Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
As I promised...... update on my complaint. Amigo agreed they have lent irresponsibility and agreed to refund all interest charges plus 8% standard interest, there was no back and forward and no further conversation just an acceptance they did not do proper checks. The email also notes that any and all negative marks on credit file would be removed if there were any. All I had to do beyond the original complaint was log on to an Amigo website, click accept and submit my bank details.
How can you make a call on affordability without checking someones income do you think? No need to provide payslips or bank statements. ?
Also, I wasn't looking for counselling, not sure I would look here for that, I was trying to give an example of what might be going on which might help people? If not, ignore it. Quite easy really.
@istock Of course i didnt, however i applied with other companies at the time who declined my application based on my bank statements and seeing the issue.
@kpet123 I would say it took me a week to put it together, though thats because i wanted to look at everything, you could do it fairly easily in a few hours I would suggest. Ive got no idea if I will get a refund, or how much, i just presented the amounts that i repaid in interest.
I'm not invested in this, but have been watching with a keen interest given the volatility and was just suggesting that in my opinion is there is a viable business here.
Will try and respond in order.....
@istock at the time i was glad they gave it to me, however in the middle of a pretty serious addiction, you take what you can get. If i had used this for a car/home improvements/holiday etc I have absolutely no ground for complaint, the fact that 85% of my income was going to gambling sites, they should have looked at this more and seen that.
@kpet123 The claims process is pretty clearly advertised on their website, i haven't used a third party company as they too take a fairly large percentage of any award, I asked amigo for a borrowing summary which they have to provide and spent quite some time going through old bank statements and credit reports to substantiate my claim. There is no cost to me to make a claim. Some third parties charge 30% i believe?
@greatcrestednewt Yes, I'm positive, the loans were all paid off on time each month. Amigo cannot go back and alter my payment history to show otherwise. I completely agree if you have an open loan and you stop payments this will obviously effect your credit rating.
@istock Yes, payment holiday on a mortgage, you stop paying so may effect your credit rating. If I never missed a payment, they cant report otherwise?
I was only trying to provide some insight into the fact I think Amigo has a decent future with some fairly small tweaks to the operating model. Would like to see the share go back up.
I have been thinking about posting for a few weeks and have been watching these boards with interest.
I had five amigo loans from 2017 through 2019, totaling £42,500 and I have to say they were first class, the service and idea behind the product was fantastic, at the time I had very little option in terms of lenders as I had destroyed my credit rating through years of misuse and abuse, although did have a very good income to repay a loan. This is where the problem with Amigo lay. I had an unbelievable gambling issue for years and this was clear and obvious if they had reviewed my bank accounts., they did review my credit file and allocated portions of my income to each outstanding debtor which on the face of it showed that I could afford the loan. The loans are now paid off including interest and the gambling stopped 18 months ago. That being said, given the press noise around this, I have made a complaint against Amigo as there is no way that they should have lent me money and it exasperated a gambling issue that I had at the time that should have been quite obvious. The interest that I paid totaled £6.5k. As has been mentioned, why would I not try a claim, there is no downside, no effect on my credit rating and they made an issue worse and prevented me from fronting up to the issue. Yep, my fault but Amigo did not help the situation.
That being said, I think that Amigo has a great business, perhaps the claims will wipe out their cash balance entirely but I'm not sure how much more than that it could be? If they almost start again, tighten up their due diligence, surely there is a need for this type of product? Perhaps its at a smaller APR, but it should be a low default number based on guarantor back up so it might work, would imagine the New CEO can work this out pretty quickly and satisfy the FCA. I would think that there is going to be plenty of people that might need cash in the coming months, so the sooner the better.
Not really sure the point of this post, just thought I would maybe add some insight and personal experience. Try and keep the abuse to a minimum please....