Member Info for robizm1001

When is the dividend actually paid?

Should have been 40k. Almost 40000 complaints

I spoke to my friend who works for FCA and she said she thinks Morse can survive. Between 1 Mar 17 to 28 Feb 22 Morse has received almost 40 complaints. The worst 6 month period was 1 mar to 31 aug 21 of 10200. I asked how come Morse did not issue a profit warning then and she said some cmc dump loads of complaints in one go and the rule change from 1mar 22 for cmc charges.

I did ask if any of these companies survive after receiving loads of complaints. She said the worst offender for shoddy practices is gain credit (lending stream). They are American owned and seem to be over the worst re complaints.

They have received almost 100k complaints from 1 jan 17 to 31 dec 21. Their worst year was 2019 (34k complaints) and 2021 they had 17k. They pay out nearly 60% without going to FCA.

I said provident set up a scheme of arrangement last year and does she think Morse will have to. She said provident had a very bad historical book and in 18 months received over 100k complaints which took the HCC business in to a loss. They knew they had loads of skeletons so had to do something. Provident scheme of arrangement will pay out a few pence in the £ and she thinks this will deter people from claiming against Morse (who also in her opinion has a better historical book). She thinks claims will start dropping year ending 23 and as long as the HCC earns more profit than the claims cost than Morse should be able to ride out the storm,

The HCC sector has been decimated with Morse the biggest lender who can cherry pick the best customers.

I cashed up as been in since 92p. The acquisition is not priced in but it can always fall. I thought the other party was the government.

There is not much for the CMC to go after bar affordability. Complaints must have cost £6 million minimum last year. I have looked at ombudsman’s decision and some of the cases are really weak but it costs the claims company nothing to put through to ombudsman’s so cmc May slow down when a new customer has borrowed off day Morse provident and pay day loans as most of those companies already in administration. If someone wins £1000 off FOS claims company gets £250. If they only win say £400 it is only £100.

Hopefully cmc will not proceed with the 5 loans and under and save the company FOS fees. Morse know what their historical book is like. Is it a nightmare is the main question

I have been trying to work out what that could be. It is priced as if they are calling in the administrator but Morse unlike NFS has substantial value in its loan book as borrowing not that heavy. They could sell online and wind down HCC and still pay out 45p a share.

They have not even ruled out paying a dividend. This share price is madness but am like you that something is going on behind the scenes. The delay in results to potentially the end of the month is not helping.

I am assuming most are sells as price is dropping. I bought £16000 worth at 9p and will wait on results. I would buy more but cannot believe the price. The online will be profitable year ending 23 (118 and likely loans both lost substantial sums of money in the first few years). They also have a steady stream of complaints.

HCC historical loans are the issue. I know Morse was more cautious than say Provident. Just need to see complaints come down for full year ending 23 going forward. I think they will as the CMC are running out of companies to target as Morse is the last big lender in HCC.

Complaints are lower second half than 1st half of year ending 26 Feb 2022. See the post a couple above

Amigo business plan where you need a guarantor to get a loan is flawed. You need a guarantor because your credit rating is rubbish and you probably got ccjs and god knows what. The loans were huge with 50% apr run by someone with no scruples who pumped it up and floated it and made a fortune. It was badly run before the complaints

The second trading update told us what to expect regarding results. Updated complaints says it as it is. I can’t think what else they could be hiding. CMC are going for them as last man standing but it will depend on how many clients they pick up. Institutions always sell for their own reason (they sold down Thungela coal to £1 a share after split from Anglo and it is £13 now). But by all means enlighten us peaky as what you think it is

Is this the reason for the fall

Thanks not as bad as I expected. I agree must better to settle rather than go to fca

They said results in May in the trading update

You are absolutely right as even an update on complaints would be helpful.

The results are eagerly awaited and must be the end of the month. If digital can generate £4 million a year and rising then 50% of HCC profits can deal with the complaints over the next few years as they are not going away anytime soon imho

No problem buying

I am putting my money in ascendant which is more risky but more rewarding if it goes well

That is why I sit on the sidelines. The Portuguese government could find the money easily and as the asset grows so does the importance of the mine to Portugal.

Selling at any price

They will end up with 5% after the DFS. That 15% is the problem.