Amigo Share Discussion Threads

[kirk 6] 22/10/2020 14:52

In fact what you're probably see from this is the challenges made to loan companies will be looked into themselves. People who have made false challenges which have had their backgrounds checked will end up in jail for trying to fraud in Bankrupt companies like amigo loans and non-standard finance. The cycle against loan companies can't last forever as they are an integral part of the society. I'm hoping we are on the cusp of a change and all these opportunistic claims will see terrible repercussions, such as jail sentences to people who try it on

[samsung2020] 22/10/2020 14:31

Button lost you board quicker then JB lost the Amigo board.....Missing you so much darling

[cyberbub] 22/10/2020 14:28

Thanks CI. That's very worrying - MSE have millions of readers. Sigh.

[chinese investor] 22/10/2020 13:45

Jibba Jabber,
Now we have joint-custody of "samsung2020" can I ask that he stays at your bulletin board tomorrow.
It appears he wants to stay on mine all the time.
That's not fair !

[chinese investor] 22/10/2020 13:23

cyberbub,
Possibly :-

[samsung2020] 22/10/2020 13:11

Pretty dead in here today, seems like CI ruined the board good and proper

[cyberbub] 22/10/2020 12:27

Has anyone got a link to the Moneysaving Expert article referred to below?

[liberace pickles] 22/10/2020 12:12

Goalposts have moved, but it's not because the rules have changed.

Recent high court judgment says expectations on affordability have remained broadly the same since 2010 (with some tweaks / updates).

I think what's changed is the FOS approach.

Looking at old decisions, they used to say if monthly repayment and total cost of loan were made clear and they asked a few basic questions, that was enough.

It was up to the borrower whether to take the loan.

But now they're holding Amigo to specific rules, which have always required them to do more than that.

It is definitely unfair on Amigo, who has done business over the years believing it was doing what FOS thought was fair.

But our difficulty is that FOS approach is consistent with the rules.

I think that's why BOD have struggled to find grounds for JR.

I also heard Gary say we do everything properly.

If Gary is right, he needs to get in front of FOS sharpish and show them how our checks have worked.

We can't have an 87% uphold rate if Gary is right.

[kirk 6] 22/10/2020 11:08

Agreed. With the 130 plus provision ans a potential to agree a payback scheme over the course of the coming years ? There should be plenty of scope to save this company. The core business is extremely profitable so why on earth would the FCA not work with amigo gong forward even if the claims is in excess of 200m?

[soup de jour] 22/10/2020 10:58

"Separately, on 1 June 2020, the Company announced that the FCA commenced an investigation covering the period from 1 November 2018 into whether or not Amigo's creditworthiness assessment process was compliant with regulatory requirements. While this does not directly address complaints, any findings could have implications for how complaints are decided. At this time, the potential result and impact of this investigation is unknown."

This is the key thing ultimately - THE FCA investigation determines how complaints are decided which is when we know the extent or limit of the damage.

This is where all the work is....working with the FCA to limit the damage and stay alive.

The existing complaints are either being paid or being sat on, pending FCA guidance post investigation.

IMO the outcome of the investigation leads to a massive backlog of complaints being paid out or hopefully not.

This may explain where we are at currently with seemingly low numbers in complaints.

Currently Amigo are not paying out on complaints where a guarantor stepped in and paid as I understand.

They are waiting for guidance and negotiating to circumvent the level of claims.

This may not be sorted until Spring of next year, but will not prevent us from relending and enjoying a rise.

[soup de jour] 22/10/2020 10:56

I am extremely shocked how Martin Lewis has jumped on the bandwagon through his "Money Saving Expert" Site.

He more than anyone should encourage people to maintain their credit rating in a healthy state.

Specifically facing the recovery which could last years.

Any opportunistic claims, which it would appear that he has encouraged.

Will be the nail in the coffin on their Credit Rating.

Not necessarily what Martin (The Money Saving Expert) should be encouraging?

As their opportunities for Re Lending due to their already poor credit score will cost them a lot more in the immediate future.

Thats if they have anywhere to turn to after filing a claim with Amigo.

I sincerely hope Amigo has a "Blacklist" for the opportunistic claims that have been made.

[samsung2020] 22/10/2020 10:21

Jibs, rns on SYME....

[kirk 6] 22/10/2020 10:00

Soup Hope so. They would just have enough to provision then and also FCA could provide a payback faculties when lending starts as it will be extremely profitable

[chinese investor] 22/10/2020 09:58

Thank you for all of the PMs thanking me for the AST Tip I released a fortnight ago.

[chinese investor] 22/10/2020 09:53

Quality Assurance Assessor

Checks the implementation of the quality system, conducts quality assurance audits and monitors and records results from processes and procedures within manufacturing industries, they continually compared results to predetermined expected ranges and take corrective measures if any deviation is found.

Root Cause Analysis

Is a popular and often used technique the helps people answer the question of why the problem accrued in the first place . it seeks to identify the origin of a problem using a specific set of steps, with associated tools, to find the primary cause of the problem, so that you can , determine what happened, determined why it happened and figure out what to do to reduce the likelihood that it will happen again.

Customer Relations Team Manager - Case Handling

communicating with inquiring customer, ,answering support and services questions, troubleshooting, following up cases, asking for feedback, and keeping track of all necessary documentation related to customer interactions.

[samsung2020] 22/10/2020 09:49

Looking like a low volume day...

[avsome1968] 22/10/2020 09:22

Quality Assurance assessor

Checks the implementation of the quality system, conducts quality assurance audits and monitors and records results from processes and procedures within manufacturing industries, they continually compared results to predetermined expected ranges and take corrective measures if any deviation is found.

Root cause analysis

Is a popular and often used technique the helps people answer the question of why the problem accrued in the first place . it seeks to identify the origin of a problem using a specific set of steps, with associated tools, to find the primary cause of the problem, so that you can , determine what happened, determined why it happened and figure out what to do to reduce the likelihood that it will happen again.

Customer Relations Team Manager - Case Handling

communicating with inquiring customer, ,answering support and services questions, troubleshooting, following up cases, asking for feedback, and keeping track of all necessary documentation related to customer interactions.

[avsome1968] 22/10/2020 09:21

Quality Assurance assessor

Checks the implementation of the quality system, conducts quality assurance audits and monitors and records results from processes and procedures within manufacturing industries, they continually compared results to predetermined expected ranges and take corrective measures if any deviation is found.

Root cause analysis

Is a popular and often used technique the helps people answer the question of why the problem accrued in the first place . it seeks to identify the origin of a problem using a specific set of steps, with associated tools, to find the primary cause of the problem, so that you can , determine what happened, determined why it happened and figure out what to do to reduce the likelihood that it will happen again.

Customer Relations Team Manager - Case Handling

communicating with inquiring customer, ,answering support and services questions, troubleshooting, following up cases, asking for feedback, and keeping track of all necessary documentation related to customer interactions.