Debt Collectors

Pull the curtains and hide behind the sofa the bailiffs are here!
A phone call with Andy, and one from a disgruntled CDS practitioner, shows that we are concerned with contract reconciliation matters today. And that’s not all. Both Andy and Steve have been at this for a good part of the week.
We consequently sniff an LSC initiative! Why? well, both because of the number of firms suddenly facing SMP amendments, and the severity of interpretation of the numbers involved. (In the case I have before me they rely upon the harshest possible calculation of projected “overpayment”).
As ever the perennial issue (to be resolved in their favour by Carter proposals) of reconciliation percentage, where between 100 or 110% to settle, raises it’s head. Todays example now allows a 5% carry forward, despite the pre CDS promise of 10%. We, to be reasonable, argued 7.5% in this case.
This might provide a bit of light relief from this.