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

Read in full and learn about Amigo

Irresponsible Lending:-

If you were struggling, Amigo should have suggested that you could repay the current loan a lot more slowly with no extra interest being added. But too often people were just offered another larger loan.

One Guarantor's Question:-

I agreed to be the guarantor for a loan for a friend, but he lied to me and couldn’t pay it. Amigo were very difficult, wanting me to stop paying other debts so I could pay them, and got a CCJ. Is it too late for me to complain and ask to be removed as the guarantor?

The sub-prime lending sector as a whole has faced a blizzard of complaints from customers who believe they were approved for loans which they could never afford to repay. This has led to the demise of some of the biggest names in the sector, such as Wonga.

Guarantor lender Amigo has been swamped by thousands of complaints from customers who say they should never have been granted a loan.

Reports are proliferating of consumers taking out Amigo loans that they could not afford, leading to greater scrutiny from regulators and a rising bill for compensation.

A surge in compensation payments was the key factor leading to the demise of Wonga and – in October last year – the fellow payday lender QuickQuid.

A spokesperson for the FOS said: “We were established by parliament to help people when they have problems with financial businesses. We make decisions based on what is fair and reasonable for each individual complaint we see.

“Before we reach a decision, both parties have every opportunity to provide information or make arguments which they would like us to consider.”

Under its new approach, the FOS upheld 90 per cent of complaints about guarantor loans last year. Amigo has 85 per cent of the guarantor loans market.

Regulators at the Financial Conduct Authority have taken a keen interest in the sector, which Amigo dominates, amid fears guarantors are not given enough information.

From The Armchair Trader

Amigo Holdings

There’s an interesting note out from Amigo Holdings [LON:AMGO] this morning, playing down social media speculation that the company’s original founder – who quit the board in March 2020 – is plotting a return to the company. Apparently the plan is to buy up 29% of the business and reappoint himself as CEO. The regulatory filing points out the flaws in this plan, but this is a battle that could run for some time.

https://www.pacermonitor.com/case/30067087/CAPXX,_Ltd_v_Maxwell_Technologies,_Inc

Tysonfury123 - Ioxus took about 2 years from beginning to end. If Maxwell run this to the end, then it would be probably be about November 2021 for it to conclude. Personally, I think it's more likely that Maxwell will settle and negotiations will be ongoing.

It's worth clicking on each of the links to read through what happens for a patent court case. Time and patience are needed for shares.

https://www.pacermonitor.com/case/24723590/CAPXX,_Ltd_v_Ioxus,_Inc

Tysonfury123 - please click on the link above for how long it took the Ioxus court case and this will give you an idea of how long it all takes.

Today is the kind of day I like for the Boohoo share price. When share prices go up too much, then they usually come down too quickly. Small consolidations have always worked best for the Boohoo share price. I've held my Boohoo shares since 2015 and I love small consolidations.

Time and patience are needed to make loads of money on your Boohoo shares. If you're looking for excitement from shares, then you'll lose money.

Read and learn from the RNS today:-

Amigo cautions its shareholders to be aware of the following aspects of James Benamor/Richmond Group's irrevocable instruction:

· RGL, Richmond Group's offer to start acquiring shares is conditional on Mr Benamor being appointed CEO of Amigo and not upon him being elected to be a director of Amigo.

· Even if the resolution to elect Mr. Benamor to the Board is passed at the forthcoming General Meeting, Mr. Benamor will not automatically become CEO. His appointment to the position of CEO requires the approval of the Board of Amigo and the subsequent approval of the FCA. There is no guarantee approval will be granted.

· Further, RGL will in any event require the prior approval of the FCA to acquire 20% or more of Amigo shares and thereby become a "controller" of a regulated entity. There is no guarantee either that this further approval will be granted. This will limit any share purchase by RGL up to 20%. In the absence of the required prior approval from the FCA, execution of the irrevocable instruction would result in RGL committing a criminal offence when its shareholding exceeds 20%.

· Amigo notes the speculation by Mr. Benamor that the Board may be considering a share buyback. This is not the case. There are no current plans to buyback any shares of Amigo. The resolution proposed at the forthcoming Annual General Meeting is a standard authorisation resolution which is sought on a recurring basis by most listed public companies at their Annual General Meetings and is in line with The Investment Association's Share Capital Management Guidelines.

I wouldn't trust James Benamor. Like Tom Winnifrith I think he's a 100% bullshi**er. He's using you to get what he wants. He's a great manipulater.

In case you don't know already, Boohoo's warehouses are now able to support a business of up to £3bn revenue. So Boohoo are obviously expecting to get to £3bn revenue in the next couple of years.

Classhero - I'm with you. I think that Boohoo's yearly revenue will be £1.8bn to 28 February 2021. It was £1.2bn for year ending 29 February 2020 so a 50% uplift. This will be excellent for the share price. Time and patience are the keys to making loads of money on your Boohoo shares.

That's brilliant DavidLaw and thank you. Boohoo's quarterly update is expected to show increased sales of 40% which ties in with your traffic research and by the looks of it could be up as high as 80% if the traffic research proves accurate. Please do review Boohoo sites SEO wise. I'd love to read it.

I noticed you mentioned in an earlier post about ESG Funds. ESG funds are supposed to work with companies they hold when problems present and not offload them. To offload them is seen as unethical.

Be patient by holding your Boohoo shares for years, not weeks, and you'll make money. Impatience or needing a buzz will only serve to lose you money.

Boohoo is a great growth share and it's one to tuck away for years and years.

Here is a prime example to show how patience can work wonders for your investments:-

In 1973, Warren Buffet purchased shares of The Washington Post Company for US $10.6 million. A year later, the stock prices plunged nearly 20% and it took three years for the stock to grow past Buffet's initial purchase price. However, post that, Washington Post's prices kept increasing as the business managed to grow considerably and so did the value of Buffet's holdings in the company. Buffet's investment in the company is considered one of his most profitable ones.

Had Buffet redeemed his investment when the stock prices started falling, he would have not only suffered losses on the purchase price, but also lost out on the future growth of the stocks. This successful investment can be attributed to his belief that the stock market is a device for transferring the money from the impatient to the patient.

Not everyone can master the virtue of patience. But it is an important one for successful investors to inculcate because focusing too much on short-term gains can hinder your progress towards winning long-term goals.

Patience does pay. Like in other walks of life, patience is one of the most crucial factors for success in investing. In the words of the Oracle of Omaha, Warren Buffett: “The stock market is designed to transfer money from the active to the patient.” You are always most likely to get rewarded because of your patience. People who believe in always chasing the buzz are at risk of losing more than what they gain.