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Pitsy

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  1. The Birstall office which looked after all of the Bradford accounts was closed down yesterday (1st October 2012), the staff were unaware of the closure and have been made redundant.The Grimsby office is now looking after these accounts, so you can now expect hassle form this new bunch of halfwits
  2. You must be joking, Cattles are like a dog with a bone, they won't let go until they have done!
  3. http://www.thetelegraphandargus.co.uk/news/local/localbrad/9438853.Fraud_fears_as_loan_firm_loses_discs/ In todays local newspaper......
  4. Creditors of Cattles have backed it's restructuring plans to enable the company to avoid going into administration. Meetings of the creditors of Cattles and its subsidiaries Ewbanks Mail Order and Welcome Financial Services backed the deal after shareholders agreed to receive 1p a share. Just over 83% of the 896 shareholders who voted were in favour of the plan under which Cattles will be aquired by Bovess, a newly formed company.
  5. Its reported today that Cattles has unveiled a last-ditch rescue plan as part of a bid to stave off going into administration. Management have put forward a deal that would see bondholders paid just £49 million of the £750 million they are owed, while shareholders would receive 1p per share. If the offer is rejected in the new year; the management will put the company into administration. Bosses are hopeful that the deal will be approved because they already have the backing of some of its biggest creditors.
  6. Congrats on winning your case! You'll also be clad to hear that Ucan has gone out of business too!
  7. I hear that Welcome's latest stunt is to offer 0% interest for a period 90 days on loan accounts, on the basis of substabtially raising payments, and with a carrot dangled to extend the offer on a 90 day rolling basis. This is how I heard it from a friend who is paying £255 p/month on an unsecured loan, a call came from Welcome (via there Birstall HO) saying that if he increased his monthly payment by £174 p/month (to £429), in return they would give 0% interest on the loan for 90 days, and at the end of the 90 day period would consider a further 90 days on the same basis, the current percentage is 2.5% p/month on the outstanding balance which I believe is 5.8k. Seems to me that Welscum are growing ever more desperate to increase incoming cash! Anything to do with Welscum has to be treated with suspicion, all I will say is beware, be very aware before you agree anything with the masked highwaymen!
  8. It wouldn't surprise me, and another that was forced to close down cos of their dodgy dealings! Seem's to me that sub-prime lenders for cars treat customers with utter contempt, and is simply becausecos they know that the people who turn to them have very limited options for credit, where these jokers can pull every stunt in the book to clinch what is generally an easy deal!
  9. James Drummond Smith resigned as a Director and Finance Director at the end of the AGM , the Board has appointed Paul Felton-Smith to the Board of Cattles as Finance Director Also, Cattles say that shareholders won't receive any more than 1 pence per share from a possible restructuring following further discussions with its creditors. On the 2nd June Cattles said that it was exploring 'a proposal under which a newly incorporated company, formed and managed by a corporate service provider and ultimately owned by a charitable trust, would make an offer to acquire the entire issued share capital of Cattles', it said shareholders should not, however, expect over 1 pence per share from any deal given the existing deficit in shareholders' funds and the significant losses that its financial creditors will incur.
  10. 22 banks in Welcomes syndicate with RBS having the most to lose, not only was there a huge loss for 08/09 but the figure was 250 million higher than was originally thought, and with the 09/10 figures expected in the coming weeks (which are also expected to show a huge loss), just how long can this situation continue??
  11. Who knows, maybe a very small collections outfit will remain until the loan book is cleared, or possibly passed to the Lewis Group (who are Welcomes debt collector who are also part of the Cattles), I doubt very much that any outstanding accounts will be walked away from, simply farmed elsewhere.
  12. Was a direct comment via a senior collections manager who works at the Birstall HO. No great surprise with the branch closures, because as leases expire on premises the local branches are being shutdown, and with that a reduced need for area management, the loan book is closed and its a winding up process which expected to take 2-3yrs. I'm just surprised that the press have not got wind of the closure/redundancy process which has been going on for months. My guess is that the main aim now is to cutting costs and to eventually bring all payment collections under one roof via Nottingham or Birstall, and leave Lewis to collect any debt.
  13. 19 branches closing in June and 30 area managers to go :grin:
  14. Interesting stuff............... Lewis Group posts losses for 2008 - 12/05/2010 Debt purchaser The Lewis Group has today revealed pre-tax losses of almost £5.2m for 2008. Publication of the results has been severely delayed after an accounting error was discovered in the financial accounts of Welcome Finance, a subsidiary of The Lewis Group’s parent company Cattles. The error, which amounted to a £700m black hole in the accounts of Welcome Finance, meant that Cattles’ auditors had to revisit the company’s books to carry out a forensic review. This review meant that Cattles’ full results for 2008 would have to be reviewed and changed, therefore delaying publication of the results for the Lewis Group A spokesman for The Lewis Group today told Credit Today: "The accounting problems were focused on Welcome Finance, not on the Lewis Group. As a result the figures for the subsidiary will have only changed marginally." The Lewis Group's results show that the drop into the red from a £10.2m pre-tax profit the year before, reflected a reduction in cash collections as well as a more cautious view on the outlook for the UK economy. The company added that the collapse of the housing market in particular had also led to a devaluation of the debt portfolios owned by The Lewis Group of £14.1m. The group said in a statement that it will refocus its strategy on contingent debt collection and by the end of 2010 its commitments to acquire further debt will have been completed. Cattles, which specialises in lending to people with low credit ratings, announced it had swung to a £745.2m loss, reflecting a loan loss charge of £794.3m. The deficit was significantly worse than the £555.3m unaudited loss Cattles had announced in November. The total losses for the group were more than £300m larger than it had envisaged six months ago, partly because of another increase in loan impairment provisions. Cattles has halted further lending in its Welcome Finance division and its subsidiary, The Lewis Group, is collecting the loan book. It is expected to take two to three years to collect Welcome’s loan book. Cattles chairman Margaret Young today apologised to shareholders for the poor results and the catalogue of accounting errors. Young said: "I share your anger about what has happened. Like you, I feel very let down by certain former executives. I also share your frustration about the time that it is taking to establish responsibility for the problems which we have experienced. However, these matters are extremely complex and cannot be resolved quickly. The Cattles group will report its postponed results for 2009 in the next few weeks.
  15. It seems that the Bond holders hold the key to putting Cattles into Administration, makes you wonder why its not already happened?
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