You're right @kearneymaurice Put more plainly, both the timing and size of the write down doesn't correlate with the supposed change in collection strategy. A few hundred bankruptcy actions a year (or lack of) doesn't translate to a $90m write down across a book of hundreds of thousands of accounts. My read of this is the write down is but an installment towards further impairments due to other factors - the bringing forward of future profits through the prior sale of high value, paying accounts by Mr Rivas - not properly accounted for, and now compounded by Covid19 economic factors playing into the future estimated recoveries. A perfect storm, in which the change of collection strategy (mooted >12 months ago) is a convenient excuse more than anything. Expect more write downs folks. Just IMO.
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You're right @kearneymaurice Put more plainly, both the timing...
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