Twitter row breaks out between consumer champion Martin Lewis and Amigo Loans boss James Benamor

Twitter row breaks out between consumer champion Martin Lewis and Amigo Loans boss James Benamor

ROW: James Benamor

Martin Lewis

First published in News
Last updated
by

CONSUMER champion Martin Lewis levelled criticism at Bournemouth-based company Amigo Loans in a row on Twitter yesterday.

The founder of the Money Saving Expert website sparked a debate with Amigo founder James Benamor by posting: “Feel slightly sick having just seen an Amigo loans ad saying ‘unlike others’ we’re affordable, at a long term 49.9 per cent APR. Things need 2 change.”

Mr Benamor, a multi-millionaire who has started several loan brokerage companies, replied: “Surprised to hear that Martin. Would love to meet you to chat about what we do.”

He also defended his company’s practices, saying: “Amigo is flexible, no charges only daily interest so can be used exactly as a payday loan, but around 100th of the APR” and: “Borrowing £500 for 12 months from Amigo costs £118, same as borrowing £500 from Wonga for 21 says.”

But Mr Lewis hit back with: “I know what u do. 50 per cent APR on longer term loans is awful. Comparing urself with the market’s dirtiest doesn’t make u clean.”

Father-of-five Mr Benamor, is CEO of Amigo Loans, which is based in the Triangle, Bournemouth. It lends, using guarantors, to small businesses and individuals who are struggling to get finance through traditional means. It has lent to more than 100,000 people and 20,000 small businesses.

He has previously stated that customers need to be re-educated to avoid payday lenders that charge exceptionally high interest rates and said that Amigo prided itself on its transparency.

Comments (76)

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6:57am Thu 6 Mar 14

hooplaa says...

Wow what a story!!
Wow what a story!! hooplaa
  • Score: 13

7:20am Thu 6 Mar 14

Talkingheadera says...

More fool the people who are happy to pay 49%apr
Hard to have any sympathies with them.
More fool the people who are happy to pay 49%apr Hard to have any sympathies with them. Talkingheadera
  • Score: 14

7:22am Thu 6 Mar 14

Controversial But True says...

These guys are cowboys!! You don't get your own slot on Watchdog for being reputable!
These guys are cowboys!! You don't get your own slot on Watchdog for being reputable! Controversial But True
  • Score: 67

7:31am Thu 6 Mar 14

Ms daisy says...

'It lends, using guarantors, to small businesses and individuals who are struggling to get finance through traditional means'

This is the part apart from the 49% APR which concerns me. High risk ,poor credit rating cant get loan any other way so need guararntors and probably help with managing money not encouraged to borrow more.
Guarantors beware you are liable for the whole debt with interest if the loan you support 'guarantee' defaults which would result in you making full payment and could effect your credit rating if you cant/wont pay..
'It lends, using guarantors, to small businesses and individuals who are struggling to get finance through traditional means' This is the part apart from the 49% APR which concerns me. High risk ,poor credit rating cant get loan any other way so need guararntors and probably help with managing money not encouraged to borrow more. Guarantors beware you are liable for the whole debt with interest if the loan you support 'guarantee' defaults which would result in you making full payment and could effect your credit rating if you cant/wont pay.. Ms daisy
  • Score: 35

7:41am Thu 6 Mar 14

BournemouthMum says...

Ms daisy wrote:
'It lends, using guarantors, to small businesses and individuals who are struggling to get finance through traditional means'

This is the part apart from the 49% APR which concerns me. High risk ,poor credit rating cant get loan any other way so need guararntors and probably help with managing money not encouraged to borrow more.
Guarantors beware you are liable for the whole debt with interest if the loan you support 'guarantee' defaults which would result in you making full payment and could effect your credit rating if you cant/wont pay..
If they use guarantors and charge such high interest, would it not be better for the guarantor to lend the borrower money directly (since they are responsible if the loan is defaulted) or borrow money at a low interest rate and lend it themselves? To be a guarantor for someone means they would probably have to have a close relationship with the borrower so this makes a lot more sense.

These parasites survive because there is a demand for them sadly and they're not going to go away anytime soon.
[quote][p][bold]Ms daisy[/bold] wrote: 'It lends, using guarantors, to small businesses and individuals who are struggling to get finance through traditional means' This is the part apart from the 49% APR which concerns me. High risk ,poor credit rating cant get loan any other way so need guararntors and probably help with managing money not encouraged to borrow more. Guarantors beware you are liable for the whole debt with interest if the loan you support 'guarantee' defaults which would result in you making full payment and could effect your credit rating if you cant/wont pay..[/p][/quote]If they use guarantors and charge such high interest, would it not be better for the guarantor to lend the borrower money directly (since they are responsible if the loan is defaulted) or borrow money at a low interest rate and lend it themselves? To be a guarantor for someone means they would probably have to have a close relationship with the borrower so this makes a lot more sense. These parasites survive because there is a demand for them sadly and they're not going to go away anytime soon. BournemouthMum
  • Score: 48

7:50am Thu 6 Mar 14

hamworthygirl says...

Its sad that some people are desperate they have to resort to borrowing from the likes of this man. However its easy to judge they are many people who for whatever reason cannot get credit the normal way, and they are probably so desperate they dont read or even understand how much they are actually paying back, lets not judge them unless we know the circumstances. Good for Martin Lewis for showing this man up in public, they are as someone said parasites.
Its sad that some people are desperate they have to resort to borrowing from the likes of this man. However its easy to judge they are many people who for whatever reason cannot get credit the normal way, and they are probably so desperate they dont read or even understand how much they are actually paying back, lets not judge them unless we know the circumstances. Good for Martin Lewis for showing this man up in public, they are as someone said parasites. hamworthygirl
  • Score: 46

8:06am Thu 6 Mar 14

camvalley says...

Rogues win win situation for this dodgy lender ,you have to have a guarantor to pay up if you default ,also why does he keep starting up a new company ,well done martin you go for them
Rogues win win situation for this dodgy lender ,you have to have a guarantor to pay up if you default ,also why does he keep starting up a new company ,well done martin you go for them camvalley
  • Score: 30

8:32am Thu 6 Mar 14

neo1ite says...

Yet again, more free advertising in for a company on what is essentially a non story. Surely this should have ADVERTISING FEATURE written along the top...
Yet again, more free advertising in for a company on what is essentially a non story. Surely this should have ADVERTISING FEATURE written along the top... neo1ite
  • Score: -9

8:41am Thu 6 Mar 14

trolley says...

Dress it up anyway you like no matter how much you try defend companies like this ,they are parasites who feed off those that cant get a loan any other way,therefore are easy to exploit with disgusting terms. 50 per cent apr?shocking.cowboys who prey on the desperate
Dress it up anyway you like no matter how much you try defend companies like this ,they are parasites who feed off those that cant get a loan any other way,therefore are easy to exploit with disgusting terms. 50 per cent apr?shocking.cowboys who prey on the desperate trolley
  • Score: 26

8:56am Thu 6 Mar 14

High Treason says...

Credit card balance transfer fee is often 3% for 24 months. provided you set up a direct debit to repay the whole amount within the 24 months it is cheap borrowing. Therefore 50% is a complete rip off but some people sleep better making others miserable.
Credit card balance transfer fee is often 3% for 24 months. provided you set up a direct debit to repay the whole amount within the 24 months it is cheap borrowing. Therefore 50% is a complete rip off but some people sleep better making others miserable. High Treason
  • Score: 15

8:57am Thu 6 Mar 14

skydriver says...

There should be a cap on the maximum APR allowed by law. Although with a weak coilitation as we have I doubt this will happen .
There should be a cap on the maximum APR allowed by law. Although with a weak coilitation as we have I doubt this will happen . skydriver
  • Score: 28

9:20am Thu 6 Mar 14

BarrHumbug says...

High Treason wrote:
Credit card balance transfer fee is often 3% for 24 months. provided you set up a direct debit to repay the whole amount within the 24 months it is cheap borrowing. Therefore 50% is a complete rip off but some people sleep better making others miserable.
Unfortunately the persons credit rating is so bad they can't get another credit card and thats the sort of people these vultures prey on.
They either offer small loans at extortionate rates of interest like Wonga so the risk is low to them as they are charging so much interest or like the above they offer a lower (but still high) rate of interest in return for a guarantor, again keeping the risk low to them.

If you've got money problems then speak to citizens advice, the company you owe money to or cancel your SKY subscription, these payday loan sharks should be the last people you speak to, if at all!
[quote][p][bold]High Treason[/bold] wrote: Credit card balance transfer fee is often 3% for 24 months. provided you set up a direct debit to repay the whole amount within the 24 months it is cheap borrowing. Therefore 50% is a complete rip off but some people sleep better making others miserable.[/p][/quote]Unfortunately the persons credit rating is so bad they can't get another credit card and thats the sort of people these vultures prey on. They either offer small loans at extortionate rates of interest like Wonga so the risk is low to them as they are charging so much interest or like the above they offer a lower (but still high) rate of interest in return for a guarantor, again keeping the risk low to them. If you've got money problems then speak to citizens advice, the company you owe money to or cancel your SKY subscription, these payday loan sharks should be the last people you speak to, if at all! BarrHumbug
  • Score: 21

9:39am Thu 6 Mar 14

dorsettech says...

A friend of mine has a massive amount of disposable income. Mainly due to the fact he can't get any credit. He's applied for overdrafts, credit cards etc always come back as no.
If an Amigo loan is "flexible" then if they did lend to you for whatever reason and you had a larger disposable income then you could pay back far more a month than they recommend thus reducing the cost of taking the loan out?
Or am I missing something?

I am not defending or condoning I am just looking at it from the perspective of people who might need to borrow and have the means to pay it back but can't because the banks won't lend it to them??
A friend of mine has a massive amount of disposable income. Mainly due to the fact he can't get any credit. He's applied for overdrafts, credit cards etc always come back as no. If an Amigo loan is "flexible" then if they did lend to you for whatever reason and you had a larger disposable income then you could pay back far more a month than they recommend thus reducing the cost of taking the loan out? Or am I missing something? I am not defending or condoning I am just looking at it from the perspective of people who might need to borrow and have the means to pay it back but can't because the banks won't lend it to them?? dorsettech
  • Score: -10

9:48am Thu 6 Mar 14

woby_tide says...

Talkingheadera wrote:
More fool the people who are happy to pay 49%apr
Hard to have any sympathies with them.
You think people are happy that the only lender they can use charges 49%APR?

I think my sympathy lies with you and your complete naivety
[quote][p][bold]Talkingheadera[/bold] wrote: More fool the people who are happy to pay 49%apr Hard to have any sympathies with them.[/p][/quote]You think people are happy that the only lender they can use charges 49%APR? I think my sympathy lies with you and your complete naivety woby_tide
  • Score: 15

10:00am Thu 6 Mar 14

Bpl333 says...

Talkingheadera wrote:
More fool the people who are happy to pay 49%apr Hard to have any sympathies with them.
go take your childish behaviour to the park....
[quote][p][bold]Talkingheadera[/bold] wrote: More fool the people who are happy to pay 49%apr Hard to have any sympathies with them.[/p][/quote]go take your childish behaviour to the park.... Bpl333
  • Score: 8

10:09am Thu 6 Mar 14

Ms daisy says...

dorsettech wrote:
A friend of mine has a massive amount of disposable income. Mainly due to the fact he can't get any credit. He's applied for overdrafts, credit cards etc always come back as no. If an Amigo loan is "flexible" then if they did lend to you for whatever reason and you had a larger disposable income then you could pay back far more a month than they recommend thus reducing the cost of taking the loan out? Or am I missing something? I am not defending or condoning I am just looking at it from the perspective of people who might need to borrow and have the means to pay it back but can't because the banks won't lend it to them??
He must be high risk with poor or little credit rating. Applying for many loans or credit can make you seem high risk to lenders also a non credit history. Many factors come into play when applying. Amigo may be flexible but this guy did not get to be multi millionaire by people paying back early. Your friend is better to build up his credit rating and apply for 0% CC or own bank for borrowing money and if he has so much disposable income why would he need OD or credit.
If having trouble with money contact CAB or stepchange or other FREE debt advice service.
[quote][p][bold]dorsettech[/bold] wrote: A friend of mine has a massive amount of disposable income. Mainly due to the fact he can't get any credit. He's applied for overdrafts, credit cards etc always come back as no. If an Amigo loan is "flexible" then if they did lend to you for whatever reason and you had a larger disposable income then you could pay back far more a month than they recommend thus reducing the cost of taking the loan out? Or am I missing something? I am not defending or condoning I am just looking at it from the perspective of people who might need to borrow and have the means to pay it back but can't because the banks won't lend it to them??[/p][/quote]He must be high risk with poor or little credit rating. Applying for many loans or credit can make you seem high risk to lenders also a non credit history. Many factors come into play when applying. Amigo may be flexible but this guy did not get to be multi millionaire by people paying back early. Your friend is better to build up his credit rating and apply for 0% CC or own bank for borrowing money and if he has so much disposable income why would he need OD or credit. If having trouble with money contact CAB or stepchange or other FREE debt advice service. Ms daisy
  • Score: 3

10:39am Thu 6 Mar 14

RM says...

Perhaps the question needs to be asked why are the people who use Amigo unable to borrow from banks? We, the taxpayers , have subsidised a number of British banks & the person who gave them our money, Gordon Brown, said it was so that small businesses etc would be able to borrow money more easily. Unfortunately, he never actually made that as a written condition of getting a bailout so the banks have never honoured it. Perhaps the current government need to take this up with the banks? I would certainly rather my money went to help start up small businesses than it vending upnas part of a banker's bonus package.
Perhaps the question needs to be asked why are the people who use Amigo unable to borrow from banks? We, the taxpayers , have subsidised a number of British banks & the person who gave them our money, Gordon Brown, said it was so that small businesses etc would be able to borrow money more easily. Unfortunately, he never actually made that as a written condition of getting a bailout so the banks have never honoured it. Perhaps the current government need to take this up with the banks? I would certainly rather my money went to help start up small businesses than it vending upnas part of a banker's bonus package. RM
  • Score: 17

10:43am Thu 6 Mar 14

RM says...

'Ending up as'. Sorry, using a tablet & the pop up keyboard covers what I'm typing.
'Ending up as'. Sorry, using a tablet & the pop up keyboard covers what I'm typing. RM
  • Score: -3

10:56am Thu 6 Mar 14

MrSense says...

Hardly a 'row'. Martin merely pointed out that by Amigo's rate of 49.9% for a loan is sickening. James Benamor came back in his usual blunddering way, completely missing the point and taking the opportunity to promote his business.

Martin sounded rational, James sounded desperate.

The usual.
Hardly a 'row'. Martin merely pointed out that by Amigo's rate of 49.9% for a loan is sickening. James Benamor came back in his usual blunddering way, completely missing the point and taking the opportunity to promote his business. Martin sounded rational, James sounded desperate. The usual. MrSense
  • Score: 21

10:58am Thu 6 Mar 14

souwest says...

Is this the same Amigo loans who are under investigation by the Information Commissioner for putting unshredded customer information in domestic waste bins? Or the same Amigo Loans who are putting commercial waste in their neighbours bins? The same Amigo loans who are under investigation by the council for possible breaches of smoking legislation and harassing their neighbours? The same Amigo Loans who are afraid of putting their name to their call centre and offices in the old C & A building?
Is this the same Amigo loans who are under investigation by the Information Commissioner for putting unshredded customer information in domestic waste bins? Or the same Amigo Loans who are putting commercial waste in their neighbours bins? The same Amigo loans who are under investigation by the council for possible breaches of smoking legislation and harassing their neighbours? The same Amigo Loans who are afraid of putting their name to their call centre and offices in the old C & A building? souwest
  • Score: 26

10:59am Thu 6 Mar 14

BmthNewshound says...

Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be.
.
Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation.
.
The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay.
.
Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be. . Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation. . The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay. . BmthNewshound
  • Score: 5

11:04am Thu 6 Mar 14

Hessenford says...

High Treason wrote:
Credit card balance transfer fee is often 3% for 24 months. provided you set up a direct debit to repay the whole amount within the 24 months it is cheap borrowing. Therefore 50% is a complete rip off but some people sleep better making others miserable.
But of course some people who are forced to use these parasitic companies are unable to obtain a credit card, I fail to see why the government let these companies operate with such high interest which plunges more and more people into more and more debt.
[quote][p][bold]High Treason[/bold] wrote: Credit card balance transfer fee is often 3% for 24 months. provided you set up a direct debit to repay the whole amount within the 24 months it is cheap borrowing. Therefore 50% is a complete rip off but some people sleep better making others miserable.[/p][/quote]But of course some people who are forced to use these parasitic companies are unable to obtain a credit card, I fail to see why the government let these companies operate with such high interest which plunges more and more people into more and more debt. Hessenford
  • Score: 11

11:19am Thu 6 Mar 14

joeinpoole says...

BmthNewshound wrote:
Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be.
.
Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation.
.
The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay.
.
^^^ Gosh ... someone talking sense!

If Lewis *really* wants to help high-risk borrowers then he could always use the £80M he made from selling MSE to set up his own alternative lender to Amigo offering much cheaper interest rates.
[quote][p][bold]BmthNewshound[/bold] wrote: Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be. . Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation. . The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay. .[/p][/quote]^^^ Gosh ... someone talking sense! If Lewis *really* wants to help high-risk borrowers then he could always use the £80M he made from selling MSE to set up his own alternative lender to Amigo offering much cheaper interest rates. joeinpoole
  • Score: 0

11:25am Thu 6 Mar 14

Cookie2508 says...

People are only drawn into these businesses through the obscene money spent on the Marketing. Why don't people go to their local Credit Union's? Where the ability to get a loan is far easier, where applications actually look at affordability rather than just credit history and where interest is capped by the regulators to no more than 2% per month! If a Credit Union had the Marketing Budget of Amigo, the UK would be a totally different place for this industry!
People are only drawn into these businesses through the obscene money spent on the Marketing. Why don't people go to their local Credit Union's? Where the ability to get a loan is far easier, where applications actually look at affordability rather than just credit history and where interest is capped by the regulators to no more than 2% per month! If a Credit Union had the Marketing Budget of Amigo, the UK would be a totally different place for this industry! Cookie2508
  • Score: 18

11:35am Thu 6 Mar 14

MrSense says...

Where's Kelly, Amigo's PR lady who usually pops up th these discussions? (and promptly turns them into a train wreck)
Where's Kelly, Amigo's PR lady who usually pops up th these discussions? (and promptly turns them into a train wreck) MrSense
  • Score: 17

12:15pm Thu 6 Mar 14

speedy231278 says...

Just because this loan shark is cheaper than a different loan shark, it doesn't mean he isn't one. However, he's now got a nice advert in the local rag for nothing, so at least he isn't stupid.
Just because this loan shark is cheaper than a different loan shark, it doesn't mean he isn't one. However, he's now got a nice advert in the local rag for nothing, so at least he isn't stupid. speedy231278
  • Score: 10

12:25pm Thu 6 Mar 14

speedy231278 says...

woby_tide wrote:
Talkingheadera wrote:
More fool the people who are happy to pay 49%apr
Hard to have any sympathies with them.
You think people are happy that the only lender they can use charges 49%APR?

I think my sympathy lies with you and your complete naivety
If the only lender they can use offers such huge fees, it is because they are probably not creditworthy and have already defaulted on other people. The high rates are the lender's insurance against recovering some the cost of a portion of their creditors defaulting on the loans.

The crux of the matter is that a person who attracts a 49.9% rate should not be allowed by law to borrow it, because they cannot afford the debt to start with!
[quote][p][bold]woby_tide[/bold] wrote: [quote][p][bold]Talkingheadera[/bold] wrote: More fool the people who are happy to pay 49%apr Hard to have any sympathies with them.[/p][/quote]You think people are happy that the only lender they can use charges 49%APR? I think my sympathy lies with you and your complete naivety[/p][/quote]If the only lender they can use offers such huge fees, it is because they are probably not creditworthy and have already defaulted on other people. The high rates are the lender's insurance against recovering some the cost of a portion of their creditors defaulting on the loans. The crux of the matter is that a person who attracts a 49.9% rate should not be allowed by law to borrow it, because they cannot afford the debt to start with! speedy231278
  • Score: 10

12:42pm Thu 6 Mar 14

arti273 says...

BmthNewshound wrote:
Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be.
.
Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation.
.
The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay.
.
I believe Martin Lewis became a multi-millionaire from honest hard work and passion. I'm not aware that he makes any claims personally of being "the consumer champion". I've followed him since he ran his website on his own as a tool to promote his journalistic work, and I've saved thousand of pounds in the process (much more than he/Moneysupermarket have had back in affiliate fees). If you read his emails carefully and listen to his advice then he's always very clear about what he is and isn't.

There are many things wrong with the USA, but they do have a general aspiration to become wealthy. In this country, wealth is considered a dirty word and people who have it are generally disliked. If we shared some of those wealth aspirations instead of spirally into a culture of benefits and living beyond our means, then maybe there wouldn't be a place for Amigo and Wonga at all.
[quote][p][bold]BmthNewshound[/bold] wrote: Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be. . Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation. . The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay. .[/p][/quote]I believe Martin Lewis became a multi-millionaire from honest hard work and passion. I'm not aware that he makes any claims personally of being "the consumer champion". I've followed him since he ran his website on his own as a tool to promote his journalistic work, and I've saved thousand of pounds in the process (much more than he/Moneysupermarket have had back in affiliate fees). If you read his emails carefully and listen to his advice then he's always very clear about what he is and isn't. There are many things wrong with the USA, but they do have a general aspiration to become wealthy. In this country, wealth is considered a dirty word and people who have it are generally disliked. If we shared some of those wealth aspirations instead of spirally into a culture of benefits and living beyond our means, then maybe there wouldn't be a place for Amigo and Wonga at all. arti273
  • Score: 12

12:47pm Thu 6 Mar 14

lilacfloyd says...

Cookie2508 wrote:
People are only drawn into these businesses through the obscene money spent on the Marketing. Why don't people go to their local Credit Union's? Where the ability to get a loan is far easier, where applications actually look at affordability rather than just credit history and where interest is capped by the regulators to no more than 2% per month! If a Credit Union had the Marketing Budget of Amigo, the UK would be a totally different place for this industry!
Exactly.
Good article about Credit Unions versus pay-day lenders here:-
www.moneywise.co.uk/
banking-saving/savin
gs-accounts-isas/cre
dit-unions-versus-pa
yday-lenders
[quote][p][bold]Cookie2508[/bold] wrote: People are only drawn into these businesses through the obscene money spent on the Marketing. Why don't people go to their local Credit Union's? Where the ability to get a loan is far easier, where applications actually look at affordability rather than just credit history and where interest is capped by the regulators to no more than 2% per month! If a Credit Union had the Marketing Budget of Amigo, the UK would be a totally different place for this industry![/p][/quote]Exactly. Good article about Credit Unions versus pay-day lenders here:- www.moneywise.co.uk/ banking-saving/savin gs-accounts-isas/cre dit-unions-versus-pa yday-lenders lilacfloyd
  • Score: 4

12:51pm Thu 6 Mar 14

camvalley says...

arti273 wrote:
BmthNewshound wrote: Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be. . Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation. . The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay. .
I believe Martin Lewis became a multi-millionaire from honest hard work and passion. I'm not aware that he makes any claims personally of being "the consumer champion". I've followed him since he ran his website on his own as a tool to promote his journalistic work, and I've saved thousand of pounds in the process (much more than he/Moneysupermarket have had back in affiliate fees). If you read his emails carefully and listen to his advice then he's always very clear about what he is and isn't. There are many things wrong with the USA, but they do have a general aspiration to become wealthy. In this country, wealth is considered a dirty word and people who have it are generally disliked. If we shared some of those wealth aspirations instead of spirally into a culture of benefits and living beyond our means, then maybe there wouldn't be a place for Amigo and Wonga at all.
Very true ,it is not a comparason site like go compare ,moneysupermarket.
thousands got back from bank charges ,ppi reclaiming car park fines and list goes on
[quote][p][bold]arti273[/bold] wrote: [quote][p][bold]BmthNewshound[/bold] wrote: Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be. . Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation. . The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay. .[/p][/quote]I believe Martin Lewis became a multi-millionaire from honest hard work and passion. I'm not aware that he makes any claims personally of being "the consumer champion". I've followed him since he ran his website on his own as a tool to promote his journalistic work, and I've saved thousand of pounds in the process (much more than he/Moneysupermarket have had back in affiliate fees). If you read his emails carefully and listen to his advice then he's always very clear about what he is and isn't. There are many things wrong with the USA, but they do have a general aspiration to become wealthy. In this country, wealth is considered a dirty word and people who have it are generally disliked. If we shared some of those wealth aspirations instead of spirally into a culture of benefits and living beyond our means, then maybe there wouldn't be a place for Amigo and Wonga at all.[/p][/quote]Very true ,it is not a comparason site like go compare ,moneysupermarket. thousands got back from bank charges ,ppi reclaiming car park fines and list goes on camvalley
  • Score: 1

1:01pm Thu 6 Mar 14

MrPitiful says...

arti273 wrote:
BmthNewshound wrote:
Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be.
.
Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation.
.
The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay.
.
I believe Martin Lewis became a multi-millionaire from honest hard work and passion. I'm not aware that he makes any claims personally of being "the consumer champion". I've followed him since he ran his website on his own as a tool to promote his journalistic work, and I've saved thousand of pounds in the process (much more than he/Moneysupermarket have had back in affiliate fees). If you read his emails carefully and listen to his advice then he's always very clear about what he is and isn't.

There are many things wrong with the USA, but they do have a general aspiration to become wealthy. In this country, wealth is considered a dirty word and people who have it are generally disliked. If we shared some of those wealth aspirations instead of spirally into a culture of benefits and living beyond our means, then maybe there wouldn't be a place for Amigo and Wonga at all.
I believe Martin Lewis became a multi-millionaire in part by mis-advising people in order to - as previously pointed out - keep his face in the public domain.

It's fair enough advising people how to find a discount on fish fingers in Tesco but when it comes to finances, advice should be made by those who are qualified and regulated to do so - ehich I can't find any evidence anywhere that Mr Lewis actually is.

An example of this was back in 2009/10 when he went on national TV in one of his "appearances" and advised people that if they phoned up their house insureers and threatend to cancel their policies, the insurer would reduce the cost of their policy in order to maintain the business. He also advised this could be done with other things such as Sky Tv etc.

The result of this was that people who had policies which were sold at minimum profit margins, or at low levels of cover, were cancelling their policies and leaving themselves uninsured. Some were also reducing their cover by swapping policies and leaving themselves under-insured - all in the name of "Martin said we're entitled to a better deal".

I worked in insurance at the time and had to deal with the aftermath.

Apparently, he is also under the watchful eye of the financial authorities for "advice he has given on PPI recovery, health insurance and credit card repayments.

Like I said, if you want the cheapest groceries, he's your man. If you want sound financial advice, go to someone who is qualified and regulated.

As far as Amigo Loans and other lenders - I've never used them but as I see it they are businesses like any other who are successful because unfortunately they are satisfying a demand that exists.

As far as Amigo in particular, they seem to be employing a lot of people locally. They may as well do it in Bournemouth rather than some other town!
[quote][p][bold]arti273[/bold] wrote: [quote][p][bold]BmthNewshound[/bold] wrote: Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be. . Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation. . The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay. .[/p][/quote]I believe Martin Lewis became a multi-millionaire from honest hard work and passion. I'm not aware that he makes any claims personally of being "the consumer champion". I've followed him since he ran his website on his own as a tool to promote his journalistic work, and I've saved thousand of pounds in the process (much more than he/Moneysupermarket have had back in affiliate fees). If you read his emails carefully and listen to his advice then he's always very clear about what he is and isn't. There are many things wrong with the USA, but they do have a general aspiration to become wealthy. In this country, wealth is considered a dirty word and people who have it are generally disliked. If we shared some of those wealth aspirations instead of spirally into a culture of benefits and living beyond our means, then maybe there wouldn't be a place for Amigo and Wonga at all.[/p][/quote]I believe Martin Lewis became a multi-millionaire in part by mis-advising people in order to - as previously pointed out - keep his face in the public domain. It's fair enough advising people how to find a discount on fish fingers in Tesco but when it comes to finances, advice should be made by those who are qualified and regulated to do so - ehich I can't find any evidence anywhere that Mr Lewis actually is. An example of this was back in 2009/10 when he went on national TV in one of his "appearances" and advised people that if they phoned up their house insureers and threatend to cancel their policies, the insurer would reduce the cost of their policy in order to maintain the business. He also advised this could be done with other things such as Sky Tv etc. The result of this was that people who had policies which were sold at minimum profit margins, or at low levels of cover, were cancelling their policies and leaving themselves uninsured. Some were also reducing their cover by swapping policies and leaving themselves under-insured - all in the name of "Martin said we're entitled to a better deal". I worked in insurance at the time and had to deal with the aftermath. Apparently, he is also under the watchful eye of the financial authorities for "advice he has given on PPI recovery, health insurance and credit card repayments. Like I said, if you want the cheapest groceries, he's your man. If you want sound financial advice, go to someone who is qualified and regulated. As far as Amigo Loans and other lenders - I've never used them but as I see it they are businesses like any other who are successful because unfortunately they are satisfying a demand that exists. As far as Amigo in particular, they seem to be employing a lot of people locally. They may as well do it in Bournemouth rather than some other town! MrPitiful
  • Score: 2

1:01pm Thu 6 Mar 14

pete woodley says...

This seems a delicate issue, Martin Iewis has a regular blog on the Echo site,and Benamor gets, as many have said, plenty of free publicity.I would stick with Martin,100%.
This seems a delicate issue, Martin Iewis has a regular blog on the Echo site,and Benamor gets, as many have said, plenty of free publicity.I would stick with Martin,100%. pete woodley
  • Score: 5

1:04pm Thu 6 Mar 14

MrPitiful says...

pete woodley wrote:
This seems a delicate issue, Martin Iewis has a regular blog on the Echo site,and Benamor gets, as many have said, plenty of free publicity.I would stick with Martin,100%.
As far as my own personal financial interests, I wouldn't trust or go along with either.
[quote][p][bold]pete woodley[/bold] wrote: This seems a delicate issue, Martin Iewis has a regular blog on the Echo site,and Benamor gets, as many have said, plenty of free publicity.I would stick with Martin,100%.[/p][/quote]As far as my own personal financial interests, I wouldn't trust or go along with either. MrPitiful
  • Score: 3

1:10pm Thu 6 Mar 14

mudefordguy says...

No one is being forced to take out a loan with them. If it is made clear how much someone will pay for the loan and they choose to go ahead with it - thats their choice. If you meet the terms you agreed to pay it back on the date agreed, there will be no extra charges. Simple. If you can't afford to pay it back then you shouldn't have taken it out in the first place. Whatever happened to personal responsibility? Why is it always everyone elses fault but your own?
No one is being forced to take out a loan with them. If it is made clear how much someone will pay for the loan and they choose to go ahead with it - thats their choice. If you meet the terms you agreed to pay it back on the date agreed, there will be no extra charges. Simple. If you can't afford to pay it back then you shouldn't have taken it out in the first place. Whatever happened to personal responsibility? Why is it always everyone elses fault but your own? mudefordguy
  • Score: 7

1:15pm Thu 6 Mar 14

woby_tide says...

speedy231278 wrote:
woby_tide wrote:
Talkingheadera wrote:
More fool the people who are happy to pay 49%apr
Hard to have any sympathies with them.
You think people are happy that the only lender they can use charges 49%APR?

I think my sympathy lies with you and your complete naivety
If the only lender they can use offers such huge fees, it is because they are probably not creditworthy and have already defaulted on other people. The high rates are the lender's insurance against recovering some the cost of a portion of their creditors defaulting on the loans.

The crux of the matter is that a person who attracts a 49.9% rate should not be allowed by law to borrow it, because they cannot afford the debt to start with!
Nice sweeping generalisations there.

Having no credit history does not mean a person is not creditworthy and a lot of people fall into that trap. The likes of Vanquis cards etc. are similar solutions and the only way for people to actually generate a credit history.

You also ignore the fact that the interest rates are also there to reflect the short term nature of these loans and the associated administration costs that loans like a mortgage etc. are able to spread out over a longer period.

Almost every single borrower is a redundancy/job loss away from not being able to afford a debt unless they find a new job within a set period.
[quote][p][bold]speedy231278[/bold] wrote: [quote][p][bold]woby_tide[/bold] wrote: [quote][p][bold]Talkingheadera[/bold] wrote: More fool the people who are happy to pay 49%apr Hard to have any sympathies with them.[/p][/quote]You think people are happy that the only lender they can use charges 49%APR? I think my sympathy lies with you and your complete naivety[/p][/quote]If the only lender they can use offers such huge fees, it is because they are probably not creditworthy and have already defaulted on other people. The high rates are the lender's insurance against recovering some the cost of a portion of their creditors defaulting on the loans. The crux of the matter is that a person who attracts a 49.9% rate should not be allowed by law to borrow it, because they cannot afford the debt to start with![/p][/quote]Nice sweeping generalisations there. Having no credit history does not mean a person is not creditworthy and a lot of people fall into that trap. The likes of Vanquis cards etc. are similar solutions and the only way for people to actually generate a credit history. You also ignore the fact that the interest rates are also there to reflect the short term nature of these loans and the associated administration costs that loans like a mortgage etc. are able to spread out over a longer period. Almost every single borrower is a redundancy/job loss away from not being able to afford a debt unless they find a new job within a set period. woby_tide
  • Score: 8

1:37pm Thu 6 Mar 14

Paul. A says...

The success of this company clearly demonstrates that it is providing a service that people value.

The users of this company are not forced to do so and can very well take their business elsewhere should they wish too.

There are a lot of very condescending posts on here suggesting that those borrowing from Amigo loans are incapable of deciding what is right for them or are ill advised. Please step down from your high horses!
The success of this company clearly demonstrates that it is providing a service that people value. The users of this company are not forced to do so and can very well take their business elsewhere should they wish too. There are a lot of very condescending posts on here suggesting that those borrowing from Amigo loans are incapable of deciding what is right for them or are ill advised. Please step down from your high horses! Paul. A
  • Score: -9

1:53pm Thu 6 Mar 14

pete woodley says...

The readers on this site, obviously are aware that Amigo staff,relations,frie
nds,will come on here and make comments.It appears Paul A is the one who should get off his "high horse",his comments reek of i am mr big, and he can "take his comments elsewhere if he wishes too,smug "B" Stop talking down to the readers here,they are allowed to make a comment without snobbish comments from you.
The readers on this site, obviously are aware that Amigo staff,relations,frie nds,will come on here and make comments.It appears Paul A is the one who should get off his "high horse",his comments reek of i am mr big, and he can "take his comments elsewhere if he wishes too,smug "B" Stop talking down to the readers here,they are allowed to make a comment without snobbish comments from you. pete woodley
  • Score: 2

1:53pm Thu 6 Mar 14

pete woodley says...

The readers on this site, obviously are aware that Amigo staff,relations,frie
nds,will come on here and make comments.It appears Paul A is the one who should get off his "high horse",his comments reek of i am mr big, and he can "take his comments elsewhere if he wishes too,smug "B" Stop talking down to the readers here,they are allowed to make a comment without snobbish comments from you.
The readers on this site, obviously are aware that Amigo staff,relations,frie nds,will come on here and make comments.It appears Paul A is the one who should get off his "high horse",his comments reek of i am mr big, and he can "take his comments elsewhere if he wishes too,smug "B" Stop talking down to the readers here,they are allowed to make a comment without snobbish comments from you. pete woodley
  • Score: -2

2:08pm Thu 6 Mar 14

Afterhours says...

These various loan companies market themselves as PAYDAY loan companies......so if you use them as just that....ie. Take out a small loan that you are pretty certain you can FULLY repay next week/month a problem would not arise......simples !
These various loan companies market themselves as PAYDAY loan companies......so if you use them as just that....ie. Take out a small loan that you are pretty certain you can FULLY repay next week/month a problem would not arise......simples ! Afterhours
  • Score: 1

2:13pm Thu 6 Mar 14

dorsettech says...

Loving the Experian advert running vertical to these comments! Ironic?
Loving the Experian advert running vertical to these comments! Ironic? dorsettech
  • Score: 2

2:19pm Thu 6 Mar 14

boby says...

The equivalent of a drug dealer , feeds of somebody who is desperate . Hope his kids, see this as a immoral business . Probably drives around in a flash car with his name on it .lol . Puts nothing into society but takes a lot out . Nothing to be proud of
The equivalent of a drug dealer , feeds of somebody who is desperate . Hope his kids, see this as a immoral business . Probably drives around in a flash car with his name on it .lol . Puts nothing into society but takes a lot out . Nothing to be proud of boby
  • Score: 4

2:22pm Thu 6 Mar 14

Paul. A says...

There's no need to insult me pete woodley.

Can I not join this debate without being sworn a by you?

There are calls on here to cap interest rates, what next, capping the price of groceries etc? That's a very dangerous path to take.

I'm simply a free market advocate and beleive that people are able to and should be allowed to make decisions that concern them and their personal affairs. If someone overpays for a used car should we hound the seller and call for price caps?

As mentioned before, the company is sucessfull because it provides a service that people value. It's a fiercely competitive market place and people are free to go elsewhere if they can get better rates based on their circumstances.
There's no need to insult me pete woodley. Can I not join this debate without being sworn a by you? There are calls on here to cap interest rates, what next, capping the price of groceries etc? That's a very dangerous path to take. I'm simply a free market advocate and beleive that people are able to and should be allowed to make decisions that concern them and their personal affairs. If someone overpays for a used car should we hound the seller and call for price caps? As mentioned before, the company is sucessfull because it provides a service that people value. It's a fiercely competitive market place and people are free to go elsewhere if they can get better rates based on their circumstances. Paul. A
  • Score: 2

2:49pm Thu 6 Mar 14

Cookie2508 says...

Payday Lenders are not a service people 'value'!

Its a service that is fulfilling a need to society. As i previously stated, Amigo and other such as Wonga, are able to promote themselves through their huge Marketing abilities. People use them as they are in the forefront of everyday life, whether its in Football with the like of Newcastle, to the endless advertisements online, on television and on the radio.

If people were given alternatives to lower cost loans and facilities, then they too would become well known and in demand.

What im trying to say is there is more choice out there, someone goes to Amigo for example to fulfill a need, they may not be eligible elsewhere in the high street, they may not have the best of credit ratings, but most are in a spiral that they want to break out of but cant if they are stuck in the loop of payday lending.

Alternatives as i mention like local Credit Unions including DotComUnity, Coastal and First Dorset, all provide accessibility to affordable loans, the ability to break the loop and to build some sort of financial stability, all without the risk of inflating costs, high interest, demanding letters and much more .. .

ECHO - Why, rather than promoting just one high cost lending in Bournemouth, don't you look at the wider picture, how others in the town and surrounding area can actually support in making a difference?
Payday Lenders are not a service people 'value'! Its a service that is fulfilling a need to society. As i previously stated, Amigo and other such as Wonga, are able to promote themselves through their huge Marketing abilities. People use them as they are in the forefront of everyday life, whether its in Football with the like of Newcastle, to the endless advertisements online, on television and on the radio. If people were given alternatives to lower cost loans and facilities, then they too would become well known and in demand. What im trying to say is there is more choice out there, someone goes to Amigo for example to fulfill a need, they may not be eligible elsewhere in the high street, they may not have the best of credit ratings, but most are in a spiral that they want to break out of but cant if they are stuck in the loop of payday lending. Alternatives as i mention like local Credit Unions including DotComUnity, Coastal and First Dorset, all provide accessibility to affordable loans, the ability to break the loop and to build some sort of financial stability, all without the risk of inflating costs, high interest, demanding letters and much more .. . ECHO - Why, rather than promoting just one high cost lending in Bournemouth, don't you look at the wider picture, how others in the town and surrounding area can actually support in making a difference? Cookie2508
  • Score: 4

2:55pm Thu 6 Mar 14

MalcomLittle says...

Do any of you actually realise how Martin Lewis made his money? And how much money MSE made from sending leads to insurance companies, energyt companies, lenders.. Lots of pot and kettles flying around.
Do any of you actually realise how Martin Lewis made his money? And how much money MSE made from sending leads to insurance companies, energyt companies, lenders.. Lots of pot and kettles flying around. MalcomLittle
  • Score: 8

3:10pm Thu 6 Mar 14

In Absentia says...

MalcomLittle wrote:
Do any of you actually realise how Martin Lewis made his money? And how much money MSE made from sending leads to insurance companies, energyt companies, lenders.. Lots of pot and kettles flying around.
Did he make any money recommending that people took out secured loans at 49.9%? I seriously doubt it.
[quote][p][bold]MalcomLittle[/bold] wrote: Do any of you actually realise how Martin Lewis made his money? And how much money MSE made from sending leads to insurance companies, energyt companies, lenders.. Lots of pot and kettles flying around.[/p][/quote]Did he make any money recommending that people took out secured loans at 49.9%? I seriously doubt it. In Absentia
  • Score: 2

3:12pm Thu 6 Mar 14

seaviews says...

Most banks for a standard load charge/or will try to charge 30%, the fact that the Bank interest rate is 0.5% means about 29% over base!

The government could change this overnight by forcing the banks they own to reduce there interest rates by 50%, which would force the over banks to follow.
Most banks for a standard load charge/or will try to charge 30%, the fact that the Bank interest rate is 0.5% means about 29% over base! The government could change this overnight by forcing the banks they own to reduce there interest rates by 50%, which would force the over banks to follow. seaviews
  • Score: 2

3:17pm Thu 6 Mar 14

pete woodley says...

Cookie2508,thank goodness there are some who think of others,Paul A's attitude is good luck to the rip off merchants,hard cheese to those who get caught.Seems a direct connection to Benamor, same high and mighty attitude,like several well known "businessmen",and rich boys in this area.Good comments from you should be more listened too.
Cookie2508,thank goodness there are some who think of others,Paul A's attitude is good luck to the rip off merchants,hard cheese to those who get caught.Seems a direct connection to Benamor, same high and mighty attitude,like several well known "businessmen",and rich boys in this area.Good comments from you should be more listened too. pete woodley
  • Score: 6

3:23pm Thu 6 Mar 14

Tictock says...

Wow! So much chit chat over so little substance?! Hardly a news making article? Echo short of real 'new' today then?
Wow! So much chit chat over so little substance?! Hardly a news making article? Echo short of real 'new' today then? Tictock
  • Score: 1

3:30pm Thu 6 Mar 14

MalcomLittle says...

He's happy to direct people to credit cards with 39.9% APRs.
He's happy to direct people to credit cards with 39.9% APRs. MalcomLittle
  • Score: 4

3:37pm Thu 6 Mar 14

Sir Beachy Head says...

"Mr Benamor, is CEO of Amigo Loans, which is based in the Triangle, Bournemouth"

------

All the sh1t ends up in the Triangle.
"Mr Benamor, is CEO of Amigo Loans, which is based in the Triangle, Bournemouth" ------ All the sh1t ends up in the Triangle. Sir Beachy Head
  • Score: -5

4:12pm Thu 6 Mar 14

MrPitiful says...

Sir Beachy Head wrote:
"Mr Benamor, is CEO of Amigo Loans, which is based in the Triangle, Bournemouth"

------

All the sh1t ends up in the Triangle.
Really?

When was the last time you were over here?

I doubt that Bournemouth Library, Flirt Cafe, Goat & Tricycle, St.Michael's School, Koh Thai, Starbucks, Maplins, Steamline Taxis, plus all the other flourishing businesses and excellent facilities in the area would agree with you.

And yes, that also includes Bournemouth's busiest Tesco Express, the gay bars, take-aways, sex shops, Polish stores and all the other niche shops that do very nicely thank you.

Plus we have Amigo Loans - one of the town's most successful & largest employers by all accounts!

Not to mention a film studio, recording studio, several estate agents, doctors, dentists and a range of superb restaurants! And freely available, cheap car-parking to boot!

Need I go on?

Not many empty shop fronts over here "Sir".

Come over and have a look. We would happily look down our noses and give you a welcome!
[quote][p][bold]Sir Beachy Head[/bold] wrote: "Mr Benamor, is CEO of Amigo Loans, which is based in the Triangle, Bournemouth" ------ All the sh1t ends up in the Triangle.[/p][/quote]Really? When was the last time you were over here? I doubt that Bournemouth Library, Flirt Cafe, Goat & Tricycle, St.Michael's School, Koh Thai, Starbucks, Maplins, Steamline Taxis, plus all the other flourishing businesses and excellent facilities in the area would agree with you. And yes, that also includes Bournemouth's busiest Tesco Express, the gay bars, take-aways, sex shops, Polish stores and all the other niche shops that do very nicely thank you. Plus we have Amigo Loans - one of the town's most successful & largest employers by all accounts! Not to mention a film studio, recording studio, several estate agents, doctors, dentists and a range of superb restaurants! And freely available, cheap car-parking to boot! Need I go on? Not many empty shop fronts over here "Sir". Come over and have a look. We would happily look down our noses and give you a welcome! MrPitiful
  • Score: 1

4:19pm Thu 6 Mar 14

MrPitiful says...

In Absentia wrote:
MalcomLittle wrote:
Do any of you actually realise how Martin Lewis made his money? And how much money MSE made from sending leads to insurance companies, energyt companies, lenders.. Lots of pot and kettles flying around.
Did he make any money recommending that people took out secured loans at 49.9%? I seriously doubt it.
No - he made a lot of his money by recognising the fact that there are a lot of people out there who need to save as much money as they can on their everyday living costs.

He started to advise them on how to do this with the best of intentions - eg - shopping around for groceries, changing mobile phone tarriffs.

Then he jumped in a bit too deep and started advising on things he didn't know enough about. This has resulted in people being mis-advised and ended up in a lot of people losing a lot of money. A lot more than the cost of a two-bit payday loan.

But it made him very rich so none of that matters.
[quote][p][bold]In Absentia[/bold] wrote: [quote][p][bold]MalcomLittle[/bold] wrote: Do any of you actually realise how Martin Lewis made his money? And how much money MSE made from sending leads to insurance companies, energyt companies, lenders.. Lots of pot and kettles flying around.[/p][/quote]Did he make any money recommending that people took out secured loans at 49.9%? I seriously doubt it.[/p][/quote]No - he made a lot of his money by recognising the fact that there are a lot of people out there who need to save as much money as they can on their everyday living costs. He started to advise them on how to do this with the best of intentions - eg - shopping around for groceries, changing mobile phone tarriffs. Then he jumped in a bit too deep and started advising on things he didn't know enough about. This has resulted in people being mis-advised and ended up in a lot of people losing a lot of money. A lot more than the cost of a two-bit payday loan. But it made him very rich so none of that matters. MrPitiful
  • Score: -3

5:00pm Thu 6 Mar 14

salisburysaint says...

I must point out that Amigo aren't a payday loan company.

As you were.............
I must point out that Amigo aren't a payday loan company. As you were............. salisburysaint
  • Score: -5

5:22pm Thu 6 Mar 14

MrSense says...

Mr Pitiful, why the character assasination of Martin Lewis? Is any of the points you raised relevant to him saying Amigo's interest rate is too high? Do you feel his opinion isnt a valid one?

All very strange, it has to be said ...almost political
Mr Pitiful, why the character assasination of Martin Lewis? Is any of the points you raised relevant to him saying Amigo's interest rate is too high? Do you feel his opinion isnt a valid one? All very strange, it has to be said ...almost political MrSense
  • Score: 2

5:34pm Thu 6 Mar 14

pete woodley says...

MrSense wrote:
Mr Pitiful, why the character assasination of Martin Lewis? Is any of the points you raised relevant to him saying Amigo's interest rate is too high? Do you feel his opinion isnt a valid one?

All very strange, it has to be said ...almost political
I am puzzled too,such an attack,when i very much doubt he has any qualifications for most of his statements,makes me wonder if he too is another Benamor man.Benamor has the financial ability to gather together many "friends" and so call the tunes.
[quote][p][bold]MrSense[/bold] wrote: Mr Pitiful, why the character assasination of Martin Lewis? Is any of the points you raised relevant to him saying Amigo's interest rate is too high? Do you feel his opinion isnt a valid one? All very strange, it has to be said ...almost political[/p][/quote]I am puzzled too,such an attack,when i very much doubt he has any qualifications for most of his statements,makes me wonder if he too is another Benamor man.Benamor has the financial ability to gather together many "friends" and so call the tunes. pete woodley
  • Score: -2

6:03pm Thu 6 Mar 14

MrPitiful says...

pete woodley wrote:
MrSense wrote:
Mr Pitiful, why the character assasination of Martin Lewis? Is any of the points you raised relevant to him saying Amigo's interest rate is too high? Do you feel his opinion isnt a valid one?

All very strange, it has to be said ...almost political
I am puzzled too,such an attack,when i very much doubt he has any qualifications for most of his statements,makes me wonder if he too is another Benamor man.Benamor has the financial ability to gather together many "friends" and so call the tunes.
No pete, I don't work for Mr Benamor, never have and most likely never will. Judgung by his staff going in and out of the place at the Triangle, as an employee, I am not within his target demographic!

The "almost political" "character assasination" ( a bit strong and slightly off-beam view of my opinions) of Martin Lewis is purely based on my experience.

It is also motivated by the fact that most on here are very quick to berate Mr Benamor for whatever reasons yet at the same time praise Martin Lewis as some sort of financial saviour.

The qualifications for my statements are my considerabl personal experiences where I have had to help out scores of people who were mis-ed by his claims and bad advice which left them and their homes and families under-insured and in some cases, not insured at all.

Further qualifications of my statements can by found by simple googling for cases of his bad consumer advice - and it is on the back of this advice he has made his millions.

For the record, I'm personally against PayDay lenders and short-term lenders like Amigo & I think they should be more rigorously controlled by the authorities. The problem is, as I said earlier they are supplying a demand and their service is valued by those who use them which unfortunately is just a sign of the times.
[quote][p][bold]pete woodley[/bold] wrote: [quote][p][bold]MrSense[/bold] wrote: Mr Pitiful, why the character assasination of Martin Lewis? Is any of the points you raised relevant to him saying Amigo's interest rate is too high? Do you feel his opinion isnt a valid one? All very strange, it has to be said ...almost political[/p][/quote]I am puzzled too,such an attack,when i very much doubt he has any qualifications for most of his statements,makes me wonder if he too is another Benamor man.Benamor has the financial ability to gather together many "friends" and so call the tunes.[/p][/quote]No pete, I don't work for Mr Benamor, never have and most likely never will. Judgung by his staff going in and out of the place at the Triangle, as an employee, I am not within his target demographic! The "almost political" "character assasination" ( a bit strong and slightly off-beam view of my opinions) of Martin Lewis is purely based on my experience. It is also motivated by the fact that most on here are very quick to berate Mr Benamor for whatever reasons yet at the same time praise Martin Lewis as some sort of financial saviour. The qualifications for my statements are my considerabl personal experiences where I have had to help out scores of people who were mis-ed by his claims and bad advice which left them and their homes and families under-insured and in some cases, not insured at all. Further qualifications of my statements can by found by simple googling for cases of his bad consumer advice - and it is on the back of this advice he has made his millions. For the record, I'm personally against PayDay lenders and short-term lenders like Amigo & I think they should be more rigorously controlled by the authorities. The problem is, as I said earlier they are supplying a demand and their service is valued by those who use them which unfortunately is just a sign of the times. MrPitiful
  • Score: 3

6:35pm Thu 6 Mar 14

John T says...

Could someone please advise me which of these shrinking violets, i.e. Martin Lewis or James Benamor, is the real Secret Millionaire?
Could someone please advise me which of these shrinking violets, i.e. Martin Lewis or James Benamor, is the real Secret Millionaire? John T
  • Score: 1

7:12pm Thu 6 Mar 14

pete woodley says...

Mr Pitiful thanks for comments,i have no experience of Martin Lewis other than what i have been told by those he has helped.I have however some time ago had a very close encounter with Benamor,outside his office when on Richmond Hill,and he IS a nasty bit of work,and threatening.As you know more, i will closely read your comments,my regards.
Mr Pitiful thanks for comments,i have no experience of Martin Lewis other than what i have been told by those he has helped.I have however some time ago had a very close encounter with Benamor,outside his office when on Richmond Hill,and he IS a nasty bit of work,and threatening.As you know more, i will closely read your comments,my regards. pete woodley
  • Score: 7

7:32pm Thu 6 Mar 14

MrPitiful says...

pete woodley wrote:
Mr Pitiful thanks for comments,i have no experience of Martin Lewis other than what i have been told by those he has helped.I have however some time ago had a very close encounter with Benamor,outside his office when on Richmond Hill,and he IS a nasty bit of work,and threatening.As you know more, i will closely read your comments,my regards.
Blimey - looking at the pic above, he doesn't look as though he has it in him!

Hope you gave as good as you got!
[quote][p][bold]pete woodley[/bold] wrote: Mr Pitiful thanks for comments,i have no experience of Martin Lewis other than what i have been told by those he has helped.I have however some time ago had a very close encounter with Benamor,outside his office when on Richmond Hill,and he IS a nasty bit of work,and threatening.As you know more, i will closely read your comments,my regards.[/p][/quote]Blimey - looking at the pic above, he doesn't look as though he has it in him! Hope you gave as good as you got! MrPitiful
  • Score: 3

8:30pm Thu 6 Mar 14

bisadave says...

If we want to stop the scourge of these Payday/Amigo loan companies we have to stop the demand for them. The analogy of drug dealers/users above, is not a bad one. No-one sets out to be a drug addict, but poor choices and circumstances can conspire to create unwanted addiction and if you are unfortunate enough to find yourself in that situation, the drug dealer solves your problems - in the short term.

Getting into unmanageable debt is usually a result of either poor choices or circumstances. But the biggest factor is the complete lack of decent financial education in this country.

We need a proper structured education policy that teaches the adults of the future to budget, save and spend within their means. Sky TV is not a human right and compound interest is a killer.

They need to understand about prioritising their spending, not getting taken in by misleading offers and how financial companies make their money from those who can least afford it. They need to understand that if they ignore all this advice and just borrow until they can no longer afford to meet the repayments, they will fall prey to the payday loan industry and their extortionate rates of compound interest that will quadruple their debts in no time at all. Finally, they need to be taught that no matter how bad that seems, there will always be some Amigos on the horizon who will take on your debts in return for a lower extortionate rate of interest, and your relationship with the mug who guarantees your loan.

They also need to be taught NEVER to guarantee a loan for a friend or family member with one of these companies.

whatever you think of Martin Lewis, he produced some excellent material for use in schools. Most kids leave school thinking that supermarkets primarily exist to make sure we get the food we need, not to make profits for their shareholders.

When you hear of people borrowing £100 from a payday loan company to give their 3 year old a birthday party, or borrowing £2500 from 8 different companies to buy xmas presents for their kids, without any idea how they are going to repay it, you begin to understand the scale of the problem.
If we want to stop the scourge of these Payday/Amigo loan companies we have to stop the demand for them. The analogy of drug dealers/users above, is not a bad one. No-one sets out to be a drug addict, but poor choices and circumstances can conspire to create unwanted addiction and if you are unfortunate enough to find yourself in that situation, the drug dealer solves your problems - in the short term. Getting into unmanageable debt is usually a result of either poor choices or circumstances. But the biggest factor is the complete lack of decent financial education in this country. We need a proper structured education policy that teaches the adults of the future to budget, save and spend within their means. Sky TV is not a human right and compound interest is a killer. They need to understand about prioritising their spending, not getting taken in by misleading offers and how financial companies make their money from those who can least afford it. They need to understand that if they ignore all this advice and just borrow until they can no longer afford to meet the repayments, they will fall prey to the payday loan industry and their extortionate rates of compound interest that will quadruple their debts in no time at all. Finally, they need to be taught that no matter how bad that seems, there will always be some Amigos on the horizon who will take on your debts in return for a lower extortionate rate of interest, and your relationship with the mug who guarantees your loan. They also need to be taught NEVER to guarantee a loan for a friend or family member with one of these companies. whatever you think of Martin Lewis, he produced some excellent material for use in schools. Most kids leave school thinking that supermarkets primarily exist to make sure we get the food we need, not to make profits for their shareholders. When you hear of people borrowing £100 from a payday loan company to give their 3 year old a birthday party, or borrowing £2500 from 8 different companies to buy xmas presents for their kids, without any idea how they are going to repay it, you begin to understand the scale of the problem. bisadave
  • Score: 5

8:32pm Thu 6 Mar 14

nickynoodah says...

pete woodley wrote:
Mr Pitiful thanks for comments,i have no experience of Martin Lewis other than what i have been told by those he has helped.I have however some time ago had a very close encounter with Benamor,outside his office when on Richmond Hill,and he IS a nasty bit of work,and threatening.As you know more, i will closely read your comments,my regards.
Wouldn't lend you any money then George
you should ov come to me here at bere you know.
I could lend you some you know
[quote][p][bold]pete woodley[/bold] wrote: Mr Pitiful thanks for comments,i have no experience of Martin Lewis other than what i have been told by those he has helped.I have however some time ago had a very close encounter with Benamor,outside his office when on Richmond Hill,and he IS a nasty bit of work,and threatening.As you know more, i will closely read your comments,my regards.[/p][/quote]Wouldn't lend you any money then George you should ov come to me here at bere you know. I could lend you some you know nickynoodah
  • Score: -9

8:49pm Thu 6 Mar 14

pete woodley says...

An other good letter,this time from Bisadave,with straight forward advice.
An other good letter,this time from Bisadave,with straight forward advice. pete woodley
  • Score: 4

8:50pm Thu 6 Mar 14

GAHmusic says...

What concerns me, and why I think companies like this are imoral is for the simple reason that for the huge proportion of those who can't get credit there is a very good reason that reputable finance companies wont loan to them and for many of these it is that they have a proven history of financial missmanagement. These rules are put in place to protect these individuals not the loan companies, the loan companies will always get their money one way or another that usually leaves the lendee in a bigger mess than when they started. All these companies do is give credit to those who shouldn't be given credit (most of the time)
What concerns me, and why I think companies like this are imoral is for the simple reason that for the huge proportion of those who can't get credit there is a very good reason that reputable finance companies wont loan to them and for many of these it is that they have a proven history of financial missmanagement. These rules are put in place to protect these individuals not the loan companies, the loan companies will always get their money one way or another that usually leaves the lendee in a bigger mess than when they started. All these companies do is give credit to those who shouldn't be given credit (most of the time) GAHmusic
  • Score: 5

8:58pm Thu 6 Mar 14

nickynoodah says...

You shoulda gone to the salvation army for help you know george
that's what they there for.
You shoulda gone to the salvation army for help you know george that's what they there for. nickynoodah
  • Score: -9

9:52pm Thu 6 Mar 14

bmthmark says...

nickynoodah wrote:
You shoulda gone to the salvation army for help you know george
that's what they there for.
Who is George??
[quote][p][bold]nickynoodah[/bold] wrote: You shoulda gone to the salvation army for help you know george that's what they there for.[/p][/quote]Who is George?? bmthmark
  • Score: 1

10:31pm Thu 6 Mar 14

Mangiafuoco says...

BmthNewshound wrote:
Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be.
.
Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation.
.
The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay.
.
Yes, far better to turn to legal loan sharks.
[quote][p][bold]BmthNewshound[/bold] wrote: Martin Lewis has become a multi-millionaire out of so called consumer advice. He has to pull stunts like this to keep his face in the public domain so that he can add to his fortune. In 2012 he sold his Money Saving Expert website to comparison website Money Supermarket and as we know these comparison websites rip customers off by claiming to get you the best deal on insurance etc. when in reality the prices they quote are often higher than if you'd gone directly to the provider. So Lewis is not exactly the consumer champion he claims to be. . Whilst not wishing to defend Amigo Loans or Wonga both publish their interest rates and borrowers freely enter into loan agreements with the companies and borrowers have the protection of consumer finance legislation. . The cold reality is that if Amigo and Wonga didn't exist their customers would have little alternative but to turn to illegal loan sharks who often charge even higher rates of interest, and aren't adverse to resorting to violence when borrowers are unable to pay. .[/p][/quote]Yes, far better to turn to legal loan sharks. Mangiafuoco
  • Score: 0

8:20am Fri 7 Mar 14

nickynoodah says...

bmthmark wrote:
nickynoodah wrote:
You shoulda gone to the salvation army for help you know george
that's what they there for.
Who is George??
I don't believe you don't know who george is after all this time
you are not joking me off are you
with a dicey user name
I am prepared to tell you who he is though
you know
[quote][p][bold]bmthmark[/bold] wrote: [quote][p][bold]nickynoodah[/bold] wrote: You shoulda gone to the salvation army for help you know george that's what they there for.[/p][/quote]Who is George??[/p][/quote]I don't believe you don't know who george is after all this time you are not joking me off are you with a dicey user name I am prepared to tell you who he is though you know nickynoodah
  • Score: -6

9:53am Fri 7 Mar 14

speedy231278 says...

woby_tide wrote:
speedy231278 wrote:
woby_tide wrote:
Talkingheadera wrote:
More fool the people who are happy to pay 49%apr
Hard to have any sympathies with them.
You think people are happy that the only lender they can use charges 49%APR?

I think my sympathy lies with you and your complete naivety
If the only lender they can use offers such huge fees, it is because they are probably not creditworthy and have already defaulted on other people. The high rates are the lender's insurance against recovering some the cost of a portion of their creditors defaulting on the loans.

The crux of the matter is that a person who attracts a 49.9% rate should not be allowed by law to borrow it, because they cannot afford the debt to start with!
Nice sweeping generalisations there.

Having no credit history does not mean a person is not creditworthy and a lot of people fall into that trap. The likes of Vanquis cards etc. are similar solutions and the only way for people to actually generate a credit history.

You also ignore the fact that the interest rates are also there to reflect the short term nature of these loans and the associated administration costs that loans like a mortgage etc. are able to spread out over a longer period.

Almost every single borrower is a redundancy/job loss away from not being able to afford a debt unless they find a new job within a set period.
But that's the whole point! The people who suffer are ones who CANNOT AFFORD THE DEBT and therefore SHOULD NOT have a card in the first place. If you are skint, a credit card simply gives you one month to rack up even more debt, then be swamped by compound interest forever more.

Someone without a good enough credit rating to get a credit card is likely to be unable to afford to pay one off unless the circumstances are extraordinary. Any person who is solvent but has little credit history can easily get a decent rating by taking out a card and paying it off every month, after all 49.9% is only that if you don't pay it off after you get your statement.

Moral of the story - if people didn't spend money they don't have, people like this loan shark would not be able to charge them 49.9% in the first place!
[quote][p][bold]woby_tide[/bold] wrote: [quote][p][bold]speedy231278[/bold] wrote: [quote][p][bold]woby_tide[/bold] wrote: [quote][p][bold]Talkingheadera[/bold] wrote: More fool the people who are happy to pay 49%apr Hard to have any sympathies with them.[/p][/quote]You think people are happy that the only lender they can use charges 49%APR? I think my sympathy lies with you and your complete naivety[/p][/quote]If the only lender they can use offers such huge fees, it is because they are probably not creditworthy and have already defaulted on other people. The high rates are the lender's insurance against recovering some the cost of a portion of their creditors defaulting on the loans. The crux of the matter is that a person who attracts a 49.9% rate should not be allowed by law to borrow it, because they cannot afford the debt to start with![/p][/quote]Nice sweeping generalisations there. Having no credit history does not mean a person is not creditworthy and a lot of people fall into that trap. The likes of Vanquis cards etc. are similar solutions and the only way for people to actually generate a credit history. You also ignore the fact that the interest rates are also there to reflect the short term nature of these loans and the associated administration costs that loans like a mortgage etc. are able to spread out over a longer period. Almost every single borrower is a redundancy/job loss away from not being able to afford a debt unless they find a new job within a set period.[/p][/quote]But that's the whole point! The people who suffer are ones who CANNOT AFFORD THE DEBT and therefore SHOULD NOT have a card in the first place. If you are skint, a credit card simply gives you one month to rack up even more debt, then be swamped by compound interest forever more. Someone without a good enough credit rating to get a credit card is likely to be unable to afford to pay one off unless the circumstances are extraordinary. Any person who is solvent but has little credit history can easily get a decent rating by taking out a card and paying it off every month, after all 49.9% is only that if you don't pay it off after you get your statement. Moral of the story - if people didn't spend money they don't have, people like this loan shark would not be able to charge them 49.9% in the first place! speedy231278
  • Score: 1

9:54am Fri 7 Mar 14

speedy231278 says...

dorsettech wrote:
Loving the Experian advert running vertical to these comments! Ironic?
Install Adblock Plus for your browser. The Echo site will open in a quarter of the time, and the myriad of annoying ads all over the place will never be seen again.
[quote][p][bold]dorsettech[/bold] wrote: Loving the Experian advert running vertical to these comments! Ironic?[/p][/quote]Install Adblock Plus for your browser. The Echo site will open in a quarter of the time, and the myriad of annoying ads all over the place will never be seen again. speedy231278
  • Score: 5

9:57am Fri 7 Mar 14

speedy231278 says...

bmthmark wrote:
nickynoodah wrote:
You shoulda gone to the salvation army for help you know george
that's what they there for.
Who is George??
He's a tailor at ASDA.
[quote][p][bold]bmthmark[/bold] wrote: [quote][p][bold]nickynoodah[/bold] wrote: You shoulda gone to the salvation army for help you know george that's what they there for.[/p][/quote]Who is George??[/p][/quote]He's a tailor at ASDA. speedy231278
  • Score: 3

10:27am Fri 7 Mar 14

BarrHumbug says...

Anyone got the number for Amigo?
Anyone got the number for Amigo? BarrHumbug
  • Score: -1

3:14pm Fri 7 Mar 14

delta3 says...

What James Benamor fails to tell us in this piece is no only does he manage to charge at 49% he also requires your loan to be guaranteed by a mortgage holder......so he will have little to no chance of losing the loaned monies should someone default! He is not a nice person helping out his fellow humans he is a greedy self serving individual who despite how desperate I might get, would never use. At least the loan shark/payday companies try not to hid their awful practices as he does, preying on those less fortunate.
What James Benamor fails to tell us in this piece is no only does he manage to charge at 49% he also requires your loan to be guaranteed by a mortgage holder......so he will have little to no chance of losing the loaned monies should someone default! He is not a nice person helping out his fellow humans he is a greedy self serving individual who despite how desperate I might get, would never use. At least the loan shark/payday companies try not to hid their awful practices as he does, preying on those less fortunate. delta3
  • Score: 5

3:21pm Fri 7 Mar 14

pete woodley says...

delta3 wrote:
What James Benamor fails to tell us in this piece is no only does he manage to charge at 49% he also requires your loan to be guaranteed by a mortgage holder......so he will have little to no chance of losing the loaned monies should someone default! He is not a nice person helping out his fellow humans he is a greedy self serving individual who despite how desperate I might get, would never use. At least the loan shark/payday companies try not to hid their awful practices as he does, preying on those less fortunate.
Glad to see your comments as Benamor seems to know the right people,to stick up for him.
[quote][p][bold]delta3[/bold] wrote: What James Benamor fails to tell us in this piece is no only does he manage to charge at 49% he also requires your loan to be guaranteed by a mortgage holder......so he will have little to no chance of losing the loaned monies should someone default! He is not a nice person helping out his fellow humans he is a greedy self serving individual who despite how desperate I might get, would never use. At least the loan shark/payday companies try not to hid their awful practices as he does, preying on those less fortunate.[/p][/quote]Glad to see your comments as Benamor seems to know the right people,to stick up for him. pete woodley
  • Score: 0

9:08am Tue 11 Mar 14

In Absentia says...

MalcomLittle wrote:
He's happy to direct people to credit cards with 39.9% APRs.
So presumably, people with a poor credit history can get credit 10% cheaper without providing security? That's a better deal, surely.
[quote][p][bold]MalcomLittle[/bold] wrote: He's happy to direct people to credit cards with 39.9% APRs.[/p][/quote]So presumably, people with a poor credit history can get credit 10% cheaper without providing security? That's a better deal, surely. In Absentia
  • Score: 0

6:14pm Tue 11 Mar 14

davecook says...

Payday loan customer today, food bank customer tomorrow..........
Payday loan customer today, food bank customer tomorrow.......... davecook
  • Score: 0

11:53pm Tue 11 Mar 14

pete woodley says...

His staff wont hear a word against him,they darent.
His staff wont hear a word against him,they darent. pete woodley
  • Score: 1

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