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I think this is overspill from the troubles at Amigo which I believe when you look carefully is a totally different situation to NSF. We can still trade, our redress issues are a lot smaller and IMHO NSF were a much more responsible lender. If FCA come down hard on Amigo and kill them off then I know there will be political pressure not to be over zealous with NSF as no one wants the large number of people who can only get finance from the likes of NSF to be pushed into the hands of illegal lenders. Hard to be brave isn’t it?! ;-)
NOT A GOOD DAY
Already trialling home/hub working in preference to keeping a Network, which would see delinquent accounts rise when collected Centrally. Get what you can before they close the doors..
So opening new larger offices and not requiring customers to visit smaller local offices so much (a likely more cost effective model and a model proven during the pandemic) is a negative signal? Their underwriting/affordability procedures are what 'likely' (DYOR etc) impressed the FCA and those have been further strengthened in the last year particularly on affordability. Guarantor loans was also a far smaller part of this operation than most Peers e.g. our old friends over at Amigo (having a bad day today!). If I had to guess what Alchemy were looking at now I would guess they are weighing the strength of the current loan book Vs any negs from the FCA and redress and IMHO DYOR etc the former significantly outweighs the latter hence strong buy at these prices.
Newstart03,
many thanks for your reply.
I found that piece, it's not clearly pointed out it's a virtual office, more likes a regional headquarter office/hub for me.
everyday loan might put a new management layer between the general head office and each local branches, to improve management efficiency.
IMHO,please DYOR.
He is called Andi Buckley and used the # “future” and “future proof”. Suggests that’s the future, so won’t need branches/local staff.
They always said it was meeting customers in person that made the difference between their credit and the online lenders. And if they close branches the current loans will be collected by different staff to the ones that made the loan, that can’t help.
People wrongly think Everyday are insulated from the Guarantor Loans FCA/redress fiasco. In reality the Everyday legal entity wrote loans under the brands Duo and Trusttwo then George Banco. The “Guarantor” division held staff, not the loans for the majority of the time GeorgeBanco was owned by them and trading.
although i do not like your conclusion, but i like the way you do your research.
I did some google /linkedin search, but could not get what your posted information.
is it ok for you to paste your link or that manager name so I could do it on linkedin?
TIA
A senior Everyday Loans manager just posted on LinkedIn that they have opened “Central 3”, a third large office that won’t require customers to physically visit a branch. If this move away from local branches fails I expect to see Alchemy bailing on the company. If it works then presumably we will see 3 or 4 more “Centrals” open up, closure of the 76+ small branches & mass redundancies. CEO Wiggins closed the European Citi network and Egg, is he on for a hat trick of closures?
What chance of a decision this year, take one more provision and attempt to start 2022 with a clean slate?
DYOR but I don’t believe they can untangle the guarantor loans redress from Everyday (which legally wrote a lot of them), and Administration is the only possible way forward. But the FCA will be determined to avoid a “Phoenix” operation starting up. This could explain the long delay in any news on that front. Would be easier to let the business fail and try to start afresh with a new team.
Feels like the end is in sight for NSF and Everyday Loans. Get out while you can.
Expect to see this wake up some what in the coming weeks.
Topped up sub 3.5 but there is only a tiny packet of shares on offer side left 310@3.50 then it jumps to 3.82. your broker should still offer you 3.5 or less though as long as the amount isn't large (25k-45k blocks). Spoken to someone with everyday loans knowledge and their loan book is growing but at a significantly higher quality of client credit status than the industry standard. Their procedures checks & balances have been noted best in class and I was advised any FCA scrutiny has been favourable rather than detrimental because of this. BUT DYOR!! ;-)
Will there be a decision before NSF goes bust!!!
So frustrated with this share. So deep in that I am afraid to get out. Someone please share some hope!!!
Some shenanigans and fun late on a Friday usually indicative of something afoot. I might be wrong (DYOR etc etc) but suspect some good news near term BUT DYOR DYOR! ;-)
its a joke really isn't it. People thought their investigation would take around three months. It will be two year before they get any answers. Completely ridiculous.
Nearly worked through now only 234414 left of those long term sell orders @4.50 and thats not far off the cheapest current offer @4.49 so I'm back in sub 4 again. Just need a reasonable, informative update now from the company..
Remind me why I got money in this shxt
Guys in the short term there is a massive imbalance on L2 on the sell side with some big sell orders that have been left working for a week or 2 and now total close to a million @ 4.50. Im out until these orders work through as cant see a strong rise until they are gone but plenty of potential to drop.
These are showing up on my L2 platform as 'S' trades nearest definition I can find "'SW' Stock Swap
Transactions comprised in a stock swap or stock switch (one report is required for each line of stock swapped or switched).
" but the amounts dont seem very big so who knows.
Agreed Waynesmith,
Anyone on this BB able to shed light on what could be occurring with the repetitive onslaught of 5k, 6k, 7k buys/sells?
Does appear peculiar
Zzz
why are there so many 6000 shares of buy and sell?
MM test the market? looks like computing program generated deals.
TIA
what's going on ffs no coms and weird trades
Absolutely no Coms
Zzzzz
Well google doesn't seem to...
Perhaps Challenger, as someone with only 7 posts on LSE, all on NSF, all negative, can enlighten us?
Actually, upon reflection there might only be you and I here now....
Does anyone know why the auditors have resigned from NSF ?????
a very pressurised environment.....need to retain the experienced staff otherwise newbies will be making mistakes that EL does not need at this present time with the FCA outcome still due.