This shows ParkingEye's credit rating has been in free-fall since the beginning of this year. An unconfirmed report from another credit rating agency has rated ParkingEye as low as 25/100.
Duedil recommends a credit limit of £32,000.
It is not known why ParkingEye's credit has dropped so spectacularly. It may be that the agencies have realised that the company has essentially zero value. If every single motorist was to appeal their charge to POPLA on the grounds that the charge is not a genuine pre-estimate of loss then based on previous results POPLA would cancel every charge, leaving ParkingEye with zero income and POPLA costs of nearly £19 million.
Happy Parking
The Parking Prankster
Credit where credit's due.
ReplyDeletePerhaps we should stage a mass" park in" at several PE car parks on the same day - all getting Parking Charge notice and all ask for a POPLA code with the same defence - that could really cost them!!!
ReplyDeleteIf 1000 motorists did that on one day that would cost about £30,000 to PE in POPLA charges. Now a week of this would cost PE £210,000 in charges!!!
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ReplyDeleteIt would be quite interesting to buy one share in ParkingEye just to go along to the shareholders meetings and ask awkward questions!
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DeleteIf only we could get this message out to Joe Driver. Could you contact the Sun or Star and suggest that they run a story on it? I saw that the Guardian ran a story last weekend and gave this blog a mention, so that was good publicity.
ReplyDeleteI like the sound of the mass park in! I'm up for it.
I think a better idea for those inclined would be test the problem of first in, last out en-mass. There is no overstay at all, so minimal effects on businesses operating at PE controlled areas.
ReplyDeleteOnce a company is taken over their credit rating usual dips.
ReplyDeleteYou have to remember that PE are now part of Capita - therefore their credit rating is pretty much irrelevant as its the credit rating of Capita that matters.
Andrew, their credit rating has fallen for numerous reasons. PE were bought in October 2013. It has fallen recently because their accounts have been filed showing almost a 70% reduction in profits and net worth, along with 2 recent CCJs registered against them. CCJs kill a credit rating, a fact Parking Eye like to continually intimidate people with. Capita owns Parking Eye, but no, it is not Capita's credit rating that is used. Parking Eye is a separate legal entity, Capita just own the shares. I can own shares in a company, but they would not use my credit rating, they would use the companies. If that was the case, then credit rating would be a pointless exercise. Also, if Parking eye go bust, then Capita is not affected. Of course Capita can loan PE as much as they want, good money after bad if you ask me, but lines of credit with suppliers is key, if that dries up then you are in trouble.
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