The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I worked for provident for 5 years as an agent, currently they are writing off all loans that are known as "waivers", this is a nominal amount that the customer pays rather than be written off and thus avoiding an even worse credit rating. Very little lending is occurring and good customers are being ignored or not being renewed. The mood of most staff is despondent but have realised the company is driving home credit division to the wall, they simply want rid of this, arm of the company. This has been a downward spiral from the doomed model of employing agents direct from July 2017. Sirs we agents within a, week knew the fatal flaws in this model but the reality was hidden from investors like your good self. I got out and moved to the opposition, I saw the writing like many others, but the company were very good at labelling us, as mal contents and whingers. Believe me I was never a whinger, this model was deamt up by backroom senior staff who never knocked a door in their life and instantly their machinations and modus operandi had many of us speechless. Provident will survive but the home credit division is going through the dying throes, I have no sympathy for the company as they arrogantly ignored and flat headed through this doomed model. Make what you will of my synopsis, but I know I will be sad to see it go but we the opposition will benifitv, Bob
No one will buy it with liability for the back book, I bet its in the billions of risky historical loans. Someone may buy current loans for pennies in the pounds if they decide to cease activity. They should cut their losses now and close it, its very staff heavy so the savings on staff and income for collecting out or selling the remaining book would actually be a boost for the profitable arms. I said before this share is priced well even if CCD didn't exist
Given this article , complaints for the second half of 2020 at over 10,000 and demand for ccd products dwindling is it only a matter of time before ccd is offloaded. On top of this the silence from the company is deafening. It’s seems to be dragging the whole company down. Problem is who will buy it?
Interesting note by Canaccord just now. I realise the board have been given permission to delay results but the fact that they have decided to exercise it when many haven't is concerning. The silence is deafening.