Member Info for robizm1001

Time is on your side unless they do a trading update. Can’t believe the Nomad allowed that RNS. It contains absolutely nothing

The complaints are for historical lending and they either come via cmc or complain themselves. 40000 have complained already since 2017 and affordability complaints are dropping in this sector as most players left the sector. You would not raise money to pay complaints compensation. Too many complaints you leave HCC and concentrate online only

In March Trading update they said they would notify market of release date of results which would be in May. There was the warning accounts were going to be late and now they want 3 extra months. Lending is continuing. I am hoping it is an accounting error as auditor would not be asked to estimate complaints coming in. This is my opinion only so do your own research

Why would they need to raise cash? They have huge profitable loan books they could just stop lending and collect the money.

They would have to release any bad news if they knew exactly what is was. They could have found an error in accounts and investigating.

If it was terminal that would stop lending. They could wind the company up and still end up with a surplus

The website debt camel has a discussion board on Door step loans and Morse is not mentioned often. I don’t think they need to raise money as HCC still throwing off cash. The complaints for the second half came in at 7200 compared to 10200 first half but cost more to settle.

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They are using the maximum 6 months for accounts after year end. They are inviting the market to guess the problem.

From a well run cautious company to an absolute shambles well Morse

The main worry was complaints which we already know the number.

I know they are not weighed down by debt and the assets are way more than liabilities but something is wrong and that RNS does nothing to help. No explanation eg accounts irregularities nothing at all. They are still lending as well.

Explains why he left so quickly

I was wrong somebody knew this crap was coming. No trading update no explanation way to go guys

A lot of people loaded up in Feb when the shares were 14p. Some will have sold some averaged down. This share started the year at 60p and apart from complaints not much has changed. First they need to report on complaints and then if a dividend will be paid. With summer here loan demand must be high and no Provident or Loan at home demand will be high. I think they will earn gross profit of at least £15 million as no digital loss. Don’t know what complaints will cost. 1st half they were 10200 and second half were 7300 so they fell just the cost went up of dealing with them. We shall soon know by end of the month latest

I agree and the only saving grace will be dividends, the business is priced for administration and hopefully there will be good news next trading update.

The FCA will do nothing. They can’t change as countless companies have gone under. Morse are still making money on home credit and online will be profitable for year ending 23. I think complaints this year will drop as 40000 people have made them already. The 6p in the £ provident will pay will make people think it is not worth it. If I was in charge I would ride it out this year and if claims go up then close HCC run down the book and put it in administration when there is not much left putting everything into online where new lending is much stricter and nobody can build up too many loans. I honestly think complaints will drop going forward

The CMC are running out of companies to chase which should mean they turn people down with say just 3 or 4 loans. Before people would list all the companies they had high cost credit off and CMC would bang out emails to them. Hopefully they would get a few paydays. But if a prospective client comes and the only company they can go after is Morse then they will not due this for someone with 3or 4 loans where they might earn total interest of say £300 and they get 25% which is £75. It is not worth the hassle. I heard of a case where a guy had 6 loans and the last one was outstanding. The CMC won and FOS refunded the interest on loans 4 and 5. This was £590 and the last loan was £600 so Morse took the £590 off and said loans paid case closed. The CMC asked the client for £300 for their fee and client told them where to go. So cases where the client still owes and there will not be a cash refund are no good for CMC as they will have to chase customers for their money and if they have not paid Morse a lot will not pay CMC

Is it not just preemptive rights. If you have a partner they have first refusal. Maybe said no but with oil price changed their mind. I am no way an expert on this and I would not be surprised to see more twists emerge

I don’t think it will make much difference

Thanks retiredin france