Revealed: ‘Toff entrepreneur’ behind Amigo Loan firm’s troubles appeared on Channel 4’s The Secret Millionaire … and boasted ‘I don’t give money to people who don’t deserve it’
- Businessman James Benamor appeared on The Secret Millionaire back in 2008
- His business, Amigo Loans, is facing closure amid allegations of wrongdoing
A millionaire whose business is about to collapse appeared in a section of Route 4‘s The Secret Millionaire back in 2008.
James Benamor is worth £77 million when he appears on the Moss Side event in Manchester, looking for qualified people to give money.
He made his fortune in the UK’s best secured credit, Amigo Loans, which lends to people with bad credit if they have a friend or family member willing to pay back if they can’t.
The company since then has been criticized for selling unaffordable loans, and is now facing bankruptcy without the help of investors.
Amigo estimates that customer complaints can cost around £338million – money that’s not there.
James Benamor is worth about £ 77 million when he appeared on the event at Moss Side in Manchester, looking for qualified people to give money to.
Employees can stay in a French restaurant for free as a benefit of the high Amigo Loans
In his story on The Secret Millionaire, Benamor said: ‘There is no company out there that we compete with and I don’t want to see it crushed to the ground.’
Described as a ‘toff entrepreneur’ and ‘strong-nosed millionaire’, Benamor ruffled feathers with his witty nature and one-liners.
‘I don’t give money to people who don’t deserve it,’ he said in part to the camera.
I always want to be the best in everything I do… Competition is the reason I keep working… because I want to be and great men.’
Benamor first launched his business when he was 21, and appeared on the show in his 30s.
He spent a week driving a Nissan Micra around the streets, meeting victims of drug addiction and violence in the neighborhood. At the end of the program, he revealed his true identity and donated money to local charities and youth projects.
Born Rachid James Benamor and educated at Poole Grammar School, the son of Tunisian immigrants said he was an unruly youth who ‘did a lot of drugs, turned to petty crime’.
‘I’m a nightmare,’ he told Secret Millionaire viewers. I was a nightmare for my parents. I was a nightmare for anyone who knew me. Many times I would have ended up in jail.’
He spent a week driving a Nissan Micra around the streets, meeting victims of drug addiction and violence in the neighborhood.
At the end of the program, he revealed his true identity and donated money to charities and youth projects.
According to It’s TimeConsumers who signed up for loans with high interest rates have been encouraged to consider suicide when they are crippled by debt.
The business can expect to pay out £112 million to customers.