Cattles in more trouble :-)

[PGH7447]

http://www.consumeractiongroup.co.uk/forum/bank-charges-finance-industry/201535-cattles-loses-chairman-amid.html#post2193693

[Nottsdave]

Is that the sun starting to shine

 

 

Notts

[cerberusalert]

Is that the sun starting to shine

 

 

Notts

 

No, it was the Telegraph

[sequenci]

No, it was the Telegraph

 

hehe.

[cashins]

However, the banks want a solution as they fear customers will not bother to repay their debts if Cattles goes bust, as happened at London Scottish Bank. :grin::grin::grin:

 

Now there's a surprise.

 

David

[babybear39]

The company also appointed a new chief operating officer to Welcome Financial. Paul Mackin joins from Littlewoods Shop Direct on June 5 and will work with David Postings, group chief executive, who has taken over day-to-day management of the division

 

On a day to day contract

[cashins]

On a day to day contract :grin:

 

Hmmmmm, most people leave a sinking ship!!

 

David

[babybear39]

Hmmmmm, most people leave a sinking ship!!

 

David

 

Like rats

[PGH7447]

do welcome finance know something that cattles dont

 

they are advertising for several jobs today

 

Jobs at Welcome Financial Services - Totaljobs.com

[UnmoderatetheNet]

It's a common situation staff panic, as so they should and bail out, this leaves holes in the infrastructure. The businees still needs to function so they need to replace the staff that leave. I do notice the position is contract ie temporary and in ' welcomes' case very very temporary.

 

I'm getting bored now, when will they admit defeat and die, its like watching an animal after its been run over. The banks are going to pull the plug who is insane enough to bail them out certainly not the tax payer we are already over 60% into RBS and Lloyds

[dannyboy660]

its like watching an animal after its been run over.

 

Sounds like some people have some pretty bizarre hobbies ouitside of CAG..............

[postggj]

At Last Some One On My Wave Length

[caledfwlch]

What does welcome/cattles going bust mean for people who owe it money?

 

What did that quote mean about banks fearing debtors wont pay up? does the debt vanish if a company goes bust?

[babybear39]

The adminsistrators will sell on any valid assets such as a loan portfolio and then you'd be hanled by them.

[caledfwlch]

The adminsistrators will sell on any valid assets such as a loan portfolio and then you'd be hanled by them.

 

So why are the banks worried? I see no difference in situation, just the name of the **** harrassing you for repayments

[cerberusalert]

When Cattle's/Welcome's portfolios are sold on during the asset stripping it will be interesting to see whether their archives were kept in good order, or whether they are in the same mess as some of their agreements.

[vint1954]

Sounds like some people have some pretty bizarre hobbies ouitside of CAG..............

Nothing like a bit of Barbied Road Kill.

 

Bugger to get the hair out of your teeth though

[cashins]

So why are the banks worried? I see no difference in situation, just the name of the **** harrassing you for repayments

 

If I recall correctly, Cattles owe the banks £600 million.

 

David

[PGH7447]

hello guests, checking on cattles are we, well the sooner they get taken to the slaughterhouse the better for all, and while their at it take welcome lewis and clueless and their pet solictior howard cohen along for the one way trip

[creditcardmug]

At Last Some One On My Wave Length

 

Hey ive always been on your wavelengh regarding these to%%ers:D

[PGH7447]

http://online.wsj.com/article/BT-CO-20090715-701963.html

Update 15/07/09

 

LONDON (Dow Jones)--U.K. subprime lender Cattles PLC (CTT.LN) Wednesday said its lenders have agreed to extend its GBP500 million syndicated banking facility from a maturity date of July 14 to Dec. 31.

The syndicated loan is led by Royal Bank of Scotland Group PLC (RBS) and there are 22 banks in the syndicate.

Cattles, whose shares are currently suspended, said it has also entered into further agreements and changes to its banking facility with all its bank lenders and US Private Placement noteholders as it looks to stabilize the financial position of its subsidiary Welcome Financial Services Ltd. and its other divisions.

The lender added that it was still in talks with all its banks with a view to "achieving a formal standstill agreement."

 

----------

 

Looks like they have been let off:mad:

[cashins]

Could be true in the old saying:

 

If you owe your bank £1000, you have a problem. If you owe your bank (in this case £500 million), they have a problem.

 

David

[zazen.warrior]

Shop Direct, home of the non-existent credit agreement, and Welcome are worth jumping ship to from them. Lol

[UnmoderatetheNet]

Maybe but they still have to find the money and the business plan sucks.

 

Where are they going to get money from unenforceable turkeys? What if the SB debt period gets brought into line with europe of 3 years NOT 6 they are gonna be proper knacked

[PGH7447]

update 23 07 09

 

PWC comes under scrutiny for Cattles audit - Times Online

 

PWC comes under scrutiny for Cattles audit

 

 

PricewaterhouseCoopers (PWC), the UK’s largest accountancy firm, is being investigated by the financial reporting regulator into its oversight of Cattles, the beleaguered sub-prime and doorstep lender.

The inquiry by the Accountancy and Actuarial Discipline Board (AADB), part of the Financial Reporting Council, comes after Cattles this month said that it had undertaken a clearout of senior management over a “breakdown” in its internal controls. Six senior directors were fired.

Cattles has been in crisis since February, when PWC raised questions over the level of impairment charges that it was taking to cover a surge in problem loans. In April, having issued two profit warnings, Cattles suspended trading in its shares and said that it would no longer be able to publish its report and accounts, due by the end of that month.

The AADB said today that it would investigate the preparation, approval and audit by PWC of the financial statements of Cattles and its Welcome Finance business for the year ended December 31, 2007 and interim financial statements for the first half of 2008

 

etc etc