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The FOS haven't always upheld these affordability complaints though. Look at the ombudsman's uphold rates for Amigo going back further than this last year - 18months.
They weren't losing these claims. It would appear the rules were changed retrospectively, as now complaints from years ago seem to be being upheld at seriously high rates.
I looked into it deeply when JB was first shouting about it all. He had a point. The FCA and FOS changed the way they assessed these complaints, but only after £1bn worth of investor £ was put in.
Scandalous really. Amigo had not long been through their FCA application, had close FCA supervision and then all of a sudden, bang - 80% uphold rates. Almost as if their massively increasing complaint back log led to some very strange choices.
Nobody will buy it for the price without the SOA approved though. The whole book looks worthless until there's an end to this claim nonsense. Nobody can know how many claims would be upheld, surely that devalues it massively?
https://polaris.brighterir.com/public/amigo_loans/news/rns/story/x2gdllw
I wasn't talking about the company he owns. (I understand you may not be either).
Maybe you have also seen what I did. My post wasn't supposed to be insulting to you. It was aimed more generally at everyone asking Vinson to help them make investment decisions and the things I have seen make me think that's a very dangerous idea.
Thank you for today ISA.
If some of the investors at the end are posters on this board then they should be ashamed of themselves. Your transcript of them speaking was more painful than the FCA lawyer at times! Pathetic and naïve in equal measures.
I wasn't able to join the meeting, but would have tried to do what I could (which wouldn't have been as competent as your performance) had I been able to.
I really hope they weren't posters on this board, but can't help but assume some of them were!
ISA has already said he can’t be listening and commentating all afternoon due to work commitments and booked meetings.
If others are watching live, it would be great if they could be ISA this afternoon and keep us updated.
I couldn’t get in so can’t, otherwise would have happily provided updates.
JWD - won’t their creditors immediately call in their debts if they don’t get the scheme approved?
They’d have breached all the covenants they could have possibly breached over the last year, surely?
The minute it looks like customers are going to walk off with the £100m+ they have in the bank is the minute that £100m+ gets taken by their secured creditors.
If they lose the vote, they’ll be in administration within a week imo.
Here’s hoping that doesn’t happen!
What I don't understand, is how Amigo have been deemed to have leant to an unaffordable customer, but they have since taken a loan from a new creditor to repay their debt to amigo and that is apparently not an unaffordable loan.
Surely that creditor has also leant to an unaffordable customer? Or are we to assume that the new loan was at a lower interest rate, and therefore affordability matters less (which makes little sense)?
Either way, if they managed to get a loan from another creditor to pay off their amigo loan (assuming at a better rate) then amigo taking the chance on them, and reporting their 'on-time' payments is part of the reason their credit repaired enough to get the better loan!
It all seems fairly backwards to me!!!