Amigo Share Discussion Threads

[finders keepers] 13/7/2020 09:14

Millions of parasites around. I agree Amigo providing a service no one would do.

The problem here, FCA has a populist agenda, to make them purer than the purest.

Amigo can't lend money now, they have not for many months. The business has to change fundamentally or criteria has be met.

Verifiable that the borrower is not lying, but this is a business, it's based on trust.


Indeed a lot of people will be looking at financial help? but who's going loan them, when in 3 months time they will claim, I can't pay back or I was mis sold.

[finders keepers] 13/7/2020 08:58

Crazy to buy when everyday it's declining. IMHO

Another 43 working days of pain.

[finders keepers] 13/7/2020 08:57

Volume is dying.

who does the seller dumped his 4.75m today? It will have to be at a big discount to the market.

Most likely the sells will be sub 9p. Only a big flush down to 5p can attract buyer. Only to offload that amount of shares in a low volume environment is depreciate the share price when buyers can 100K-200K half the price they would be buying at 10p.

I do not know why the seller has to enter such scheme to dump everyday.

[bionicblabbermouth] 12/7/2020 22:13

Gosh it's risky, but lets loan people money who has lost their jobs right?
when in good time, people are filling claim. Now give subprime borrowers who can't or lost their jobs loans.

so the govt will encourage people to take loan at 49.99%? even guarantor putting their necks on the line for guarantee further loans.




mhin212 Jul '20 - 19:45 - 2456 of 2457

Gosh this is risky....but given the impact of CV-19, state of the UK economy and demise of most lenders like Amigo, I cant help but think that the UK government and FCA will not want Amigo to fail.

[mhin2] 12/7/2020 19:45

Gosh this is risky....but given the impact of CV-19, state of the UK economy and demise of most lenders like Amigo, I cant help but think that the UK government and FCA will not want Amigo to fail.

...If this is comes to pass Amigo will be very strong, possibly a major bargain at current price/performance/profits.

Having read James Benamors analysis, and the financial ombudsman decision on Miss G ( I think I agree that the ombudsman rulings and the FCA position needs a review...I interpreted the Miss G case as fault on both sides and actually Miss G was taking the proverbial `chance', but Amigo allowed her to do it! Amigo systems and protocols failed...lets hope this was only in a manageable amount of cases. However, I also think Benamor may be right about the opportunism, self interest and competence of Hamish and his team. After all we all know how these people can behave.

[chinese investor] 12/7/2020 11:42

I wonder how many people have been sold an "unaffordable" mortgage ?

re-mortgage ?

Anyone got the number of evictions there have been recently ?

[henchard] 12/7/2020 10:11

No worries, not long before we can add the Q4 numbers.

[chinese investor] 12/7/2020 08:59

Henchard,
Guilty !

[henchard] 11/7/2020 22:51

Chinese Investor, I'm honoured you've ripped off my breakdown of Amigo's quarterly figures (post 1325), and even put them in the header of the thread ;)

[telbap] 11/7/2020 21:12

Prof x then short it. Gods luck.

[kirk 6] 11/7/2020 21:00

Agreed he's not Superman however have will certainly go along way to help the situation. If he thought this was going bust then he wouldn't of come on board would he?

[professor_x] 11/7/2020 18:44

He's not superman. The unknown liability is many times the mcap of the company. My rough estimate could be min 500m.



kirk 611 Jul '20 - 17:18 - 2446 of 2448

ar this year.

Mr Crawford said: “I am pleased to have this opportunity to step back into the driving seat at Amigo with the support of the board.”

[professor_x] 11/7/2020 18:42

They also stated their initial 35m is not going to be enough and in fact the claims numbers are going up.

Although APR is 49.99%, that will be returned. + compensation and 8% interest FOS will be whacked on the total money.

It becomes a case when the majority of claimants have won, the rest of all customers will be entitled to full refund.

Most do not know, FOS takes orders from from FCA in the background. They are puppeteers of the FCA, thru the back channels adjudication against Amigo then it becomes a class type of actions.



Chinese Investor11 Jul '20 - 12:51 - 2442 of 2447

"Amigo had a cash balance of over £136 million as at 30 June 2020."

[soup de jour] 11/7/2020 17:36

If you think the affordability issues are a problem at Amigo then look at the bigger market picture, going by the ludicrous examples that JB posted on twitter technically every single person who has claimed for loan / mortgage / car finance / overdraft relief due to covid, loss of employment, etc and anyone who put that they earn more, didnt state all their debts, have more outgoings, etc etc on the application form would fall in to one of the unaffordable boxes and be due a refund from every bank and fiance provider going.

FCA / FOS have created a real risk to the whole finance industry and as a consequence of the precedent made from their decisions here, every person should technically be able to claim back all the interest that they have paid (plus 8%) for all borrowing that they have ever made from all banks, building societies, credit cards, store credit etc.

Decisions made here if upheld go beyond our little Amigo.

[kirk 6] 11/7/2020 17:18

ar this year.Mr Crawford said: "I am pleased to have this opportunity to step back into the driving seat at Amigo with the support of the board." He added that the team would "successfully navigate through the challenges facing the business and get back to focusing on meeting the day-to-day needs of our present and future customers, who are otherwise excluded from obtaining credit."

[kirk 6] 11/7/2020 17:17

https://www.google.com/amp/s/amp.ft.com/content/0578e55b-2e6e-42cc-8622-30a917831ec2

[chinese investor] 11/7/2020 17:06

It's a shame a potential borrower could not get an "Affordability Certificate".
Holding the certificate, which could be awarded by CAB or an Accountant, would be a necessity to get a guarantor loan.

I estimate the cost of the certificate would be around £100 but with it the borrower could negotiate a lower APR.

[kirk 6] 11/7/2020 16:02

So in the past week we've had a great board of director appointment will probably turn the company around, Also had Director share purchases and JB is sold down to the 40s now. I just cannot see these going bust now, And the 21p all cash share offer has been rejected for a reason! These are worth much more than 21p

[chinese investor] 11/7/2020 12:51

"Amigo had a cash balance of over £136 million as at 30 June 2020."

[professor_x] 11/7/2020 12:30

I note you keep claiming there's 136m. But the company itself has come out saying the initial 35m will go up substantially.

The number of claimers will going up exponentially when 90% of those people know they can get away not paying 49.99%. In fact they are so skint, they are even looking for compensation.

There are 250K of those people, these are subprime borrowers. Say average aware £500 + interest reversal, you will need double or triple that cash pile.

We are potentially looking at negative equity here. That's my 5 cents.

[sbb1x] 11/7/2020 12:05

Cash in bank 136 million market cap 47 million largest upload this from voice recognition from my Samsung phone amazing stuff enjoy your weekend chaps

[chinese investor] 11/7/2020 11:56

Please consider the following scenario :-

A current borrower complains after 12 months into a loan.
They took out a £2,000 loan to be repaid monthly over 24 months.
They have been successful with their complaint.
They have been awarded £470 which is the interest they've paid.
They immediately default leaving them with a prize of £1,000 !

It would be better if the £470 was kept by Amigo until the loan is successfully paid off !

FCA would not allow it but it would help Amigo's cash flow !