some balance with this story, page-19

Don't get me wrong here folks. Not casting dispertions on the credit rating of RHG's customers. All that I'm saying is that those people that can refinance will refinance with someone else, which I assume to be the majority of the loan book. The point I'm making is that if RHG are not valuing their business as a going concern (and they're not) their customers will show next to zero loyalty and move on. Hence their loan book really is worth zip.
Some people will no doubt have greater difficulties in the process of refinancing further eroding the value (if any) of the loan book.
IMO RHG has hit the iceburg and we all know where the Titanic ended up.