Member Info for itisagame

Tried to find them all, have i missed any? is there £330k left to convert to reach the £2,000,000?

21st April 2020 £50,000.00
07 May 2020 £100,000.00
19 May 2020 £80,000.00
02 June 2020 £50,000.00
15 June 2020 £170,000.00
3rd July 2020  £180,000.00
30 July 2020 £140,000.00
17 August 2020 £130,000.00
25 August 2020 £170,000.00
08 September 2020 £240,000.00
18 September 2020 £350,000.00
Total £1,660,000.00

final results due end of month.

Vreq - where it says “all complaints “ does that include complaints other then miss sold, eg my account balance doesn’t show the correct figure, you didn’t refund a late fee, you applied interest twice on this day etc etc.

Vreq :
“ Under the terms of the amended VReq, the Company has agreed to reach a position by 30 October 2020 where all complaints are dealt with appropriately within eight weeks.”

FCA investigation :
“ On 29 May 2020 the FCA commenced an investigation (the "FCA Investigation") into whether or not Amigo's creditworthiness assessment process, and the governance and oversight of this, was compliant with regulatory requirements. The FCA Investigation will cover the period from 1 November 2018 to date.”

“ Post our first quarter end, extensions to Covid-19 payment holidays for a further period of up to three months have been offered to customers, which is in line with revised regulatory requirements. For the first three months of the payment holiday no interest accruals were applied to customer balances; from three to six months interest begins to accrue. The timing impact of these changes will be reflected in our results for the second quarter.”

I dont take them seriously, but i do commend the company for their rapid responses to every comment on there.
Brewster's Millions - the more they screw up the higher the unrestricted cash grows.
It will get to where we want eventually.

Some do
"Accepted redress on 22/07/2020, I'd paid my account off in 2016. "

From Nov 2018 is the period that the business' credit worthiness is under investigation by FCA

“ On 29 May 2020 the FCA commenced an investigation (the "FCA Investigation") into whether or not Amigo's creditworthiness assessment process, and the governance and oversight of this, was compliant with regulatory requirements. The FCA Investigation will cover the period from 1 November 2018 to date.”

I had to look over them as i now find them funny, the rubbish people spout, they are getting money refunded and still being a**ho**s look at these gems. I like to think that most are paying a CMC Fee of 50% of their redress, expensive for us but bitter sweet for the lying sods. So funny how most are moaning that the guarantor are getting paid but not them.

-I’ve been on a payment holiday and they’re now telling me that I can’t have any more payment breaks.
*gotta pay your bills eventually mate, this must mean you have over 6 months not paying!*

- I want the refund now!!!
- they rejected my complaint
-They did my redress figures and used it to clear all the interest late charges and paying my guarantor out for their affordability complaint!!
*if your guarantor is paying your loan of course they are getting repaid first.*

-Due to loss of work because of Covid, I was hoping to use the redress payment towards my rent and bills.
*Ahh the company failed loan checks because they didnt predict Covid, the next world war or the end of the world, and now you think you are entitled to redress..*

- This company is ruthless. I took out my original loan in 2014 with my Nan who was over 70 at the time as the guarantor. Neither of us were able to afford this
*so you must have lied on your application form......*

- I started my complaint on 24/08/2020 and was surprised at how quickly my guarantor was offered a redress of over £2900 as she had paid off that loan agreement in a one off payment, meaning I would suddenly owe Amigo loans over £2600.
*Well yes again your guarantor is paying for it then its their money that is repaid first...*

And a positive one.....
This company has been absolutely outstanding in these difficult times my mum is with buddy loans and they have been terrible no breathing space no help with payments nothing but amigo has helped every step of the way I would highly recommend

on Halifax under CCAP, showing the consolidated price.

"If I was in charge I’d prosecute every single one who fell into the under estimated outgoings and over estimated income group for fraud!"

Yep it stinks but if they have not got any money to repay us and if they failed to get a successful prosecution it could work against us and open the door wider for other claimants costing us alot more.
Atleast this way everything is being done 100% compliant by the company and if the FCA / FOS have acted in the wrong and proven in time, they have plenty of cash to repay us every penny, plus 8% interest, plus compensate for shareholder losses.

im sure once they get the equity raise sorted (or remove any doubt of one happening ) it will boom.

I enjoyed the discussions Lessontime, they were fun, we had suspicions but never worked out whomever you are in real life!
Good luck.

its a buyers market everywhere in this industry.
NSF are due their placing, so it would be a good time for him to get a financial foot in the door and own a large % of the company, but i think hes had enough of the UK regulators!

they and other loan companies
by that i mean the customer, as rates will have to increase to take on this risk.

All calls are recorded too.

It frustrated me at the start but i came to terms with it, as an investor buying amigo at £50m mcap and not £1.3b mcap i just say let them deal with it, they will repay the millions and it will go against future tax bills in the future. and their current problems are what allow me to buy them for dirt cheap.

You dont get a good name in business by prosecuting all your customers, they and other loan companies that are taking these customers back on with continued fraudulent applications (because all reference from credit checks is removed as part of the claims process, therefore not informing businesses about the clients risks correctly) are the ones who lose out in the end.

Think about that concept too, as a business government backed regulators are changing historic references and creating risk for business which are there to protect from.
If the situation was reversed with a companies history or a different type of criminals history being removed from the record there would be outrage, because the public has been put at risk.
imagine certain types of criminals being placed near schools, other criminals allowed jobs with vulnerable people or being able to become a politician, police person, or other person of influence.

"How do you assess affordability? Are these checks robust?"
The company makes various checks, customer gets various correspondence from the company explaining it all, the entire process was approved by the FCA pre IPO, they didnt have any issues at the time with any of it.

"Question is if all that was done properly, now many people can complain but WHY should they get back anything ?"
Potentially everyone who has taken a loan, Because the FCA have changed their stance and are allowing pre-dated claims to be entitled to one.
A fantasy example would be a bit like the government making Asda change their food labels to new non UK and not EU Label standards, and then allowing everyone who has ever purchased their food products to be entitled to a refund, and interest.

"what action has Amigo taken against fraudulent claims ? "
All egregious CMC actions are being reported to the FCA.

"And don’t get me started on those who lied on the loan applications!"
Roger was asked that in the Q&A on the interview before last, he replied with "* takes deep breath* Good Question...." and then went on about CMCs.

"Amigo should send this message to the market."
Amigo are, they are going above and beyond complying with all regulatory requirements and issuing restitution on claims which the FCA / FOS have concluded were issued in the wrong.
Like it or hate it the current board are dealing with the current issues in the most compliant way working with the regulators and not against them to ensure that the company can continue lending in the future

Our defense - We have over £100m left in the provision that the company has already made, and £145m cash on top.

If the FCA / FOS are challenged by any party in the future and their actions are deemed over the top and hereby incorrect then they have deeper pockets for Amigo to launch a legal battle against and to claim compensation from.

His whole plan here could have been to over time tailor amigo as a buyer for his other foreign companies - which at the cost of reinvesting~£30m in to amigo (which he could sell at any time) would have potentially netted him personally more money in the long run, these companies wouldn't necessarily have been purchased at a good value for shareholders and like amigo is having currently dealing with likely to have legacy issues, its much better for amigo to use the "Amigo in a Box" idea and start new companies from fresh if it does end up expanding outside the UK.

JB is not the only person with knowledge of outside markets.

If JB thinks outside the UK is the answer then the ~£30m he recouped here could be put in to the accounts of his other companies for enable further lending and a substantial return, its not just UK companies struggling with cash flow and finances his other companies could need headroom too.

An alternative way of thinking about Part of the customer base and not just trying to put the fear of greed in to everyone.

A £10,000 loan Over 5 years
“ Representative Example: Borrowing £10,000 over 60 months, repaying £395.25 per month, total repayable £23,715.00. Interest rate 49.9% (variable). Subject to status.”
£13,715 interest Paid over 5 years / £2,743 Per year / £228 per month / <£60 a week.

If you was a small business buying stock to sell in the same month (eg a burger van / a Market stall trader ) that £10,000 of funding is costing you £60 of your profit a week but could enable you to make a couple of thousand quid that week that you otherwise wouldn’t have. And if you used some more of your profit to repay the loan the monthly costs would reduce, (if you did your books right just put the charges down against your profit to reduce your tax bill)
And if you only needed it for a few months? “ We don’t apply any fees or charges for making overpayments or settling early. No fees, eve”

Compare that to prime credit that will just say no = no opportunity for customer to make a profit.

Compared that to other loan companies that Would generally only loan smaller amounts (<£1000) The equivalent charge could be around £830 interest on £10,000 loaned a month, then the same project will most likely probably be unviable to the customer aswell.

Its a stepping stone, Using Amigo For one loan repay on time and in full Could then enable the customer to access lower cost finance If needed in the future.

Amigo is not here to solve poverty, that is for government to resolve.

Have a nice weekend Amigos.

“ does anyone know why RNS was not issued yesterday regarding " big buys on Thursday?”
1m shares It was less than 0.25% of the share issue, anyone could trade that without notification, you only require notification if
- it was a current director buy / sell
- it was an existing significant holder with >3% holding and the buy/sell took them through a whole % point up or down.
Eg Required if had 5.1% then sells 1m and is now at 4.9%,
or if they started at 5.9% and purchased and it took them to 6.0000001%
- as others said, 2 or 4 day rule for reporting.

Or another example An Existing holder with 6.01% can buy Another 0.98% To make 6.99% and not need to notify.

I think it was just a regular trader, who thinks it is a good time to have stock good luck to them either way.

Great films, night.

Staff - I was just thinking About that, If future complaints dry up and can be managed with a smaller team them it would be the obvious action. I would think a lot will be put back onto originations / collections or redeployed elsewhere, if having more people in collections is paying off and cost effective why stop something that’s working? It seems to be working anyway.

Vreq and investigation are two separate issues,

Vreq - Deals with any complaint over 8 weeks old,

FCA investigation - making sure amigo is doing things right from Nov 2018.

“ On 29 May 2020 the FCA commenced an investigation (the "FCA Investigation") into whether or not Amigo's creditworthiness assessment process, and the governance and oversight of this, was compliant with regulatory requirements. The FCA Investigation will cover the period from 1 November 2018 to date.”