Member Info for Malpenn

I am pretty sure that Freshfields were acting on behalf of ICL (The money shop) to get their SoA through.
It was passed by creditors and the court, I need to look back and see what messages the FCA put out about it.

Gaining the FoS support is very important, hopefully they saw an improvement in Amigo under the new management team.

Only 1 hurdle left and I fully expect dialogue to have continued between Gary and the FCA. Hopefully a pre-court agreement would be perfect.

https://www.standard.co.uk/business/provident-s-exit-from-high-interest-lending-could-pave-way-for-something-far-worse-b934366.html

Most likely, it will be smaller, local firms with less of a reputation to worry about. Perhaps, even, a fondness for baseball bats and bullying.

Sadly, demand for high-cost loans won’t go away. We need to find a safer way of supplying it.

I think that Amigo needs to evolve with the new BoD, create and release the v2. We have invested our money in the new BoD and it's the new BoD who would have prepared our case on Wednesday. Although JB created a great product at that time I don't think a return would be positive for Amigo. We know there is a place in the market for sub prime lending and our new BoD should have learnt from all the mistakes under Hamish leadership. I think JB would be a great motivator to talk about how and why he created Amigo but I don't it will help our position with the FCA.

Total respect to JB for calling out all the issues to shareholders, it was amazing to see everything that JB came out in time..

I would advise anyone to read his blogs to understand the damage the previous BoD did, luckly we have a new BoD who wants to take Amigo and the FCA have to accept they were part of the problem of the old company and should be working with our new BoD to ensure a positive future, then the FCA can take set a blue print for what responsible lending to sub prime should be. The technology exists such as Open Banking which must be adopted to ensure our old customers lies can't be repeated.

https://medium.com/@jamesbenamor

https://twitter.com/JamesBenamor/status/1285250818980098053?s=19

Hamish Patton.. what a track record under his leadership

Brighthouse
Amigo Loans
Provident Consumer Credit

If anyone doesn't understand the destruction this man caused Amigo Loans please read JB blogs...and yet after what he did to Amigo he was approved by the FCA into Provident. At least he has taken out one of our competitors for when Amigo V2 is launched...

What these little darlings forget is that the market is rapidly running out of sub prime lenders and if they need credit again then they no chance when Amigo is lending again for them to be approved. I am hoping that on future credit applications we see a question about listing their previous unaffordable lending complaints. Rejected...

How many of these people have phoned up Amigo after being issued the loan, saying sorry I can't afford it and will return some of the money.
All the money was spent, they knew what they were signing up to, then the guarantor certainly should know.
There is nothing wrong with guarantor loans, people buy their cars on them and house purchase sometimes ask for a guarantor.
But the FCA are targeting sub prime.. the APR is up to 49.9% so if your credit profile is better than toilet then you pay less.

Totally agree, this is where the FOS/FCA have to be take some responsibility. They have created a claim culture where no matter if you told the truth or not you get the interest back and worst still the FOS will charge Amigo £800 for each claim they investigate , whether it's a pack of lies or not. Surely the claimant should pay and if they have a valid case then the cost is returned.

Or are we seeing our major shareholders loading up because they will be agreeing to place some of their shares into pot.

Load up now with cheap shares and see the company more forward, with only a small hair cut

Or the BoD agree to transfer some of their stock into treasury for the scheme, FCA have killed two birds with one stone !!! Share price rises, scheme has more money .

I wonder if there is an answer in holding treasury stock, which is held as additional funds into the redress pot. Amigo would openly buy stock and hold in treasury. The judge approves the case, the stock value increases and therefore the value of the redress pot increases as a result of the treasury stock.
No idea if that could work or even be legal but there needs to be an acceptable method to increase the size of the pot to again FCA support.

I think the FCA are talking about Amigo BoD share ownership. On one side the new BoD came into a car crash and needed to be offer a carrot if they were able to turn things around. It's only to be expect that people at this level are rewarded with share options but I guess the FCA are concerned about the story of fat cats getting rich within the company and customers would truly deserve redress are only getting pence in the pound. Not sure what legally the court could ask for and if Gary and co would accept this. If Hamish was still running the show I would have sold out...

Buy complete.. 1Million buy at 09:05

Remember what JB wanted to do.. he wanted to take "Amigo in a box" around the world and spin off a new company to do that.

The technology and IP that Amigo owns and developed is valuable.

Why do you think that JB just didn't start a similar company.

So this is why JPM are interested in AmigoLoans, they either want to work with Gary on credit builder accounts or takeover our loanbook/customer base #amgo

https://t.co/0u13Fru4yN

https://twitter.com/WiredEvents_Ltd/status/1392801567515029506?s=19

To ensure its fair works for all parties.

Amigo isn't an unlimited pot of cash for fraud customers but there is a percentage of customer who didn't have their finances checked in detail and that isn't right.
We also have shareholders, we must also be treated fairly, we should have to finance fraud customers and the FCA will know their grey guidelines have failed and change based upon how the FOS feels.
The FCA have failed sub prime lending and they have to take some responsibility for the mess.

FCA clearly said they will leave it up to the customers to vote. Amigo's campaign was very open and fair, never did they say through this campaign that if you vote NO then you get nothing.

Sara the camel has been on to the FCA to say that her attempt to influence voters has failed so you are the governing body must take action to ensure its fair. The judge will be solely independent based upon facts relating to this matter only...Amigo and FCA have been talking about scheme for months, Amigo would have never gone to court if they felt the FCA would outright block it and Amigo are using Fresh fields , they have a great reputation, they will not want to be associated with an administration when the path was totally clear.

...

Still can't believe Hamish

https://www.thisismoney.co.uk/money/markets/article-7302185/Amigos-new-CEO-lands-largest-relocation-allowance-boss.html

Even found JB comments on Twitter..

https://twitter.com/JamesBenamor/status/1278242625481555971?s=19