Provident Financial Share Discussion Threads

[mj19] 16/3/2021 08:52

Who's buying

[chucko1] 15/3/2021 17:00

In response to 4062, although that was a long time ago, I can assure you that I would never had made such a comment. Metro is a rubbish bank with appalling metrics in all respects. I was short from about 3000p but via a fund, so I had no control over exit price.

If you are trying to imply that I was bullish in some respect, hardly, but I may have bought a few to hedge half the position in the fund (by memory).

I deal in the big picture, not day-to-day movements (in general) - that's for spivs.

[ammu12] 15/3/2021 16:58

Yeah they might take this down to 172 support region

[1cutandrun] 15/3/2021 16:23

Wise move. Best of luck but I don't think you will need it. I'm also in now and if they go down a bit more I will buy more, it's a case of waiting. As sure as night follows day these shares are well under value and will take off.

[bad robot] 15/3/2021 15:26

Hello all Genuine Gamblers

Look fo5 50K at 150p

BR
IN BR WE TRUST
Red Mercury Crew

[1cutandrun] 15/3/2021 15:03

I can see what you're saying, but at the end of the day the City know and being a UK company, comparing the difference in the share price doesn't make sense.

[1cutandrun] 15/3/2021 14:55

Years ago Provident expanded into Poland and South Africa. Provident split the company and IPF was born. Provident UK and ROI. IPF is international. IPF have since expanded into other countries. IPF is still known today in Poland as Provident. It's a UK company on the LSE.

[marmar80] 15/3/2021 14:40

But you said IPF are operating in Poland. So my comment about Poland

[1cutandrun] 15/3/2021 14:37

They are a UK company in Leeds, ex Provident

[marmar80] 15/3/2021 14:33

Maybe because they are operating in Poland where that blame others culture is not popular yet?

[1cutandrun] 15/3/2021 14:30

The City is playing a bloody silly game here. The share price is ridiculously low. Compare the price to IPF and you will see the stupid difference. Poland has one of the highest COVID 19 outbreaks and the government has imposed interest limitations on new loans until June, after being extended from March, and this is expected to be extended again to the end of the year. Plus they had to refinance their loans to stop defaulting on their existing loans. We are coming out of lockdown and yet IPF shares are more solid than Provident. The City has gone completely mad.

[nick rubens] 15/3/2021 14:12

cheers jimbob Thanks for explaining, now I understand the significance of it all. A so called mis selling style scenario.

I wish companies like PFG would be more diligent on such matters and have some large print telling customers, make sure you can afford to pay us back.

No doubt the sales force responsible got their commissions and now shareholders are left taking the heat.

[1cutandrun] 15/3/2021 14:04

If you look at the dates of these complaints they are all within COVID 19. I don't blame the management at all, as their hands were tied, having to adhere to the government lockdown and FCA regulations. Basically they were shafted with no means of getting out of it. Now, if they couldn't collect and issue loans at customers homes, how many of these complaints are about breaking FCA regulations or are they service related complaints. The majority has to be service related. Everyone is getting on the bandwagon regarding mis-selling of loans issued prior to these dates and I know Provident introduced a policy that customers had to show documented evidence of affordability to get a loan. So how many of these claims are genuine.
They off loaded over 300 thousand home credit customers 6 months prior to COVID 19 and have been in large amounts every 6 months for a few years. Knowing the company as well as I do, I doubt very much that liquidation even entered their heads. I think their intention has been, to milk off the good debit card customers and reduce the cash paying customers to the level that can either be sold on or do what they did with Provident Polska which is now IPF. Either way the company knows exactly what they are doing. When is the best time to break the news, now, under the umbrella of COVID 19 before the Annual Report. The directors are not stupid, far from it. The way they write their reports proves it. It's not what they tell you, it's what they leave out and have to read between the lines. There are a lots of grey areas in their report writing and people take it as black and white, big mistake.

[pugugly] 15/3/2021 14:04

How sure are we that CCD if fully ring fenced?

[jimbobs147] 15/3/2021 13:44

It's not customers directly, it's claims management companies telling them they can claim their interest back if they borrowed the money but couldn't afford to. Another PPI Scandal. Which is why PFG are trying to ring fence the liabilities and cap them at £65m and if the FCA/Court won't play ball then close it down. It's a show of strength from the company.

[nick rubens] 15/3/2021 13:29

What are customers complaining about? Cheers NR

[the truth hurts a lot] 15/3/2021 13:25

Chucko you told the Ant, Mtro would never go below 200p.

It went to 60p

[squeamish1] 15/3/2021 12:54

If CCD is a separately capitalised entity then the group has no obligation to prop it up and can let it go to the wall drowning in customer complaints and leave an administrator to deal with it. Indeed the group board would be acting on their fiduciary duty if they did just that.

[bbarry8] 15/3/2021 12:22

What's the value of Vanquis and Moneybarn?

[chucko1] 15/3/2021 12:14

1Cutandrun, a decent summary and close to how I see it (though I have not been looking too keenly, to be honest).

[fenners66] 15/3/2021 11:56

"If the Scheme is not approved, it is likely that CCD will be placed into administration or liquidation. If this were to happen, CCD customers would not be expected to receive any redress payment. "

So they know they are going to be responsible for redress but the business seeks to ring fence the liability ?

If I read that correctly its as if they are putting a gun to the head of the Courts (?) that decide whether the scheme should go ahead.

So they screw up and then tell the authorities just how much they are prepared to do and if they don't accept then liquidation?

Given the seeming lack of remorse are they putting the credibility of the whole business in the firing line ?

[sbb1x] 15/3/2021 11:46

Big lumps going though buys and sells.

[fenners66] 15/3/2021 10:59

I think the implication in this part of the RNS absolutely stinks.

"As announced in December, and as part of the operational review, PFG has created a new intermediate holding company to streamline the structure of its operating subsidiaries and ensure that the Group is well-positioned going forward."

That reads to me like they were taking the precaution of cutting CCD adrift in December.
But they wait to tell the market of the implications until MAR21

As I have tried to point out with other companies , some of which have gone into liquidation , no one tells the bad news as it is first time.

Profit warnings coming in 3's is long established and it is human nature in these businesses to not pass it on all at once.
After all if something is your fault and you get 3 months more pay before you are sacked why wouldn't you ?