Amigo Share Discussion Threads

[nicolaw] 30/3/2021 15:46

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RE: Court Case UpdateToday 15:46
Not yet... Still summarising! Looking at jurisdiction etc again.

[nicolaw] 30/3/2021 15:45

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RE: Court Case UpdateToday 15:45
Judge now discussing pennies in the pound in redress payments, starting with 10p in the £ but increasing with profit share. Says it is not his function to consider the merits of the scheme today. Notes the FCA do not support the scheme. Further notes that the letter concludes with the repetition that this should go to vote [to paraphrase]. FCA have not asked the court to step in at this stage.

[nicolaw] 30/3/2021 15:41

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RE: Court Case UpdateToday 15:41
Judge now mentioning Grant Thornton, as the skilled person, noting they are satisfied. Also noting that if this later proves unsatisfactory, the FCA can choose to step in.

[nicolaw] 30/3/2021 15:39

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RE: Court Case UpdateToday 15:38
Judge running through the parameters of the SOA i.e. the scheme figures (money AMGO will put in) duration (6 months), etc

[nicolaw] 30/3/2021 15:38

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RE: Court Case UpdateToday 15:32
Judge has one question arising from the Debt Camel note... It assumes that future claims which haven't yet arisen will be barred. Judge understands this not to be the case. Only past claims will be barred if they miss the deadline. Future is different. Seems like the judge is summarising now... Could be a decision on here...

[nicolaw] 30/3/2021 15:37

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RE: Court Case UpdateToday 15:37
Judge running through all the numbers for AMGO i.e. what money they have available to pay redress etc... He seems to be accepting that without the SOA they would go bust...

[samsung2020] 30/3/2021 15:37

Yep, thats my understanding... I'm sure i saw something about a decision by 4pm

[brocksford] 30/3/2021 15:34

Should be today I think, it is only a one day schedule I'm sure.

RNS may wait until tomorrow unless they have a draft prepared and ready to go (subject to any adjustment from what occurs in Court)

[owenga] 30/3/2021 15:29

Is the court decision today or tomorrow?

[russell crowe] 30/3/2021 15:21

"Amigo lending was systematically flawed"

[nicolaw] 30/3/2021 15:12

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RE: OpinionToday 15:13
OPINION: Yes, I think the judge's 'manner' seems to be "let's get this done" as there seem to be no strong arguments not putting it to a vote. Other opinions may vary. He was very 'nice' and not dismissive of the people who spoke up about their loans but he moved them on swiftly as it didn't seem relevant to TODAY's decision. These points will, however, come out again at the next hearing. But I am fully confident in the outcome today. DYOR, not advice, etc, etc. Let's also what he says about Sara's 4.5 page note...

[nicolaw] 30/3/2021 15:11

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RE: Court Case UpdateToday 15:09
Sara (Debt Camel) has provided a 4.5 page note of points she would like to make... Judge has asked for it to be sent to him and he will have a look at 3:25pm for 5mins.

[samsung2020] 30/3/2021 15:10

Decision is soon I think?

[brocksford] 30/3/2021 15:04

sounding really positive!

[nicolaw] 30/3/2021 15:01

feels like i am in a soap opera watching it unfold.....

[nicolaw] 30/3/2021 14:55

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RE: Court Case UpdateToday 14:54
Mr. P now going to speak as a creditor. He is a current borrower. He has had his debt sold after the original term. [his english isn't great so I am trying my best]. It sounds like he tried to reach an agreement with AMGO to try and support him with repayments as he was having a hard time but AMGO didn't help and put it to the court and he must have got a judgement and lost his credit rating. So, he didn't seem happy. Judge has noted it and moved on... [inference being this is a very specific case]. Judge says one last call - Mr M is on the line now. Mr M is a current borrower and has 2 loans with AMGO. He thinks he may have a claim against AMGO because he didn't understand the small print of the loans, effectively. Judge asking him if he has anything to comment on what the judge needs to decide on today i.e. does he have a comment on the scheme going ahead. Mr M reiterates that he may struggle with the language and terminology. Mr A is now on the line. He is a guarantor. He is paying a loan off under the guarantee since 2018. The borrower was a fraudster who manipulated him. He told AMGO as the borrower never paid a penny. Mr A has made several complaints to AMGO and a criminal case against the borrower (fraudster) is ongoing as he took Mr A for thousands but, again, judge queries whether he has anything to say about the vote... he says "not really" but has also asked about clarity around interim payments. the judge is telling him that payments on loads do have to be made. Judge has stated his understanding it is the scheme or it is insolvency. Mr A-P now on the line... he was a borrower, now paid it off. At the time of getting the loan he says he was mis-sold. Took the loan after his master's degree when his salary was low. He felt it was a credit building, thus a good thing. However, it became unaffordable for him (to paraphrase). [suspect the judge will ask him again about what he needs to decide on TODAY. everyone is just giving their personal story]. Mr A-P took another loan from elsewhere to pay it off. The judge notes he wants this claim sorted out sooner rather than later.

[spirito] 30/3/2021 14:52

yes, everything seemsntonrelate to the terms of the SoA and info around it rather than it not happening

[nicolaw] 30/3/2021 14:49

No worries, I'm just glad ii shared the updates. Puts us on a level playing field as we usually have to wait for the info after the share price has moved... but this gave us a chance... unfortunately we now back in the dark.. i am hopeful hough. nothing has been said that would crate a rejection of the proposal in my view. of course its hard to rely on some randomer posting on a BB, however it does seem legit. read it which way you can but assume an RNS will be out after hours and we either sink or fly.... thinking its the latter!! fingers crossed:)

[samsung2020] 30/3/2021 14:46

Thanks again for sharing this today. Much appreciated.

[nicolaw] 30/3/2021 14:45

II also said he has meetings at 3pm so wont be able to post furher updates unfortuately.... guess we will have to rely on share price movements then to know which way the land lies... i am hioeful though!

[nicolaw] 30/3/2021 14:35

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RE: Court Case UpdateToday 14:33
A number of emails echo the same concern about AMGO assessing the redress claims themselves without oversight by a financial ombudsman. there is a repeated comment regarding whether or not this will lead to fewer complaints being accepted compared to those that would have been accepted under the financial ombudsman. However, the skilled persons report, the provision of an adjudicator and the new automated methodology and ability to review a negative outcome perhaps deals with that [to paraphrase]. In addition to concerns from customers about the fairness etc there were some comments from MSE that they thought the info would be difficult for creditors to understand. Suggestion made to accommodate that; more accommodating and welcoming language in the info, however it is noted that the company may have addressed that already. Also noted that finding the right balance is difficult. Debt Camel raises concerns on the website... QC directing the judge to read the comments made by Debt Camel, which effectively states the documentation could be clearer. [judge reading...]