Member Info for Malpenn

One of his previous cases for SoA I believe was with PGS ASA.

In his finding I believe (not read the notes yet) the alternative was bankruptcy, scheme approved.

If I am wrong please don't shot me, will be reading the case notes later.

Teams will have a session limit, very high demand.
Will be setting my alarm clock early so I get in...

MM games both the Bid and Ask are in the 23.xx

All the FCA want is to show the public that they got an extra # million in the pot for the public, I think also they would like to show the BoD shareholders have done something but Amigo are commit future profits to the pot, that increases the pot and FCA would be shotting themselves in the foot if they were aiming to get the scheme stopped.

Will certainly be a blue day today -last day of Amigo shares sale !!

FCA said Publicly they would not support it but not stand in its way before the first court case. Dialogue between Gary and FCA for months, FCA would not want their dirty washing held out in court about the sub prime sector, they have failed it and no matter what MPs say who are disconnected from the real world, there are people who need credit.
FoS approved the scheme in a letter and asked for it to be submitted to court, that more me is massive if you understand the role that FoS has with claims and agreeing/approving redress. FCA doesn't get involved in redress payments.

There are multiple parties at fault here including the FCA. This provides a reset for sub prime, do you think the FCA/FoS want these CMC to exist, they know what a large number of cases have been generated by CMC's and now the CMC's are putting customers in a much worse position. Very clever YouTube video from Gary to highlight this.
Reset old ways and launch Amigo V2 with FCA support.

With Freshfields advising it will be lawful, look at the team who are acting for Amigo.

The other point that annoys me about FCA comment relating to shareholders is that we will be paying Capital Gains Tax on our profits. I am sure their comments are relating to company share schemes and share holdings of board members, even previous BoD members.

Buying

For me getting the FOS approval was very important, don't forget the role of the FoS in claims.
They look at the whole case file per claim and decide which loans were mis-sold, they provide the company with a recommended settlement figure, which you could say is a "fair" figure. If the company accepts it, then it's paid. If not it goes to the Ombudsman, who decides the final figures which MUST be paid. So in their eyes our SoA is "fair" otherwise they wouldn't of approved it.

We are offering a percentage of our future profits.. that to me is key is very clever by the BoD, if you want to pot to increase then our SoA must be approved because only then does our pot grow. Admin us and old customers get NOTHING, how is that fair ?

Interesting comment from the camel, I understand where she is coming from Provident have two highly profitable other sides of the business.

It's all about increasing the size of the pot, thats true for us and Provident.

Is this Scheme fair?
If £50 million was genuinely all the money there was available, then you may think “Well that’s life, that’s all there is”.

But it isn’t!

PFG is not a company that is running out of money. Its Vanquis and Moneybarn operations are profitable and it is planning on expanding them.

If PFG wanted, it could delay expanding its other operations and use the money saved to pay more to the customers who should get refunds. or it could ask its shareholders to contribute money through a rights issue or a share placing.

But PFG seems more interested in its shareholders’ interests and not in giving its customers adequate compensation.

The FCA has pointed out in its letter about the Provident Scheme:

the FCA does not support the Scheme for the reasons set out in this letter and the FCA does not believe that the Scheme is the fairest compromise that could have been offered to customers with valid redress claims by the Group.

https://www.fca.org.uk/publication/correspondence/provident-proposed-scheme.pdf

https://youtu.be/ANalZ4nEVjc

Very good relationships with the FCA, this is a very different relationship to JB's.

Amigo is evolving and we have a new BoD.

I think also that Hamish going to Provident and repeating his hot streak for destroying business has also benefited us. FCA see that sub prime is without lenders, the FCA have seen what Amigo V2 looks like and the country needs the next generation lender in this space. You don't just start a business like this without years of loses and massive pot of money, we can transition into becoming that next gen lender.

If the FCA wanted to bankrupt Amigo then the SoA concept wouldn't of even got to our first court date.

They are simply wanting the pot to be increased so they can stand up and say they got a better deal for customers.

I doubt this will be approved on Debt Camel...

Mal says

May 16, 2021 at 4:48 pm

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If someone cant afford a loan why an earth are they applying for one ? Surely as adults there is a little common sense that if you can’t afford to repay it then please don’t take the loan, spend all the money and then make out you were hard done by ? Did anyone force you to apply and accept the loan, if so you certainly have a case for complaint but don’t hype the complaint culture, what is next take a mortgage holiday and then make out your mortgage is unaffordable and request all the interest back. Take some responsibility for your actions…

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Great video, really highlights our values moving forward.

The new BoD should absolutely get an opportunity to show we are a new company. Greed was the primary concern of the old BoD and they failed both customers and shareholders.

I under the FCA concerns but I fully believe these can be addressed, then forward we go to Amigo V2.

Interesting read.

https://www.lexisnexis.co.uk/blog/restructuring-and-insolvency/the-limits-of-the-scheme-of-arrangement-jurisdiction-(re-instant-cash-loans)