Member Info for Jonno41

Ii think it the rns was a change to their huge decrease in reserves then the price will fly. Remember this was ridiculously undervalued at 6 never mind 3p, but if the next rns maintains the reserves and does not excite anyone with water injection or new drills I’ll see at anything close to 4

Patience luckdog, lets get to 5p first :)

Strange for someone to buy so many as so much higher than MP. A trading error or someone in the know... hopefully the latter.

Crikey, 11.5 does not seem that far away .... what needs to happen now is some more positive newsflow to stop all the10 - 20p holders selling for small profits... I can see this going up way beyond 20p but right now if the price get to 13/14p I'll top slice and pobably finish selling before 20p....

If I get news around VREQ removals, lending resuming and a nice set of Nov profits, I might scrap all that and hold on..... I aimagine I am 1 of 1000's with a similar view

Incredible - in the middle of a closed period, the day before you announce the termination of the worst CFO in history (according to JB), and appoint a series of purportedly well experienced board members, you decide to make a purchase on you share incentive scheme... and guess what the price goes up.

Good news for shareholders and this is clearly not a spike but the start of a huge rerating (I hope!) but this purchase looks in the cold light of day a clear, likely to have been made with the knowledge of forthcoming newsflow.

That's right I agree SLipanchor and the last few buys are also on the small side, would love it to be a rerte but P&D would be my vote unfortunately

Looking at the last accounts update in June, Amigo has 200K active customers, and we had 25K complaints, that suggests even with payment holiday for about 50K customers Amigo should have received a huge amount of revenuein the last 5 months. Not sure uf I am reading this wrong but 155K customers paying 50% intestest on loans adds up to a very good profit even with all the complaints.

Thanks again - shame not the answer I wanted. So its just down to now how many borrowers there are and how many who have either complained or could complain. The hit on the customers making a complaint can easily be offset if there are enough who do not make a complaint!!

Thanks Ironhide, thats a shame, does anyone know what percentage of borrowers have complained. Also it is not clear with regards to interest after the complaint, it sounds as if the loan would become interest free for the remainder.

OK thanks - do you have any more details, so again in my scenario, if I borrow £10K, pay £5K in intest and make a complaint, do I get the £5K back but accrue interest going forward, or does the loan become interest free, and my repayments all count in full agains tthe £10K?

Not sure if this has been asked, but does anyone know what customers are getting when they complain? Is it the loan interest returned, or part of the interest, or some of the loan as well? This is material to profits as if say a customer borrows £10K pays £5K interest a years and complains and get back say £5K, Amigo still amakes a profit even after paying FOS £600, as interest will accrue in subsequent years, if however AMigo is writing off loans, they are making a loss.. Does anyone know?

Too many messages to plough through today.

The fact it has not gone down today is a very good sign, GC selling is 1 of 2 reasons, either he had to becauase as part of his lockdown negotiations he agreed to seel before a certain date, or he decided to because he did not like the complaint numbers and the fact no lending would start this year.

If the price had gone down today I would hvae felt the latter was lukely but as it has gone up, it could be former. The board do not want GC with voting power, when GC negotatied his deal, JB was still in the picture persuaded all us idiots to buy his shares - making him millions more than if he had just sold them. So the board and CEO would not want his mate having so many voting rights - so they could of made him sell by say the end of the year. Obvious statement but why negogiate a change to your lock in clause if you do not intend to sell before the end of your lock in period.

One thing for usre is alot of people sold this morning because GC had, but alot more have bought since suggesting someone is building a stake. I do not see lots of PI's dipping in here as the sentiment was so negative before today, so I hpe someone bigger is buying, hopefully an II and if that the case, the II would have alot more information that we do before buying in... so I suspect we might see some brighter times ahead...

Of course I am making assumptions which moght be incorrect, but thats trading right, you have to research a share, try and understand trading patterns, and why people are buying or selling and trade on that basis.

GLA

I thought the same - probably part of his exit negotiations - I hope this is the case and with the votes going on as they had been it would of made sense to ensure he sold by a certain date .

One thing to add, is I am pretty sure if i worked for Amigo in a semi senior position, I would probably have a much clearer picture of how this company is doing, and when you see the buying that is going on today (as well as the selling) you do feel this is more than just PI's averaging down. I do wonder whether the people in the know are lot more confident, and that coud be what is passively influencing the buying.......

I think someone alluded to earlier, Amigo could consdier other types of loans, as we know in 2021 million of people inf th UK will need to borrow - hopefully not that many at 50% apr.... an announcement to say they are going into personal loans for people with a good credit history, ro secured loans/remortgagin etc. assuming they had backing would be significantly beneficial.

To be a good lender, you need finance, a brand, distribution and a good reputation - Amigo have most of those, and some are very hard to achieve, so I would suggest they might not be in abad position to move into other loan products.

This is simply a case of trusting management - JB managed to make a fortune but it seems likely knew he had damaged the company and thus the shananigans. If management can reintroduce lending and do it in a way to avoid complaints, the share will fly, if he cannot the the company could fail.

Its in the FCA's interest to not allow it to fail (as they generate exclelent revnue from it) but they have to look at each complaint on a case by case basis so if the CMC's come up with a reason complaints should be upheld, they will be.

Should be banned, FCA should force regulated companies to make claims and complaints against them easier to understand, so all claims can be made directly rather than thrugh a CMC. It was the same with PPI. Banks and loan companies end up paying millions (or billions in the case of ppi) and made CMC's a fotrune rather than ensuring all the compensation ends up with the consumers.

If we did not have CMC's we could have a model where the consumers get more and the regulated companies pay less.

Amigo now has to try to esnure that when they lend again, they do not expose themselves to more claims, the problem is the FCA's rulebook is law, which can be interpreted in differents ways, and CMC's will do their best to try and justify consumers making claims through them going forward so they will be working hard to try and find reasons why claims can be made because they can profiteer out of it. So I say ban them, we'll all stop getting calls saying, "have you been involved in an accident", or other cold unwanted calls, the FCA will be there to ensure Loan companes etc. tow the line and consumers should be as well protected and compensated without them as they are with them, and the lawyers can go back to practising law to benefits society, rather than purely lining their own pockets.

Rant over

GLA DYOR - good to see the sp is holding up reasonably well, suggested better times ahead???

Hi Seamus,

Don't disagree, the reason I said 86% was high is because the standard upheld rate is well below 50% and if you look at the FOS stats the highest upheld rates of all their products is Guarantor loans.

As i say - this data has been published up to June so what is happening now, rather than then will have a much bigger influence on the SP.

GLA DYOR

Second in 10 mins... last time sales flooded and the price rose we got the worst RNS in the histroy of RNS's!!! Lets hope that was a one off.. Hopefully, the oil that turned into water has turned back into Oil :)

I am not sure its worrying - this data goes back to June - whats important is for it to be addressed so new loans can be written with less risk of complaints and complaints can be dealt with before they get to FOS/or become complaints.

What I do not know is what "upheld" means in a monetary sense

Also 86% of Guarantor loan complaints were upheld by the Ombudsman - which seems very high.. also make you realise that one assumes Amigo would be far better finding cases and settling before they get to the FOS to save £600 per case