Member Info for Spadger42

After 2 years in this share, a temporary shortfall in Funds forced me to sell at quite a loss, I was lucky enough to get my sale in before this mornings drop but still lost a considerable amount. I’ve not given up on this though, my SIPP is now on drawdown and I fully intent utilising my ISA as soon as my little blip is over. Gutted tbh but I hope to be back in asap and wish you all good luck with AMGO. Hoping to get back in January. Just bad timing of funds. Good luck all and have a great Xmas.

Did likewise,

I wonder why the FCA aren’t looking at other lenders ?

Feels like it !

My initial
Investment was £12000, it’s now worth little over £2000. I know there’s many in here with seriously more than that. This to me is a little pot to pay my mortgage off. Dilution ? Most of the shareholders have already lost out on there investment.

Sorry may have come across as believing it will take 5 years, that wasn’t my view, it’s what I’ve allocated to this pot and ideally 5 years would be nice to pay it off. If it comes sooner brilliant. Other pots for other dreams etc. I think we’ll see a big change when the lending is back then in a few years with changes in business model we can hope to get the highs of a few years back. Didn’t mean to suggest it will take 5 years that’s just my time frame.

Yeh I’ve been in for 2 years, I plan holding for 5 years and hope there’s enough in my pot by then to pay the mortgage off so no immediate rush, which is a good job. It’d be nice for it to take us all into profit which I’m sure most of us are not in yet.
The big news will come when it’s ready, back to lending.

I’m curious to why speculation of what will be announced on Monday is not giving this a little lift in price. Surely if there’s a last chance to get in low it’s now ? I’m not expecting this to fly until re lending but previously when news was due to come in you got a little run. Does that suggest people have got bored with the share letting them down. I’m not going to speculate on a price others with much more knowledge can do that. Valuation of the company would be interesting when we are back lending.

Btw the average interest rate on a personal loan is 11.72%, up from 11.44%; but the average rate on a 5-year-fixed rate personal loan is 16.51%, so if you take into account the risk factor Amigo would take 50% is much better than 99% and I’ve just typed into google loan companies that charge 99% and hit the return button and got 100s of companies ! Come on FCA play fair.

Frankly there are many adverts on tv as I speak for loans just the same as Amigo, with much bigger interest rates. I agree JB has took the money and run which I think should be where the payback comes from in the main. I do know the difference between an overdraft and a loan I was just making a point. Many loan companies are still operating and ripping off the public. It seems to me Amigo are being made to pay for the idea JB made, I think the company offers a product that’s needed, especially under these hard times we’re a lot of people have hit hard times, I’m not saying 50% is good but somewhere in between would be a decent starting point and the ability to move forward with mortgages etc.

Expensive credit.
Overdrafts are 40%, a quick search on google will find many loan sharks offering 99%. Amigo charged 50% and for that it was the Company you could go to if you had no credit facility because banks wouldn’t touch you. Better 50% than 99%. It was a balanced view as it’s come back and bit them. I have no idea why anyone would have a legit claim, seeing as they lied to get the loan. I think Amigo have been over generous with the offer, oi think they should have added a codicil in, if fraud was committed by the borrower no claim is accepted. The FCA should be held responsible for how they handled the case, people have lost serious money in this and not all our rich, some of us are just trying to get a better pension in our old age. They misled a lot of investors including myself.

Ok it’s blindingly obvious to me that the FCA are looking at some payback but at no point have looked at where the actual money went ! Why do shareholders need to pay the piper when the money made on these loans created a billionaire ? I’m not slating JB here but the reality is he made the money that is now being sought in compensation. A company shouldn’t take responsibility for a prior owner. I’ve been in for 2 years and am already 75% down on my initial input. Let’s hope it turns round for all.

If you mean the company that the complaint against them gives them a back gander ! That’s exactly what happens. £500 for every complaint. It should be independently run, instead they are bias towards the companies they investigate and clearly are just a tick box exercise. I’ve had three run ins with them, all 3 clear cut and got nowhere. Waste of air space.

Morning all, not posted for a long time, just read what’s going on. I’m still in after almost 2 years now and still hoping it comes good. It is disappointing how the fca destroyed a profitable company. My overdraft is 40% so normal people need things like this. I’d be interested to see how the complaint pans out about misleading investors as I believe they most definitely did. Some ploughed millions in because of what they said. GLA hold tight, I’m sure it’s close.

Cheers Mark I’ll take a look, it’s a long term project : )

All’s gone a bit dead on here because of the deramping. I certainly turn off as soon as I see posts.
I’m currently looking at FTSE 100 stocks, looking for cheap dividend stocks. Missed out on Royal Mail last year, any of you guys recommend or have some. ? Just a different view instead of all the prolee posts.

So why are they advertising loans on tv tonight at 99.99% ? How’s that right ?

It’s like a recoiled spring waiting for news.

No share movement all morning ?

If it’s allowed that scenario is by far the best, I foresee the judge saying yes to it but the original pot being ring fenced and new monies would fund the share buy. In a year or so we’d be free of claims and own a substantial share pot valued at £1 plus. Win win scenario