Member Info for itisagame

Frankly Quite happy making 20%/50%/100/200% in a few weeks here and there On underpriced stocks instead of buying anything at all time highs considering All markets are artificially pumped by government backed money to the point that there is a bull market in the current worldwide recession.

Never heard of Quiz, is this the company they are on about?

https://www.thetimes.co.uk/article/fast-fashion-staff-offered-3-an-hour-hqbgknxms

"An undercover reporter was told by bosses at a factory before the lockdown that she would have to undertake two days of unpaid work before moving onto a rate of £3-£4 an hour. Quiz-branded jackets were seen in the factory in the heart of the city’s manufacturing centre in the Spinney Hills area."

Nah its something completely different i noticed that JB has been seeding.

7:49 AM · Jun 5, 2020
"A short thread about US policing.
Over the last 2 years I’ve been funding a US consumer lender that we seeded. They lend up to $10k, backed by a guarantor. Like most lenders, they are the subject of attempted fraud every hour of every day."

could JBs US based guarantor lending company be the buyer who has offered 21p?

he said Amigo is under leveraged, and thats how Americans love to buyout companies, buy them out with their own cash.

I think the number will be high due to no win no fee sharks chasing it, but overall less than some forecast, the affordability process seems pretty clear and the FCA has “thoroughly reviewed” it, no system is perfect and you can’t always catch white lies From people or from their applications. But we will have to wait and see in time.

https://www.amigoplc.com/investors/investor-faqs
“ We have confidence in our affordability processes which have been thoroughly reviewed during the Financial Conduct Authority authorisation process and are supplemented by regular internal reviews.

It’s not in Amigo’s interest to give out loans to individuals who are unable to repay them and our affordability processes go above and beyond standard industry practice by asking for a detailed line by line breakdown of expenses from both the borrower and the guarantor. Amigo Loans charges no additional fees or costs, including to customers in arrears, and already caps the total interest a customer will pay.

Customers must be able to demonstrate they can meet all their commitments, rent, bills, food, clothes etc. and any other credit commitments, as well as their payments to Amigo Loans, and still be left with an £100 buffer.

We then undertake extra levels of questioning where needed to help us make a more informed decision about affordability. We speak to all guarantors over the phone to ensure they are aware of their responsibilities.

We currently lend to approximately 15% of people who start the loan application with us and over 90% of loan repayments are from borrowers, as opposed to guarantors. This demonstrates the effectiveness of our affordability processes.”

0% 5% 10% 49% 1000% the interest rates don’t matter.

For example
Say someone earns £1,600 a month after tax
has £2,000 on a payday loan at 1000%, £5,000 credit On credit cards At 29%, £10,000 on a loan At 5%, £2,000 overdraft At 30-50% all which cost them say £600/700 a month, It’s been perfectly affordable for them and they have repaid Monthly for 3 years With no problems, It hasn’t been easy because they have £700 rent plus kids, car costs etc so they are left with very little or negative at the end of the month, credit card don’t get repaid in full at end of month, Constantly in the over draft etc.

They realise the interest is stopping them clearing it and they are getting no where so they go to get a consolidation loan at 0% which costs them Overall £100 less a month but offers an eventual exit From the financial hole that they are in.

Well it turns out the provider of that consolidation loan even at 0% is at fault as far as affordability goes Because of the persons other outgoings, even if you help people out and reduce their monthly outgoings you are at fault.

This is the same reason why people With £xxx k in equity in their properties get rejected for mortgages When they want to consolidate all their other debts to the mortgage and overall lower their monthly outgoings,

The system is broken, but it’s broken for every lender even at 0% - 1600%.

If you think the affordability issues are a problem at Amigo then look at the bigger market picture, going by the ludicrous examples that JB posted on twitter technically every single person who has claimed for loan / mortgage / car finance / overdraft relief due to covid, loss of employment, etc and anyone who put that they earn more, didnt state all their debts, have more outgoings, etc etc on the application form would fall in to one of the unaffordable boxes and be due a refund from every bank and fiance provider going.

FCA / FOS have created a real risk to the whole finance industry and as a consequence of the precedent made from their decisions here, every person should technically be able to claim back all the interest that they have paid (plus 8%) for all borrowing that they have ever made from all banks, building societies, credit cards, store credit etc.

Decisions made here if upheld go beyond our little Amigo.

The Company's liquidity remains strong. Amigo has sufficient financial headroom and cash on its balance sheet to continue to fund operations and support its customers during this challenging time. Amigo had a cash balance of over £136 million as at 30 June 2020.

whats the running total of capital raised and bonds issued since listing?
Whats the total of ACs fees, salaries, expenses, travel costs, etc since listing?

How much of this cash does the company actually have left?

I think these will be the next big trading days.

July 23rd - Results - which normally include an update, and possibly have directors buying (JB @ 35% by end of day)
August 3rd, first trading day when Glens back probably see him buying... (JB at 28% by end of day)
Middle to end of August - expect some good days around JB @ <20 <15 <10%
September 9/10/11th around the time when JB is confirmed as completely out...

Possibly have news of the prospective buyer emerge at some point aswell as another couple of complaints updates.

Have a nice weekend.

Last time the drop hit 9.44p Bottom then went to 15.05p the next day.

If you think it’s going to 20p+ by end of year it doesn’t matter.

I’ve Been happy to buy at 5/6/7/8/9/10/11/12/13 even took a few at 17p, made money every time while building up my nil cost holding.
If it drops so be it, I’ll buy more and the volume moves the daily 1% quicker.

If I’m correct then They still have to repay the principal, it’s only Been the interest plus 8% that has been offered for settlements.

On or around 23rd

better let JB know he could buying the bonds at half price to either regain control or double what hes getting from the share sales :)

Maybe that is what he was referring to yesterday
"However, our faith in Glen is very strong, and once we are sure that Stephan Wilcke and Roger Lovering have left the board, we would see a strong possibility that we will reinvest into Amigo and play a part in the turnaround."

all i see is Jbs 4.75m

.

JB called prov out Because JB thinks hamish will destroy its share value like he has here :)

Best parts From FT article yesterday.

“ However, chief executive Hamish Paton and chairman Stephan Wilcke had previously agreed to step down at the “first suitable opportunity”.”

“ Mr Benamor welcomed the news of Mr Crawford’s reappointment on Wednesday, tweeting: “Hiring Glen at Amigo was one of the best decisions I ever made at Amigo. His resignation, and Hamish’s appointment, was one of the greatest tragedies the FTSE 250 has ever seen.”

Mr Paton was last week named the new managing director of rival Provident Financial’s consumer credit division.”

“Mr Crawford said: “I am pleased to have this opportunity to step back into the driving seat at Amigo with the support of the board.” He added that the team would “successfully navigate through the challenges facing the business and get back to focusing on meeting the day-to-day needs of our present and future customers, who are otherwise excluded from obtaining credit.”

we are probably getting Director buys by end of the month as soon as closed period is over. That will Help mop abit of volume up