Thread: Cattles - UK subprime lender misses payment

http://www.consumeractiongroup.co.uk...t-payment.html

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No resolution in the upcoming weeks will likely mean that Cattles may be placed into administration

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o happy days

Well you'd think their industry 'brotherhood' would bail them out with the £4.6m they need to pay their arrears. I wonder if they've checked their default notice

I'd love to be a fly on the wall if BOS do considering the Government kicked Cattles into touch when they asked to become a bank & to be bailed out when they first started to crash.

mmmm

I wonder if they will start getting threat-o-grams from Lewis debt recovery....

t-star

Has xmas come early

Originally Posted by JonCris

Don't be silly it'll be a like Rover they won't want thousands of redundancies in Labours heartlands, certainly not with a GE on the horizon, so the banks will be made to prop them up

This does not make any viable business sense CL Finance specialise in buying unenforceable turkeys a business model that does not work. Does GE really want several million pounds worth of debt that unforceable and what if the period on stat. debts is dropped to 3 years, that figure goes up.

Too many know what an unenforecable debt is these days and this figure rises daily, back in the days before CAG, this was an EXTREMELY profitable business, but not now.

Cattles business plan is even worse.

Why would anyone buy something that is never gonna turn a profit.

They will not be bailed out, but will GE really want worthless debt, I think not.

Going down going down going downnnnn, going down going down going downnnnn (Chorus repeat)

I think Jonchris means GE - General Election

Plus I believe GE is now part of the spanish mega bank Santander

Update today

Cattles facing court over debts (From Bradford Telegraph and Argus)

Cattles facing court over debts

9:24am Wednesday 8th July 2009
Specialist lender Cattles is facing administration and court action unless it can resolve funding issues after failing to make an interest payment due to its bondholders.
Birstall-based Cattles said that holders of about £400 million bonds due for repayment in 2017 had not received the interest payment due on July 5.
Last week the troubled firm saw its chief executive David Postings leave and also dismissed six senior executives.
Its shares have been suspended on the Stock Exchange since April after it emerged that the lender had incorrectly deferred impairment charges on its loan book which led it to underestimate its bad debts by around £700 million.
Cattles, which employs 300 people at a Cleckheaton debt collection centre, said it was having discussions with its finance providers and that a further update on the situation was expected soon. The July 5 bond payment was the first of two deadlines faced this month by the company.

There's no milage in it for New 'Liarbore', at least with the car industry there are all the ancillaries to think about; suppliers, retailers etc. But not with a totally toxic company such as Cattles.