Amigo Loans Is In Trouble // Update And What It Means
This morning the FCA has announced that Amigo Loans have had an Asset Voluntary Requirement (VReq) placed on it which restricts payments from the company to its directors and dividend pay outs to shareholders. This is a rarely used step and comes on the back of an ongoing investigation into Amigo Loans by the regulator that started in May 2020 and a share price that has collapsed by 97% since the company went public in June 2018. Founded by James Benamor in 2005, Amigo Loans created and dominated the UK guarantor loan field where customers with poor or limited credit history could access lending by enlisting the help of a guarantor who would be able to guarantee the loan and take on payments if the borrower is unable to make them. With a huge rise in the number of complaints that Amigo Loans is paying out on and a sharp rise in provision for bad debt even before the effects of the pandemic were felt, the company is going through a very turbulent time. As the share price has fallen from over £2.90 to just 9.7p and the company is going through CEOs at a rate so fast that nobody seems to even know who the current CEO is, what does all this mean for the company and what are the circumstances that have led to this situation? GET A FREE STOCK IF YOU OPEN A TRADING 212 ACCOUNT Use my link: https://www.trading212.com/promocodes/SASHA If you open an account using the link above, you will get a random share worth up to £100. I will also get one if you choose to sign up using the link. CAMERA GEAR I USE ○ My camera - https://bit.ly/sasha-camera ○ Main lens - https://bit.ly/sasha-lens ○ Microphone - https://bit.ly/sasha-mic ○ Tripod - https://bit.ly/sasha-tripod ○ Memory card - https://bit.ly/sasha-card ○ Ring light - https://bit.ly/sasha-light Full list of gear here: https://kit.co/sashayanshin/sasha-video-gear DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you. DISCLAIMER: I am not a financial advisor and this is not a financial advice channel. All information is provided strictly for educational purposes. It does not take into account anybody's specific circumstances or situation. If you are making investment or other financial management decisions and require advice, please consult a suitably qualified licensed professional.
This morning the FCA has announced that Amigo Loans have had an Asset Voluntary Requirement (VReq) placed on it which restricts payments from the company to its directors and dividend pay outs to shareholders. This is a rarely used step and comes on the back of an ongoing investigation into Amigo Loans by the regulator that started in May 2020 and a share price that has collapsed by 97% since the company went public in June 2018. Founded by James Benamor in 2005, Amigo Loans created and dominated the UK guarantor loan field where customers with poor or limited credit history could access lending by enlisting the help of a guarantor who would be able to guarantee the loan and take on payments if the borrower is unable to make them. With a huge rise in the number of complaints that Amigo Loans is paying out on and a sharp rise in provision for bad debt even before the effects of the pandemic were felt, the company is going through a very turbulent time. As the share price has fallen from over £2.90 to just 9.7p and the company is going through CEOs at a rate so fast that nobody seems to even know who the current CEO is, what does all this mean for the company and what are the circumstances that have led to this situation? GET A FREE STOCK IF YOU OPEN A TRADING 212 ACCOUNT Use my link: https://www.trading212.com/promocodes/SASHA If you open an account using the link above, you will get a random share worth up to £100. I will also get one if you choose to sign up using the link. CAMERA GEAR I USE ○ My camera - https://bit.ly/sasha-camera ○ Main lens - https://bit.ly/sasha-lens ○ Microphone - https://bit.ly/sasha-mic ○ Tripod - https://bit.ly/sasha-tripod ○ Memory card - https://bit.ly/sasha-card ○ Ring light - https://bit.ly/sasha-light Full list of gear here: https://kit.co/sashayanshin/sasha-video-gear DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you. DISCLAIMER: I am not a financial advisor and this is not a financial advice channel. All information is provided strictly for educational purposes. It does not take into account anybody's specific circumstances or situation. If you are making investment or other financial management decisions and require advice, please consult a suitably qualified licensed professional.