shockedcanadian
Diamond Member
- Aug 6, 2012
- 43,957
- 42,993
- 3,605
Police states are expensive. Destroying lives has decimated the economy and allowed monopolies to overcharge citizens for decades and it is expanding.
This company is well known here, well regarded, but another victim of the massive police state which has dragged our citizens and by extension the nation backwards while protectionism denies competition from the U.S, Japan and Europe. We are in effect, East Germany without the walls but citizens are trapped in the same manner, offered booze and gambling to drown their sorrows.
American agencies surely know that the collapse on Ontario is fairly certain. If the U.S walks away from USMCA this process of collapse is sped up dramatically. No one can.blame.me, I did my part, graduating top of class. Sadly, all of Canada will not be far behind...
This major Ontario lender announces financial hit as borrowers miss payments, bad loans mount.
The publicly-traded parent company of LendCare, a Pickering-based high-cost lender, will be incurring a charge of $178 million related to its subsidiary’s bad loans and correcting previous reporting of delinquencies.
In a financial update posted Tuesday, Goeasy also announced an action plan aimed in part at strengthening LendCare’s leadership.
The announcement, which sparked a sell-off of Goeasy’s shares, follows a Star investigation that revealed staff at the subsidiary had set out to suppress the rate at which borrowers were falling behind on payments.
Goeasy said it now expects the rate of charge-offs — when unpaid loans are deemed uncollectible — to have hit 12.9 per cent in 2025, up from 9.2 per cent the year before. Management predicts the rate could go into the “mid teens” this year.
This company is well known here, well regarded, but another victim of the massive police state which has dragged our citizens and by extension the nation backwards while protectionism denies competition from the U.S, Japan and Europe. We are in effect, East Germany without the walls but citizens are trapped in the same manner, offered booze and gambling to drown their sorrows.
American agencies surely know that the collapse on Ontario is fairly certain. If the U.S walks away from USMCA this process of collapse is sped up dramatically. No one can.blame.me, I did my part, graduating top of class. Sadly, all of Canada will not be far behind...
This major Ontario lender announces financial hit as borrowers miss payments, bad loans mount.
The publicly-traded parent company of LendCare, a Pickering-based high-cost lender, will be incurring a charge of $178 million related to its subsidiary’s bad loans and correcting previous reporting of delinquencies.
In a financial update posted Tuesday, Goeasy also announced an action plan aimed in part at strengthening LendCare’s leadership.
The announcement, which sparked a sell-off of Goeasy’s shares, follows a Star investigation that revealed staff at the subsidiary had set out to suppress the rate at which borrowers were falling behind on payments.
Goeasy said it now expects the rate of charge-offs — when unpaid loans are deemed uncollectible — to have hit 12.9 per cent in 2025, up from 9.2 per cent the year before. Management predicts the rate could go into the “mid teens” this year.
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