Member Info for ForeverNever

Something strange going on here.

What have I missed or are they just fishing for shares??

Haha, I wouldn't sleep!

I have a mate who went big in crypto. Got to 2.2m Gbp when I told him to sell. He didn't and it's now worth 150k.

I asked him too how he didn't it and his response was that he treated it as 'fake money'

I just don't know how people do it. I stress with 100k over 5 - 10 stocks 🙈🙈

Well played Rocket. No harm in taking a few on the way up.

Another great day.

Adam, FYI I'm not short. I just don't stick my head in the sand and hope for the best.

This is why 77% of private investors lose their money. You have to research buddy. You've made your decision and good luck with it. But I wouldn't everyone else to ignore the comments.If you read it's all relative.

Those numbers (whilst very wide of each other) back up where my estimates are. This is why there is huge drops because of the unknowns.

Lloyds and larger big players can take that hit straight away. An 800gbp hit to close brothers will probably close them down.

There should be but in truth none of us know what's going to happen.

I an ideal world this gets thrown out and thus we have a great bargain. But I think based on the FCA report this will turn out to be a PPI based case.

At which point Close will have to looking at the findings and release to the market what this means to them. This is again something none of us know and it's all speculation. Hence I've tried to look at the numbers that I will work too. It's got many months maybe years to run yet though

The average 3kgbp claim included the 8% interest per annum.

What I haven't account for is the costs close need to take into account processing these and legal fees etc.

So here is my calculation based on averages. Over the 10 year period they loaned 1.5billion. Average car loan was 7k.

Ive divided 7k gbp by 1.5b gbp and multiplied the answer by the average estimated claim which is 3k gbp

The magic number I got to was 650m gbp.

This is all guess work and estimates but I prefer to work off this number than 100-200m that's been suggested as I believe that's just too low.

Whys it positive?

This is what they FCA are investigating and demonstrates they were involved.

Here is one of the cases investigated as an example to what looks like is going to happen.

the Ombudsman found that Black Horse was prepared to lend to Mrs Y at any flat interest rate between 2.49% and 5.5%, with any amount over 2.49% going to the dealer as commission;

the broker had discretion over what rate to charge. It set the rate for Mrs Y at 5.5% – the highest it could. This got the dealer the most commission;

the extra discretionary commission accounted for more than half of the interest that Mrs Y would have to pay;

Mrs Y was not told how large this commission was, nor that the dealer had set the interest rate and the commission;

the Ombudsman found that this was unfair.

The repayment is the difference in interest rate between what should have been charged and what was. The real kicker is the 8% interest per annum which will be what really hurts.

There are also a number of companies collecting claims which believes CB were in the wrong. Here is one, certainly worth a read:

https://carloanrefunds.redbridgefinance.co.uk/close-brothers-motor-finance

Happy Sunday!

I'm really hoping this isn't another PPI scandal. Close Brothers is a great business with some fantastic management. However PPI is still in memories of many and Close Brothers had a large number of PCP so with that until full outcome is known it's going to be very volatile.

Good luck to those with larger testicles than I.

Reading an FCA report and seen various legal companies touting for work Im actually of the opinion these claims are going to happen.

Based on some other claims sites it appears average PCP finance compensation is around £3,000 so far, but some motorists have been able to claim as much as £10,000. The amount you receive is based on a reimbursement of the finance that you have paid so far and 8% compensation on top

The FCA is looking at finance plans used to buy a car before 28 January 2021.

Personal contract hire (PCH) plans are not affected.

It has decided on two cases, and in both found that the way the commission arrangement between the lender and the car dealer worked was unfair to the consumer.

The FCA is clearly concerned that these are not isolated incidents.

Im going to take a cautious approach here as I'm of the opinion this has further to fall.

I've been looking at similar workings as I thought 200m sounded quite low. The market has priced in a far greater amount.

I think it's all crazy. I may raise an issue with FCA because I've chosen to shop at Waitrose for several years and as I could have made the decision to shop at Aldi I want to make a claim for the difference in the price of the apples I've purchased 😂

Anyway. Let's say worst case FCA says we gotta pay it back. I would start off with using the same rates as the PPI:

***

PPI pay-outs are made up of: the compensation (which is the refund of the PPI premiums paid and the interest you have paid on those premiums), and. the statutory interest on the compensation, at 8%

***

What's the new value now??

This may be true for US stocks but I can't see UK stocks losing 30%. They're already worth peanuts. Another 30% down and Joe blogs will be able walk in and buy Lloyds outright 😂😂😂

Can someone point me in the direction of this 'bad news' please....

Great start, the only SP in my portfolio green today. Could we be 110 today close???

Maybe wishful thinking but the party hasn't even started yet!

It's trying and keeps getting pushed back down. Finishing this week above 100p would be great....

Don't worry, think I was being silly. The customer accounts are treated as liabilities....

Hi all,

Really looking at this stock, love the growth outlook and low price with fantastic margins. Everything ticks the boxes apart from one thing I'm struggling with and hoping for some guidance.

Listed on their short term liabilities is 1.2billion. I can't find what this is for, when it's due and what they are paying in interest at the moment. It's a hefty amount and with higher interest rates could play a part with reducing margins.

Has anyone looked at this and can point me in the right direction?

61p please

Looks like I caught the bottom 😁

Let's hope it's all positive leading to results. My first target at present is 100p. I will then assess this when results are published.

GLA