Amigo Loans founder quit
Published : Friday, 6 March, 2020 at 5:33 PM Count : 307
A boardroom has gone public and accused of committing a slow-motion suicide after sub-prime lender Amigo left the board.
Amigo owes people with poor credit ratings, but can offer family and friends as an expense-up to guarantee any compensation payments.
Chief shareholder and founder James Benamore has left and published a highly criticized blog.
The company hit back saying that some parts of it were fundamentally wrong.
In January, Amigo - which controls 5% of the UK guarantor loan market - set itself up for sale. Numerous complaints have been submitted by customers who feel that they should never be given a loan.
The sub-main lending sector has been a hotbed of complaints from customers alike who believe they were approved for a loan that they could never repay. This has led to the emergence of some of the biggest names in the sector such as Onga.
However, there have been complaints about whether these loans were affordable at the time of making the loans, many of which are still in place.
Benamore claimed that the company should stop lending immediately, collect the book, pay the debt and proceed directly to the judicial review [of these decisions by the Financial Ombudsman Service].
The company said this binary analysis of the situation was wrong.
Whether or not Amigo's advisor Sarah Williams, who wrote the Camel Camel blog, went to the Amigo Judicial Review was the key to the future's impact on people's compensation claims.
In the first half of the day, the share price of this company dropped about 27%.-Internet