Panthera Finance: This must be one of the worst ways of making a return

Already a subscriber?The collapse into administration of Panthera Finance, one of the country’s largest debt collection groups, is a perfect opportunity to take a look at this sordid corner of the financial system, one that is becoming increasingly mainstream.

Either way, with Panthera now in administration – although the business and its subsidiaries are operating as usual, collecting debts – there is every chance Brookfield will end up with control. And that could mean using its enormous balance sheet to unleash a tsunami of high-interest debt to vulnerable borrowers.It is also in the business of handing out loans to, in its own words, “helping Australians within impaired credit”. Talk about complementary.

“Since 2009, Panthera has collected over $900 million of dishonoured debts purchased from banking & finance, utilities and telco vendors.” In all, Gedda had some $30 million of loans on its books with 1455 borrowers. The average balance was just over $20,000 and the largest was $55,259. The weighted average interest rate across the book? That was 26.3 per cent.The reviews are not good. As Daniel Friend, one customer, wrote: “Impossible to get a hold of and no easy way to make extra payments. Interest is high so be careful with that … given that the only way to manage the account is to contact them.

Nederland Laatste Nieuws, Nederland Headlines

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