannie would day, maybe they earned a few brownie points. One of Gary's points build the relationship with the Regulator.

Yuri - thanks I think we are on the same page. Amigo should be able to wangle a reduced fine due to showing co-operation with the regulator and the impact of COVID. If they have decent lawyers they may be able to push this all back until COVID is well over. I don't think the FCA is in tip top shape as it stands

https://www.ftadviser.com/regulation/2020/10/12/fca-fines-drop-to-four-this-year-in-record-low/

Quote: I think amigo is going to buy NSF book on the cheap

The last thing Amigo wants to do in this crisis in make an acquisition, buy back shares or pay dividends . It wouldn't be sensible to buy a book of loans which is also partially under redress and claims payouts.

Amigo need to preserve all the cash they have to weather the COVID storm. Added to that they are under a voluntary Asset Req so couldn't see the FCA allowing them to do that.

Yuri prior to the introduction of GDPR the most the ICO had ever fined a company was £500,000 so £184m is still a huge departure. £20M is still their largest fine to date and this was brought down about by mitigating factors including co-operation with the regulator. Some of it was also due to COVID impact and ability to pay.

So going back to my point for Hound Pup the regulator does not serve a purpose to put a company out of business that is directly engaging with the regulator to effect redress for past transgressions.

Quote: Hound you seem quite, whats your prediction close price ?? Low twos.

He's on the AMIGO board , one would assume trying to drum up investment for this share. Since he's telling us AMIGO is doomed to go bust. Very disappointing.

I'm not invested here. I am in Amigo, thanks to COVID both companies (as with most services & financial companies) have a tough time ahead. Good luck all in NSF there is definably a market for the services of AMGO & NSF hopefully both can turn things around and thrive. The UK govt really needs to get it's act together.

Quote: The FCA WILL issue AMGO with a fine next year. It could very well be the final straw for AMGO.

Hound dog the job of the regulator is not to put companies who have actively engaged with them for redress out of business. That would be just plain stupid.

It is worth bearing in mind there is also now precedent on a company's ability to pay a fine to a UK regulator. BA is the test case for that.

In JULY 2019:

Following an extensive investigation the ICO has issued a notice of its intention to fine British Airways £183.39M for infringements of the General Data Protection Regulation (GDPR).

OCTOBER 2020

Today the Information Commissioner’s Office, the U.K.’s data watchdog, announced that it would be fining British Airways £20 million ($25.8 million) It had originally planned to fine BA nearly £184 million, but it reduced the penalty in light of the economic impact that BA (like other airlines) has faced as a result of COVID-19, as well as work BA had undertaken to address the issue, and the ICO learning more about the nature of the attack in a further investigation.

I might join their conf call. I think NSF is a bit of a bellwether for this share. similar models and similar issues.

I would be very much keen to see NSF succeed.

Annoying eh? Like I say they haven't even bothered to confirm the exact date of the half yearly meeting. All we know is it is no later than 26 Nov which of course most likely translates to 26 Nov.

However is it too much to ask to have a confirmed date?

To be honest I think they are being a bit tardy again. I might ping another email off to my buddy Gary so we can keep the focus going.

I get the feeling we may not hear anything of notable news until the half year results. Also when I look at the investor relations page we do not have a confirmed date for the half year results. It says 26 November - Half Year Results (no later than 26/11/2020) that isn't really a confirmed date. It's more like a placeholder that was put in months ago with the view that they would fix an actual firm date but letting us know that firm date would be no later than the 26th.

I'm kind of a details person, the other thing I don't like is the Wikipedia page still says Hamish Paton is the CEO. I appreciate that may have something to do with Gary not being FCA approved but then Hamish hasn't been with the company since the summer so it is misleading. They should tidy their yard.

So that gives me something to ping them about!

That was one point I was making earlier "critical workers" covers a lot of people like factory workers for food and other services, delivery drivers, supermarket workers, military, child care, obviously NHS, farm workers, agriculture etc etc.

Be good to see how many new loans they have managed during COVID I will be asking this at the next company meeting along with some other questions.

Maybe that's why the Asset Voluntary Requirement was put in place. If they do have money over from what was put aside for claims the FCA wanted to put a process in place before that money is used for Divs or Director bonuses??

Terry if that is the case why have so many people maxed out on their credit cards? Why don't they get 3 -4 % loans from their banks instead?

Terry Tibs (A name that suggests an ethical warrior at heart) if you are concerned about ethics within the finance community you may wish to seek to invest in Sharia styled finance products.

I don't think there are many lenders out there that could be styled as "Ethical" the fact of the matter is the Wonga's and Sunny's of this world were eye wateringly exorbitant. I've read many testimonies where people managed to secure Amigo loans to get out of Wonga & Sunny debts. Lest not us forget that the Church of England was one of the main investors in Wonga. The Church were also offered to "do the ethical thing" to buy Wonga's loan book and lend responsibly to their customers and realised they couldn't do it at such rates due to the risk of default. Therefore when you balance this up the Amigo rate is fair against the level of risk they face in the market. Let's see how many people the "ethical" banks make sub prime and exclude from finance once all of this COVID nonsense has blown over. People who will need to start from scrath to repair their credit files.

The half year results are due by 26th Nov. So I would expect some news on the run up to that.

Ultimately that is the next unavoidable engagement date. We were also due news end of October on VREQ running from the summer.

If the company is serious about relending to catch the Christmas market then there should be some media activity in the next couple of weeks to drum up business. I would be looking for ad campaigns in the papers or on the tele.

IKN - cheers. Let's hope the company can be a bit more engaging. This seems to be a very newsworthy stock. There have been a few examples over the past few weeks of decent engagement from the company. They still have questions to answer and the JB GC side show was a distraction.

It is just a bit frustrating to see the progress get knocked back each time for whatever reason. I am much happier with a gradual rise as opposed to the volatility. I was hoping we had put the volatility behind us somewhat.

There should be no reason this company can't start relending soon, sure with tougher criteria, like I've said before they don't need to smash it as obviously the client pool will be thinner because of COVID. That said if they are smart they should be retaining information (IN A GDPR compliant manner) on potential clients who may just fall outside of their strict lending criteria at the moment for possible future lending.

To be fair Scrambler the share price in itself does not inspire confidence at the moment. Added to this there always seems to be some "event" that manages to take the share back to single figures. This has been gong on since June and we always manage to clear the reason why only for something else to come along.

The market is a cruel mistress and at the moment the market is telling us she is not happy with this company. Otherwise the SP would be mid teens at least. Ultimately the company needs to engage with the market and make her happier. They don't really do that by doing things like releasing folks from share lockups, unless - they can provide a good reason why - like.... "We've released the lock ups so that we can get these guys (Nayan) to move on because we have a much stronger more engaging and experienced replacement to strengthen our team"

The Asset VREQ does also cause more questions to be asked, which again the company would be best placed to answer, rather than debated by the "experts" on here.

Obviously as shareholders some of whom are living through a painful time, we want the answers now but that won't happen. I imagine the next chance to ask questions will be at the half yearly towards Nov end. As a BB we should co-ordinate the questions we want asked in advance. One would hope that further clarity on the claims and on the recommencement of lending will be more forth coming by then. However this is AMIGO so expect the unexpected. I will offer them my patience up to half year - but it is starting to wear thin a bit!