Member Info for Mousekewitz

Provi Mail Part 2:

"Once all claims have been agreed, we will calculate the compensation due to each Borrower or Guarantor with a valid claim. We would expect to start making payments in the first half of 2022.

How much compensation will I receive?

Until we know how many valid claims have been made it is not possible to say how much Consumers will receive. We will also need to check if you have any loan outstanding to any Lender because that loan (regardless of whether it was made by Provident, Glo, Satsuma or Greenwood), will be reduced by the amount of any compensation claim you are owed. Borrowers should note, however, that in some cases their loan may have been sold by the Lender to a third party. In this case, the benefit of such debt-reduction may not be available.

It is expected that Consumers will receive significantly less than the full amount of compensation agreed or otherwise determined to be owed to them in the Scheme. However, in the absence of a Scheme, the Lenders are likely to enter into insolvency proceedings. Based on a reasonable range of estimated outcomes, no return is expected for Consumers in an insolvency process. An illustrative example of how compensation will be calculated is available in paragraph 7 of the Practice Statement Letter.

What will happen if the Scheme is not approved?

If the Scheme is not approved by Consumers and the Court it will not go ahead. As stated above, in the absence of a Scheme, the Lenders will likely enter into insolvency proceedings. Based on a reasonable range of estimated outcomes, no return is expected for Consumers in an insolvency proceeding.

We believe that Consumers will be better off if they vote to approve the Scheme because they will receive some compensation if they have valid claims.

What should you do now?

Please:

(1) read the Practice Statement Letter provided on the website. This letter provides some further detail about the Scheme and what you should do if you have any questions, comments or concerns; and

(2) if you are able to, go to https://scheme.providentpersonalcredit.com to provide the Company with your contact details. ..."

Maverick, I have received an email from Provi today. Had a small bridge loan with them around 2009. Here is the email (Part 1) :

"THIS EMAIL IS IMPORTANT. Please read this carefully if you have ever received a loan from PROVIDENT, GLO, SATSUMA OR GREENWOOD.

PLEASE NOTE: Although this email address and website state Provident Personal Credit, this email should be read by customers who have received loans from PROVIDENT, GLO, SATSUMA OR GREENWOOD or guaranteed a loan from GLO.

This email relates to matters which affect your legal rights. The information below does not affect your responsibility to carry on making your normal payments in respect of outstanding loans.

Our records show that you may have had a loan from Provident, Glo, Satsuma or Greenwood, or that you may have guaranteed a loan from Glo between 6 April 2007 and 17 December 2020. If you received a loan from Provident, Glo or Satsuma, the loan came from a company called Provident Personal Credit Limited ("PPC"). If you received a loan from Greenwood, the loan came from a company called Greenwood Personal Credit Limited ("Greenwood"). PPC and Greenwood are together the "Lenders".

The loan or guarantee may have been unaffordable to you because the Lenders may not have carried out the right checks when they made the relevant loans or took the relevant guarantee.

We are writing to all borrowers who received loans from the Lenders ("Borrowers") and to all persons that guaranteed a loan from Glo (the "Guarantors") to see if the Lenders may owe you compensation. If you are a Borrower with a valid claim, your compensation claim will be calculated based on the interest paid on the loan. If you are a Guarantor with a valid claim, your compensation claim will be calculated based on the amount actually paid by you. If you have a claim as both a Borrower and a Guarantor, you will need to submit each such claim separately.

We are using a plan called a "Scheme of Arrangement" (the "Scheme") to deal with all Borrowers and Guarantors (together "Consumers"). Please visit https://scheme.providentpersonalcredit.com which includes a letter called a "Practice Statement Letter" which sets out more detail about the Scheme.

If the Scheme is approved, Provident Financial plc will make £50 million available to pay to Consumers for their valid compensation claims. In addition, some Borrowers with outstanding loans will have those loans reduced against successful claims.

Consumers will be able to vote on the Scheme in July 2021. The Court will then consider whether to approve the Scheme.

If the Scheme is approved, you will then have 6 months to make a claim. If you don't make a claim within 6 months, you will lose any right to compensation and you will not receive any money. Also if you are a Borrower, you will lose the right to reduce any amount you owe on your loan and, if you are a Guarantor, you may have to make payments under your guarantee. ...."

hedged, your theory has a little flaw. The situation has been the same for a long time and IBs and IIs did not invest into Amigo, but suddenly they did and in my experience, they don't deliberately invest into a company when they know it will fail. Their decisions has little to do with chancing if they're right or wrong, let alone any time span. They decide due to analysis of facts and they avoid losing like the Devil avoids holy water. Imagine the press they'd get if this goes belly up ;-)

Daave, I have said often, that I have sold so much, to get out what I invested initially plus a profit. The remainder of my holding would therefore not be a loss, no matter what happens. So I'm happy to hold that. Perhaps all the press exposure is a good thing.
Sorry, I can't PM you.

Lines, the thing is, that I have already taken out the money I had initially invested plus a profit, when it was around the 16-17p. So my remaining hold will be a win, with the only question remaining as to how big the win will be.

I was thinking for ages, why, if such trades are happening, does this not reflect on the share price? Then I remember having read somewhere, that John Pierpont Morgan managed to do large trades without rocking the market either way. If the SP would go back up to 15 - 17p tomorrow, we'd all be back in our comfort zone :-) At least I know I would ;-)

Nebnalon, the sell-offs are probably due to something having been added and to checking the credit-worthiness, the FCA has added to check if the way Amigo dealt correctly with claims after 20th May 2020 and if sufficient resources have been deployed to address complaints.
If I understood GJ correctly, he did explain both of that with positive in his recent video. For me nothing has changed, only that I am surprised the FCA hasn't thought of wanting to check how complaints have been dealt with, so late. By on the bright side, it says to me, that they deem it worth while looking at, which they wouldn't, if they would suspect Amigo is financial no longer viable, anyway.

And I do believe that Provident have their own board, or not? ;-)

I'm still here and invested and Maverick is correct! You can't compare Provi to Amigo. That wouldn't even have come up in compare dot com.

Germany has stopped Astrazeneca's vaccine a couple of hours, due to it may be the cause of blood clotting in the brain. All people who have been administered this vaccine and suffer or have suffered from headaches for up to four days after the injection should seek medicinal attention as soon as possible.
Source: Jens Spahn (Minister of Health, Germany) during a press conference about 2 hours ago

Franky, I don't need affirming remarks of anyone. You must never draw conclusions from yourself to others and btw... success has very little to do with luck alone ;-)

I still read in here every now and then. Not sure about the rest. I could imagine that Vinson stopped posting, because of all the aggro he got in here from some fun-brakes, who kept having a go at him whether his list was correct and/or depicting reality. No idea where he went and I wouldn't blame him if he was to never return, after he added a little positivity and fun to the stock and was treated in that way. Some folks don't get the fun-side if it slaps them in the face.
I stopped posting because I felt that it was too hard to explain my strategy to make the most out of this stock, without selling out and when I dared pointing out that the fact is that we are all stabbing in the dark as to the future, I was accused of having switched from ramping to de-ramping and that jimmy was brought into the game. As I said then and I say it again: Bye.

to deal with mouse infestations in restaurants :-)
https://www.msn.com/en-gb/news/world/just-eat-delivery-driver-steals-cat-from-customer-s-building-to-deal-with-mouse-infestation-at-restaurant/ar-BB1et8nt?ocid=msedgntp

informer, I believe in this company. Especially because of Brexit. Where we used to find decent wines on supermarket shelves, that will soon change once they are sold off and we'll import over-priced plonk diluted with acids and made tasty by adding sugars. At least Virgin Wines has provided a standard of high quality for 20 years and I look forward to VINO expanding into new beers and spirits.

informer365 this is what I could find on their website. The share holder infos are still a bit hidden on there and you have to scroll down quite a lot to get to any numbers. Hope this helps for now: https://wp-virginwines-2021.s3.eu-west-2.amazonaws.com/media/2021/01/25122243/Virgin-Wines-UK-plc-Admission-Document.pdf

Yes, warning others about him. Secondly, I'm not all in either. I was over 70% in, however, and have decided it was too much. So I don't understand your sudden problem. The reality is that we are all stabbing in the dark where decisions and future are concerned until then this stock is highly speculative. We can guess as much as we want as to the sudden appearance of IIs, we don't know. I don't think they have bought in because they just felt like losing lots of money, but until I know for sure where the journey goes, I have reduced my holding, that's all. If I'm not allowed to say that her, then fine.
Bye

Wise decision, vagabond. Once a court decision has been made and it turns out in our favour, then there'll be lots of time to assess the situation again and top up.
LTH, if you think this is subtle de-ramping and keep our ideas of de-risking to ourselves and just quietly do it, then I suggest you keep your all-in strategy to yourself and just get on and do it, because for me this is leading people your way. If you want to walk anywhere completely blind-folded, which we all right now are where Amigo is concerned, then just walk it and don't talk about it ;-)

Franky, whatever happen will happen. No matter how much money is being invested.

Franky, whatever anyone in here wishes for, I hope it happens for them. I know this could be a live changing stock, but I'd be happy with my £100 000 if it reaches £ 3 or 4 than to stress over hoping it goes to over one million or more :-)

I had one really great day with a stock. I invested £700 on a Monday and the following Friday after lunch it showed £1890 and I sold out completely. I won't tell which one this was, because it at the time I didn't know it was a SPAC and because the price was low on that day I popped £1000 into Amigo, which gave me a nice return the other day, when I sold some. My seed money of £1200 is now a solid £1000 (cash waiting to get invested) and I am currently invested with £2500, the 2500 are not in Amigo, in them I now have no 'investment' as such, just the profit I didn't take out.