Member Info for Peoplepower1

Because we can see through JB and you won't.

Mark@1973 - Boohoo's revenue for year ending 29 February 2020 was £1.2bn. The expectations for revenue for year ending 28 February 2021 is £1.8bn. 50% uplift. Boohoo's warehouses have a capacity for revenue of £3bn. Watch for £3bn revenue by year ending 28 February 2023 and possibly before then. High P/E reflects future high earnings potential, future high growth. Low P/E reflects poor future outlook.

£116.4m won't touch it. Read the links I've posted and learn.

Research, research, research, it's all out there for you to read. Stop believing the hype.

https://www.financial-ombudsman.org.uk/files/238841/DRN2108651.pdf

Read in full and learn how Amigo fail borrowers.

https://www.financial-ombudsman.org.uk/files/239434/DRN3847539.pdf

Read in full and learn how Amigo fail guarantors.

Cavendish3 - Read in full and learn.

The FCA’s Executive Director of Supervision gave a speech at the Credit Summit, which took place on 21 March 2019, entitled “What can the consumer credit sector expect from the FCA?” .

The speech reiterated much of what was said in the High Cost Credit portfolio strategy letter issued on 6 March 2019. And in his speech the Executive Director of Supervision said:

“Over the last few years we have seen a dramatic increase in the use of guarantor loans by consumers. Balances on guarantor loans are fast approaching £1 billion and these have more than doubled since 2016.

While these products provide an opportunity for those with thin credit files - poor or limited credit history - we do have concerns. Concerns about affordability. Recent work we have done in this area showed that many guarantors are making at least 1 payment and the proportion of guarantors making these payments is growing.

There is also growing anecdotal evidence that guarantors may not understand how likely it is that they will be called upon to make a payment. Our work will therefore focus on affordability and on understanding whether potential guarantors have enough information to understand the likelihood and implications of the guarantee being enforced.

We have already amended certain rules to ensure that the protections they provide to borrowers also extend to guarantors, for example rules requiring forbearance, pre-contractual explanations and fair treatment. In assessing creditworthiness, we have clarified that firms must undertake a reasonable assessment of the potential for the guarantor’s commitment to have a significant adverse impact on their financial situation.

And if the guarantor is called upon, we have published guidance on our view of what constitutes ‘enforcement’ of the guarantee under the CCA – in practice this means we expect firms to provide guarantors with adequate notice before exercising a Continuous Payment Authority (CPA).

There are also questions over the level of interest rates charged on these products considering that these guarantors are deemed to be credit worthy, we will therefore be considering this and the business models of these firms”.

I've tried my best to get you to see the truth but alas you're all infatuated with JB.

When the 3.66% is gone, all the eejits will have gone too, as they realise 20p is never forthcoming and they've been used. Then JB can buy Amigo on the cheap after it's gone into administration.

Boohoo's revenue for year ending 29 February 2020 was £1.2bn. The expectations for revenue for year ending 28 February 2021 is £1.8bn. 50% uplift. Boohoo's warehouses have a capacity for revenue of £3bn. Watch for £3bn revenue by year ending 28 February 2023 and possibly before then. High P/E reflects future high earnings potential, future high growth. Low P/E reflects poor future outlook.

You're welcome. James Benamor will tell you anything and you all fall for it. This is someone who resigned being a Director from Amigo in September 2018, a few months after the IPO. Then came back in again as a Director in December 2019 and resigned again in March 2020. Does that sound like someone stable to you?

That's your problem there, you won't look at what could go wrong. You've got so caught up in the hype that you can't see the wood for the trees.

If you'd any sense you'd sell Amigo and buy Boohoo. Boohoo is a growing international business. Amigo is a failing loans business. There's no comparison.

I hope I'm wrong for all your sakes. When something sounds too good to be true, then it probably is.

I wish you all the luck in the world with Amigo because I think you'll need it.

Don't come crying when you've had your fingers badly burnt.

And by the way I suggest you click on RNS above and look at pages 3, 4 and 5 where you'll see for yourself that Vanguard have been selling their Amigo shares in March, April ,May and June.

For me, I wouldn't touch Amigo shares with a bargepole.

Stop putting your head in the sand and do some real research into Amigo's loans.

The FCA’s Executive Director of Supervision gave a speech at the Credit Summit, which took place on 21 March 2019, entitled “What can the consumer credit sector expect from the FCA?” .

The speech reiterated much of what was said in the High Cost Credit portfolio strategy letter issued on 6 March 2019. And in his speech the Executive Director of Supervision said:

“Over the last few years we have seen a dramatic increase in the use of guarantor loans by consumers. Balances on guarantor loans are fast approaching £1 billion and these have more than doubled since 2016.

While these products provide an opportunity for those with thin credit files - poor or limited credit history - we do have concerns. Concerns about affordability. Recent work we have done in this area showed that many guarantors are making at least 1 payment and the proportion of guarantors making these payments is growing.

There is also growing anecdotal evidence that guarantors may not understand how likely it is that they will be called upon to make a payment. Our work will therefore focus on affordability and on understanding whether potential guarantors have enough information to understand the likelihood and implications of the guarantee being enforced.

We have already amended certain rules to ensure that the protections they provide to borrowers also extend to guarantors, for example rules requiring forbearance, pre-contractual explanations and fair treatment. In assessing creditworthiness, we have clarified that firms must undertake a reasonable assessment of the potential for the guarantor’s commitment to have a significant adverse impact on their financial situation.

And if the guarantor is called upon, we have published guidance on our view of what constitutes ‘enforcement’ of the guarantee under the CCA – in practice this means we expect firms to provide guarantors with adequate notice before exercising a Continuous Payment Authority (CPA).

There are also questions over the level of interest rates charged on these products considering that these guarantors are deemed to be credit worthy, we will therefore be considering this and the business models of these firms”.

Sadly Amigo aren't doing proper assessments on affordability for borrowers and are encouraging them to take out further loans when they can't pay off the first loan. Amigo are also not doing proper assessments on affordability for guarantors. I would recommend you read the links I posted below of the Financial Ombudsman (FOS) decisions against Amigo.

positiveenergy - I hope so for your sake. I recommend you read the two links from the Financial Ombudsman (FOS) on a complaint by a guarantor and a complaint by a borrower which were both upheld by the FOS.

https://www.financial-ombudsman.org.uk/files/239434/DRN3847539.pdf

Another one to read in full and learn about Amigo