Member Info for itisagame

Gary starts in August as non executive and by November has taken control of with an army behind him, quite the under the radar board take over :)

... he’s a much poorer boy!

1/2 - "During the three months to 30 September 2020, the second quarter of our financial year, Amigo settled around £47m of redress to customers, of which approximately 60% was settled by cash payments, and the remaining amount dealt with through loan balance adjustments. "
3 - they could be repaying the balance under the same period that they took the loan out, £150 pm for remaining term could be the balance (without interest and with the 8% ).

4 - buggers are still on our loan book and costing us money to service and finance their money, when in reality they should be finding the money to pay amigo off and clear the loan, hopefully they keep making payments and it doesn't end up as a portion of the loan book that has people that never end up repaying in full.

The same happened in March, the hedge funds would have made billions today while many PI were locked out

Its not like you can use a different platform because they all locked out at some point.

As for FCA - did you notice that they seemed to be moving from guarantor loans to spending more time on home loans and credit cards

hope it fairs better for some tomorrow, i couldn't log in on halifax most of the time and when i could i couldn't actually load a trade page so left it and called it a day for actual trading and just watched in on many stocks, only things that worked were twitter and google finance but that doesn't help placing an actual trade.

shocking reliability from most platforms today.

Jesus what a day! Billions in wealth transferred in minutes when that news came out.

Glad to see 7s but should be higher :)

Oh look now the markets closed and people can’t trade the blooming chats working.

At this rate Id take someone with a GCSE in maths and has all fingers and toes, couldn't have done much worse of a job.

Loans Guarantor Loans
new enquiries 6994
New cases 4191
Referred to ombudsman 130
88%

Looks like home credit and credit cards are having a few big issues too.

I expected high numbers given the 16k increase in what we have been told about.

https://www.lse.co.uk/rns/AMGO/directorpdmr-dealing-fg9f01oul80ja9p.html

The Ordinary Shares detailed above have been used to satisfy the following transactions:

· the application of an award granted to a Director under the Plan and which is subject to mandatory deferral into shares. Under the terms of the Plan the participant is required to hold the Ordinary Shares within the Plan for a period of three years.

The Ordinary Shares acquired under the Plan are subject to customary malus and clawback provisions.

Nayan only has about 20,000 shares, the 770,000 are bonus shares that he isn’t entitled to because he didn’t stay employed till for the required period.

With roger and nayan leaving What a great time to have an asset vreq overhead!

No special cash prize leaving gifts for them

Doesn’t that mean he is not entitled to his 770k bonus shares awarded earlier in the year? I thought he had to wait till next year for them?

Amigo Holdings PLC (LSE:AMGO), a leading provider of guarantor loans in the UK, announces that Nayan V. Kisnadwala, the Chief Financial Officer, will step down from his role as Chief Financial Officer with effect from 30 November 2020 to pursue other career interests.

£140m cash. ;)

come on, reality check - its 6.5p / £ 30m mcap!
And we are talking about hundreds of million with every topic.

"We'll be back soon

Due to the ongoing uncertainty surrounding COVID-19 we have decided to pause all lending. This will allow us to dedicate more of our people to helping existing customers that, as a result of the pandemic, may be struggling with their loan repayments.

We are sorry we're unable to help today, but please be assured this is only a temporary measure. If you need any further assistance, please visit our help hub.

Take care and stay safe, the team at Amigo."

They were previously lending to KW during Q2

Last RNS :
"During the three months to 30 September 2020, the second quarter of our financial year, Amigo settled around £47m of redress to customers, of which approximately 60% was settled by cash payments, and the remaining amount dealt with through loan balance adjustments. "

Q1 results:
"£8.5m of the provision was utilised in the quarter, representing redress, of which around half was settled with cash and the remaining half in balance adjustments. "

£8.5m Q1 + £47m Q2. = £55.5m total cost at end of Q2.

Plus there will be a future cost for the 2517 complaints not yet resolved under the VREQ
"Amigo has yet to issue the final responses to customers on 2,517 of those complaints."

Plus any new complaints under 8 weeks old that are not part of the VREQ.

As it stands there should be circa £100m of the new upped provision that will be announced in the Q2 results unutilized for the 2517 + any new <8 week old complaints, + future claims.

So where do they get provisions of 150m and cash of 140m?

provision - difference between net and gross loan book.
Cash - "unrestricted" cash in bank. - does not have any specific allocation for its use.

Ahh that was it, i remember the chat before it sounded great