Amigo Share Discussion Threads

[liberace pickles] 14/7/2020 11:45

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 their 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 lose and they have the potential of getting back thousands.

[grosstonnage] 14/7/2020 11:16

Sbb1xyes, accumulate and wait.

[sbb1x] 14/7/2020 11:03

So our mkt cap is 38mCash in bank 136m Cheap as chips right now Only need time I'm happy to wait for my 200% gain from 8p

[grosstonnage] 14/7/2020 11:01

sorry 3x market cap

[grosstonnage] 14/7/2020 11:00

Cash is 4x market cap. Amazing.

[sbb1x] 14/7/2020 10:56

Take over offer could land at anytime.Yep 15p next week. 20s September 30p - 50p by end of the year.Anyone with higher average might want to average down.I'm happy with my buy today.If a take over offer lands the derampers won't be happy if they haven't bought in.

[finders keepers] 14/7/2020 10:36

42,66% to go now.

[sbb1x] 14/7/2020 10:35

6p = 28m mkt cap7p = 33m mkt cap

[sbb1x] 14/7/2020 10:32

What was cheapest buy price today....

[marmar80] 14/7/2020 10:30

Bought a few

[chinese investor] 14/7/2020 10:15

Bantam,
It certainly was Amigo - the Ombudsman was probably using a standard text for all guarantor loans.

[schrodinger cat] 14/7/2020 09:53

I have a buy order on L2 below 6.50p. It's an iceberg. Lets see if it will get filled.

It's GTC

[bantam175] 14/7/2020 09:40

CI That can't have been for amigo as they have no charges. That's part of their popularity. Others charge circa 39% but add on charges and it looks more like 60%.

[the white rabbit] 14/7/2020 09:32

CI

FCA has it for them, it's a populist agenda. Only a Judicial review can help them.

[sbb1x] 14/7/2020 09:30

15s next week chaps

[chinese investor] 14/7/2020 09:30

Amigo Loans are currently running down their business because they are on a hiding to nothing with "affordability".

They need to create a new loan regime that is acceptable to the FCA - should not be difficult !

[ghost_walker] 14/7/2020 09:28

Maybe knows what MMS have done. marked down get punters in then walk down again.

It's a pattern.

Now they know punters have latched on the pattern, I can assure they will change. Flush down, get punters then will flush it down again.

[sbb1x] 14/7/2020 09:27

Take over offer could land at anytime.Yep 15p next week. 30p - 50p by end of the year.Anyone with higher average might want to average down.I'm happy with buy today.

[ghost_walker] 14/7/2020 09:23

This is a buyers market here like someone posted, You do not help a distressed seller to sell shares at a premium. You do not facilitate his sells.

[disruptor1664] 14/7/2020 09:22

Are people in this for the long game ? If you pick these up at 7p and they attract a buyer, as others have said they have to be worth 30p minimum in 6 months, isnt it best to just buy and sit tight instead of trying to get 5p ?

[chinese investor] 14/7/2020 09:21

The Ombudsman writes :-

"Generally speaking, I’d expect a lender to remove any adverse information recorded on a consumer’s credit file as a result of the interest and charges on the loans they shouldn’t have been given.

After all it’s the interest and charges that the consumer is being refunded and
the expectation is they will have repaid, or they should repay what they owe.

So to start with I think that Amigo should remove any adverse information recorded on Miss G’s credit file as a result of the interest and charges on loans 1 and 2, as Miss G wasn’t in a position to sustainably repay these loans and she shouldn’t have had to pay those interest and charges.

And I’m upholding Miss G’s complaint about loans three to five because I think the overall pattern of lending increased Miss G’s indebtedness in a way that was unsustainable or harmful in some other way.

I explained that there were two main adverse consequences of Amigo having given Miss G these particular loans, in these circumstances.

Firstly it caused her indebtedness to increase unsustainably as a result of the interest and charges.

And I’ve already explained how Miss G should be compensated for this.

I also explained that these loans having been provided in these circumstances are likely to have had implications for Miss G’s ability to access mainstream credit."

[ghost_walker] 14/7/2020 09:21

Bye

One minute, it's 7p, then next 40p-50p end of the year, now 15p next week.

Can you do the lotto's numbers for us too? 🤣😂😁

[sbb1x] 14/7/2020 09:20

Yep 40p - 50p by end of the year.Send me message on twitter if your man enough. Sbb1x

[sbb1x] 14/7/2020 09:20

These are hitting 15p next weekHold for gold.Buy the dippAccumulation is the name of the game.Looking forward to 15p next week.Don't let the negative agenda posters get you down, just filter them or laugh at them.I'm off to the beach. Enjoy your day peeps men , women and beast's