What's going to collapse next...

[stop_the_craziness]

13 hours ago, spunko said:

Fucking hell I've just seen about that cat cafe. They look late 30s so their parents must be retired or close to it, who borrows 40 GRAND against their parents house? That's completely out of order.

People who believe the equity release/MEW dream of free money for everyone for ever and ever as house prices only go up

See:  BOMAD/Debt consolidation/Range Rover Evoque

[spygirl]

Amigo loans rumble on like a fucking clown car crash.

Amigo Loans founder calls for removal of entire board

Majority owner James Benamor accuses management of presiding over ‘dumpster fire’

https://www.ft.com/content/569d72b7-41f0-4f4c-a2bf-55e175ad7ff1

Comments

 

(Edited)

 

What is the value of 61% of nothing? The business is worthless. 

Customers (and their guarantors) that believe they have been treated unfairly, lent irresponsibly, or suffered detriment should:
1) In the first instance, make a complaint directly to Amigo. Amigo have 8 weeks to resolve. 
2) on the 8th week and first day,  if dissatisfied with the outcome, then refer the complaint to the Financial Ombudsman Service (FOS). https://www.financial-ombudsman.org.uk/

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22 MINUTES AGO

 

It's really rather gratifying to see another legalised loan shark crash and burn, more so when it's due to regulators (albeit very belatedly) forcing them to adhere to affordability rules and thereby question their very legitimacy. Amigo's business model is to lend to people who cannot afford it by shifting risk and extortionate charges onto others. It's misery multiplied.
One can only hope that in the ensuing fallout, blame game and doubtless lengthy litigation, Benamor and other senior figures in the company personally encounter some sense of the dread and desolation felt by those who found themselves unable to service their high interest loans.

 

[sancho panza]

so called BBC saying 12,000 BA jobs going......................begs the question....

https://www.bbc.co.uk/news/business-52462660

https://www.investing.com/equities/intl.-cons.-air-grp-financial-summary

[TheCountOfNowhere]

On 22/04/2020 at 21:35, spunko said:

Fucking hell I've just seen about that cat cafe. They look late 30s so their parents must be retired or close to it, who borrows 40 GRAND against their parents house? That's completely out of order.

The cat cafe can now get £50K of tax payer backed loan, pay off the bank debt so her parents house is safe then default on the loan.

Who loses ?

[Wight Flight]

25 minutes ago, TheCountOfNowhere said:

The cat cafe can now get £50K of tax payer backed loan, pay off the bank debt so her parents house is safe then default on the loan.

Who loses ?

I very much doubt they can.

[TheCountOfNowhere]

3 minutes ago, Wight Flight said:

I very much doubt they can.

I dont. 

[Wight Flight]

Just now, TheCountOfNowhere said:

I dont. 

Have you looked at the rules of the bounce back loans?

Do you think their turnover was over £200k?

Do you think they have a positive balance sheet?

[sleepwello'nights]

14 minutes ago, Wight Flight said:

Have you looked at the rules of the bounce back loans?

 

All I can find is:

Eligibility

You can apply for a loan if your business:

• is based in the UK
• has been negatively affected by coronavirus
• was not an ‘undertaking in difficulty’ on 31 December 2019

How to apply

The Bounce Back Loan scheme will launch on 4 May 2020.

More information about the scheme will be published shortly.

[TheCountOfNowhere]

18 minutes ago, Wight Flight said:

Have you looked at the rules of the bounce back loans?

Do you think their turnover was over £200k?

Do you think they have a positive balance sheet?

Have you realized what Self Cert means and what people desperate for money can do  ?

That's the bit I think that is insane "Self Cert".

If someone thinks they need to borrow money and can pay it back then go for it.

If it's the tax payers money there should be more stringent checks than the banks.

FFS, this is out money, our childrens futures they are handing out to any **** than can fill in a form.

 

 

 

[Wight Flight]

2 minutes ago, sleepwello'nights said:

All I can find is:

Eligibility

You can apply for a loan if your business:

• is based in the UK
• has been negatively affected by coronavirus
• was not an ‘undertaking in difficulty’ on 31 December 2019

How to apply

The Bounce Back Loan scheme will launch on 4 May 2020.

More information about the scheme will be published shortly.

Under EU rules, which for some reason have been applied to this lending, an 'undertaking in difficulty' is one with a negative balance sheet at 31st December 2019. Which I would expect they had.

You can also only borrow up to 25% of your turnover, capped at £50k

Were they really turning over £4k per week?

The one thing I haven't yet seen is if Directors are going to be personally liable. The little clues I have found suggest they will be, with the exclusion of their house and vehicle if used for business.

 

[Wight Flight]

3 minutes ago, TheCountOfNowhere said:

Have you realized what Self Cert means and what people desperate for money can do  ?

That's the bit I think that is insane "Self Cert".

If someone thinks they need to borrow money and can pay it back then go for it.

If it's the tax payers money there should be more stringent checks than the banks.

FFS, this is out money, our childrens futures they are handing out to any **** than can fill in a form.

 

 

 

In a perfect world this would be the case.

But that isn't where we are.

I tried applying to my bank the day the standard loans were launched.

I finally got a call from someone last Friday.

He sent me some forms.

I completed them myself. Not simple as the cashflow forecast template is written for a standard business and is very hard to make my forecast fit in to their boiler-plate format. No point asking my accountant anyway - he has a six week backlog of clients.

The bank told me that someone would look at my application in about four weeks. But a decision and funding might take another six weeks.

Just over three months since I applied. And I applied on day one.

I understand that there are another 300k+ applications in the pipeline.

There was no way it could work.

 

 

[sleepwello'nights]

14 minutes ago, Wight Flight said:

Under EU rules, which for some reason have been applied to this lending, an 'undertaking in difficulty' is one with a negative balance sheet at 31st December 2019. Which I would expect they had.

You can also only borrow up to 25% of your turnover, capped at £50k

Were they really turning over £4k per week?

The one thing I haven't yet seen is if Directors are going to be personally liable. The little clues I have found suggest they will be, with the exclusion of their house and vehicle if used for business.

 

Where did you find those rules?

[TheCountOfNowhere]

5 minutes ago, Wight Flight said:

In a perfect world this would be the case.

But that isn't where we are.

I tried applying to my bank the day the standard loans were launched.

I finally got a call from someone last Friday.

He sent me some forms.

I completed them myself. Not simple as the cashflow forecast template is written for a standard business and is very hard to make my forecast fit in to their boiler-plate format. No point asking my accountant anyway - he has a six week backlog of clients.

The bank told me that someone would look at my application in about four weeks. But a decision and funding might take another six weeks.

Just over three months since I applied. And I applied on day one.

I understand that there are another 300k+ applications in the pipeline.

There was no way it could work.

 

 

And that's the tax payers issue, how ?

Your view is being defined by the fact you want or need to borrow cash, mine is being defined by the fact some **** is forcing me to pay tax ( the money i've worked for ) and then handing it people as a substantial "loan" without any real checks.  Worse than that they are using my children's future taxes to do it. Like the mortgage liar loans this will cause a massive problem further down the line.

We'll have to agree to disagree.

 

2 minutes ago, sleepwello'nights said:

Where did you find those rules?

It's self cert, there are no rules.

[Wight Flight]

3 minutes ago, TheCountOfNowhere said:

And that's the tax payers issue, how ?

The taxpayer has three options

1. Give more money to businesses.

2. Lend money to businesses.

3. See unemployment go beyond 5m for years to come, and tax take from business go through the floor.

Hobson's choice I am afraid. 

 

[Wight Flight]

19 minutes ago, sleepwello'nights said:

Where did you find those rules?

I started here 

https://www.cityam.com/the-long-read-the-coronavirus-loan-scheme-risks-failing-the-people-it-was-designed-to-help/

and then drilled down.

More reading this morning though - looking at the hsbc site, there is no requirement for a personal guarantee.

 https://www.business.hsbc.uk/en-gb/finance-and-borrowing/credit-and-lending/coronavirus-business-interruption-loan-scheme

This, I agree, is madness. I am more than happy to provide one as I am prepared to take the risk and the reward. Pre-pack insolvency lawyers will have a field day come Christmas.

Interest rate at 4% over base is attractive though.

[TheCountOfNowhere]

22 minutes ago, Wight Flight said:

The taxpayer has three options

1. Give more money to businesses.

2. Lend money to businesses.

3. See unemployment go beyond 5m for years to come, and tax take from business go through the floor.

Hobson's choice I am afraid. 

 

Can you tell me how as a real tax payer I exercise my selected option ?

I'll have the unemployment please rather than handing money so keep insolvents going and the corrupt financial system afloat again.

It's funny how the people who want the cheap debt give not a fuck about the people who are being forced to provide it.

We have no f**king option. THEY are forcing debt onto our children, THEY are stealing OUR wages, THEY are stealing OUR savings.  This is not for OUR benefit it's for THEIRS.

 

Edited April 29, 2020 by TheCountOfNowhere

[Wight Flight]

1 minute ago, TheCountOfNowhere said:

I'll have the unemployment please rather than handing money so keep insolvents going

The insolvents aren't eligible for the loans.

Something that seems to have been overlooked in all the press reporting.

It will come as a shock to them.

[TheCountOfNowhere]

21 minutes ago, Wight Flight said:

The insolvents aren't eligible for the loans.

Something that seems to have been overlooked in all the press reporting.

It will come as a shock to them.

SELF CERTS a.k.a. LIAR LOANS

Edited April 29, 2020 by TheCountOfNowhere

[stop_the_craziness]

Windsor and Maidenhead Council?

https://www.dailymail.co.uk/news/article-8269187/Windsor-Maidenhead-council-country-file-bankruptcy.html

Windsor and Maidenhead council could become first in country to file for bankruptcy as local authorities face £5billion black hole due to coronavirus crisis

[Wight Flight]

1 hour ago, stop_the_craziness said:

Windsor and Maidenhead Council?

https://www.dailymail.co.uk/news/article-8269187/Windsor-Maidenhead-council-country-file-bankruptcy.html

Windsor and Maidenhead council could become first in country to file for bankruptcy as local authorities face £5billion black hole due to coronavirus crisis

Bugger. They were a client.

At least they don't owe me anything right now.

[spygirl]

Ahh, those shopping centre inestments will be roosting.

Delare the LA bust, default o ntye pension, itnerview eployees to see which start in La v2.

Redo the TnCs to only poay for 5 days sick a year.

And move to a DC pension.

Edited April 30, 2020 by spygirl

[janch]

Care homes?  Not many clients left.

...........(I'll get me coat...........)

[spygirl]

8 minutes ago, janch said:

Care homes?  Not many clients left.

...........(I'll get me coat...........)

There wont be.

Seems to be a 30-50% hit when a home gets inftected.

Seems like weve solved the UKs care crisis.

 

[sancho panza]

https://www.retailgazette.co.uk/blog/2020/04/20-of-high-street-shops-wont-re-open-after-lockdown-mps-warned/

One-fifth of high street stores plan to stay closed permanently after the coronavirus lockdown unwinds, retail leaders have warned MPs.

British Independent Retailers Association (Bira) chief executive Andrew Goodacre told MPs on the Business, Energy and Industrial Strategy Committee that it has been the “worst time ever for retail” since the pandemic gripped the UK into an economic crisis.

Goodacre said 20 per cent of retailers surveyed by Bira said they did not intend to reopen after lockdown restrictions are relaxed.

It's getting brutal out there

https://www.retailgazette.co.uk/blog/2020/04/1800-jobs-cut-oasis-warehouse-fails-new-buyer-administration-deloitte/

More than 1800 workers are set to lose their jobs at Oasis and Warehouse and two other brands, after administrators said they were unable to find a buyer for the whole business.

Joint administrators from Deloitte have said that all of the Oasis and Warehouse Group’s stores will close indefinitely and online sales will be stopped.

[spygirl]

7 hours ago, sancho panza said:

https://www.retailgazette.co.uk/blog/2020/04/20-of-high-street-shops-wont-re-open-after-lockdown-mps-warned/

One-fifth of high street stores plan to stay closed permanently after the coronavirus lockdown unwinds, retail leaders have warned MPs.

British Independent Retailers Association (Bira) chief executive Andrew Goodacre told MPs on the Business, Energy and Industrial Strategy Committee that it has been the “worst time ever for retail” since the pandemic gripped the UK into an economic crisis.

Goodacre said 20 per cent of retailers surveyed by Bira said they did not intend to reopen after lockdown restrictions are relaxed.

It's getting brutal out there

https://www.retailgazette.co.uk/blog/2020/04/1800-jobs-cut-oasis-warehouse-fails-new-buyer-administration-deloitte/

More than 1800 workers are set to lose their jobs at Oasis and Warehouse and two other brands, after administrators said they were unable to find a buyer for the whole business.

Joint administrators from Deloitte have said that all of the Oasis and Warehouse Group’s stores will close indefinitely and online sales will be stopped.

Thing is, when you go back 20 years, retail provides a hefty chunk of chops.

25+ years ago, in my time in the London/SE, retail seemed to provide about 10-20% of the jobs. And probably a hefty bit of LA n ukgov revenue.

I used to think that retail job losses were care homes gain. If this virus carries on at the rate it is, then well have a fix for the care home crisis and an extra 20% of the dole.

I should add that large scale retail employment is a relative new thing that started early 80s. Before then people did not really shop n consume. That now looks like a phase, like padded shoulders.