Member Info for robizm1001

You have posted 460 times over last 30 days

Some people want out at any price. Very volatile at the moment

I tend to find doing the opposite of what you say is more profitable

It is not the same thing some of these people literally have to borrow every month so never get out of debt. If you earn £3k and have a £5k overdraft and your bank let you carry on with that for a long period then they would be guilty of unaffordable lending.

The affordability rule did not change in 2018 the fca just started enforcing them. Otherwise Amigo would only have recent loans to look at and I would dive in myself. They are paying compensation on old loans (have a look at debt camel ) a lot of the loans have been paid of years ago.

Mark@1973 you still don’t understand it. If you earn £1000 a month net and your rent and essentials come to £1100 a month then no company should lend you money as you have no disposable income. They should check this before they give you a loan and that it the definition of an unaffordable loan. Amigo didn’t carry out enough checks so under the rules that have been around for years Amigo broke the rules. The repeat lending by Amigo is another example. If someone is borrowing off you for 10 years you need to ensure that they are not caught in a debt cycle. Amigo did nothing and actually these were their best captive customers. All the payday loan companies have all gone bankrupt due to the same unaffordable loan rules. A lot of Amigo loans are repeat business and those complaints the company has quoted so far are the tip of the iceberg

I looked at a load of complaints and if they were historic I would agree but they include complaints going back 15 yrs and include loads of current loans. This is only my opinion based on knowing someone who works for a debt advice charity

The complaints are sadly going to kill this company. People who have paid their loans off years ago are now complaining and winning. I read one where the loan was paid back in 2009 and the lady won with 8% per annum interest. The £35 million put aside so far won’t make a dent in the complaints. A rough guess is they will need to set aside £200 million.

The main problem was the company lent people money who were already drowning in debt. All the borrower has to do is prove their outgoings exceeded there income (Amigo only really cared about the guarantor not the borrower) and that makes the loan unaffordable. Amigo should have been checking the loans were affordable. So loans from years ago that were paid back are now flagging up as unaffordable and Amigo don’t even bother sending them to FCA as they can look at the borrowers bank statements. There must be hundreds of thousands of potential complaints and the more Amigo pay out the more news will spread. The borrower has nothing to loose and potential of getting back thousands. It is Amigo to Amigo

Could you survive working a 40 hour week at £3.50. These jobs are subsidised by tax payers as will be claiming housing and other benefits. But even a subsidy is better than the jobs going overseas as then they are unskilled and unemployed.

Cannot believe we are worth less than EUA

Could it be covid 19 is ripping through South Africa.

Amigo complaints are going to be huge. A friend of mine complained about a loan paid off in 2008 and had £5000 back. They put aside £35 million and since then have had a substantial increase in complaints. Covid has caused reduced lending so profits will be down and once the estimate for complaints go up over a certain amount you get going concern worried. I have no idea what the final bill will be but reckon way over £150 million with complaints going back 12 years.

Peter brown you have my sympathy but you never put your life savings in one stock. Massive gamble if it comes off but devastating if it don’t. This company now is in my opinion dirt cheap and I think the price of oil will recover quickly if covid is gone. If I was you I would spend time researching shares you invest in rather than focusing on your losers.

The most uninformed and consistently wrong poster on LSE and adv— . If he says buy then sell and vice versus.

Wouldn’t buy on a 12p spread

They have increased the adr in the last 5 trading days and it has no effects on the uk price .

Does anyone know why there is such a difference in the price in uk to ADR as they are $7 which equals 5 shares as to my understanding which implies a share price of a £1

Imagine it does not and this is the start of a really bad recession with mass unemployment and loan defaults. They have a major refinance next year and will the bond markets be willing to renew their facility. I am watching with interest

Never mind a profit is a profit

It fell too low. I bought some Monday and sold today. Final results will be good but what has happened since covid is anyone’s guess. The spread is a **** take

I may buy in later but feel they will be hit hard by people unable to pay. A worthy company but alas as an investment it is a bit of a gamble as the equity will be the first to be lost and there is nothing I know of similar.