Firstly, thanks for the insight as I am trying to work out whether to reduce my position or hold on to it - so all info welcome.
Can you let me know where you got these numbers - would love to get more detail around this? I have had a look at the last half year accounts and the annual accounts and can not see anything about "30% of the loan book hasn't made a payment in 30 days or more". They expect to write off 8% of the loan book - already accounted for and factored into the business model - and is logically growing along with their loans receivable - but that is a long way from 30%.
Question: if they were losing significantly more (and hiding it), how would they be able to grow the loan book as they would not have the cash to provide finance? - it would become apparent quickly given how short the lifespan of these loans is. Money3's financiers would not be that naive and probably have some sort of covenants in place to cover bad debts as well as having access to their books.
