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PGH7447

Mass cull of Cattles chiefs - 01/07/2009

style="text-align:center;"> Please note that this topic has not had any new posts for the last 3999 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

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Thank you

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PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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The Press Association: Cattles bosses sacked after probe

 

The owner of the Welcome Finance consumer loans firm said that it had sacked six senior bosses after a probe into accounting irregularities which blew a £700 million hole in the company's balance sheet.

Cattles executives, including finance director James Corr and chief operating officer Ian Cummine, have left following "a breakdown in controls" which resulted in its policies on bad debts being applied incorrectly.

It is understood this involved deferring and extending repayment terms on under-performing loans to avoid making a loss provision in the accounts.

Cattles uncovered the breakdown in controls in February and warned in April that provisions for 2008 and previous years would be £700 million higher than expected.

The six bosses have been suspended since March. The Financial Services Authority (FSA) is understood to have details of the probe by Deloitte and Freshfields and considering whether to take further action.


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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Whats betting Mr Postings has left with a generous pay off - after all it takes pains to say the "disgraced" execs have left without payoff but no such thing for Mr Postings.

 

I bet the 6 week consultancy he is doing is also worth a bob or two - what a joke!

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What a shame!!!:D

 

I have been watching this for some months, it is obvious Cattles is slowly going under. Their shares are suspended and they need to refinance several hundreds of Millions of pounds in the middle of July.

 

Judging by some shareholder bulletin boards they regarded Postings as Cattles saviour, but obviously he wasn't doing too well either!

 

I just hope Cattles takes all their offspring such as CL Finance, Lewis Debt Recovery and Welcome with them when they go under.

 

That should put paid to Howard Cohen as well, seeing as they are basically used as a front for Lewis.

 

Happy Days,

 

Pookey


I'm in the DCA kicking business ..........and business is good!!!!

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Mr Postings is like the blind and deaf monkey - hear no evil, see no evil - yet the company he came from is very much mixed up in the Welcome/Cattles mess - FUNNY THAT!!

 

Perhaps the shareholders should do as much investigating as some of their consumers do and then they would know not to let that man anywhere near there money - tainted goods!

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'breakdown of controls'.

 

Well, that's one way of putting it.

 

David

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Let us hope that when the group sinks, they take their DCA with them.

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If you have outstanding claims get you letters off NOW demanding that they provide an insurance or other form of agreed indemnity that you WILL be paid in the event your claim is successful................. failing which & assuming you are still paying tell them that you will cease direct payments placing them instead into a separate account until your matter & their financial viability is resolved

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I have a court case with Welcome due in August should I be writing to them JonCris asking that they make provision for my claim being paid if successful??

 

Should this go to Cattles??

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What a shame!!!:D

 

I have been watching this for some months, it is obvious Cattles is slowly going under. Their shares are suspended and they need to refinance several hundreds of Millions of pounds in the middle of July.

 

Judging by some shareholder bulletin boards they regarded Postings as Cattles saviour, but obviously he wasn't doing too well either!

 

I just hope Cattles takes all their offspring such as CL Finance, Lewis Debt Recovery and Welcome with them when they go under.

 

That should put paid to Howard Cohen as well, seeing as they are basically used as a front for Lewis.

 

I have the champers on ice ready

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I have a court case with Welcome due in August should I be writing to them JonCris asking that they make provision for my claim being paid if successful??

 

Should this go to Cattles??

 

Both + the CEO by Special Delivery

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thanks JonCris - if i try knocking a letter up will you cast your eyes over it?

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Yup

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Both + the CEO by Special Delivery

 

how about this???

 

Account Number:

County Court Number:

Dear Mrs Young

I have been reading with interest over the last two days the upheaval going on within your company including the dismissal of senior members of staff and the resignation of a number of executives including Mr Postings.

I have also been following the financial aspects of your company rather closely over the past few months including the suspension of shares and negotiations with creditors and the failure to publish the latest accounts.

Therefore I am, with reason, somewhat hesitant about your company’s future.

As I am currently a claimant in litigation with your company I now ask that I am provided with insurance or further indemnity that my claim will be able to be paid should it be successful.

Such assurance should be a matter of routine and I would expect this to be provided within the next 7 days i.e. on or before 10th July 2009.

Should you not feel you can comply with the above request I ask that a written explanation as to why not be forwarded within the same timescale.

Yours Faithfully

CC: Cattles PLC – Compliance/Legal Department

Welcome Financial Services – Complaince/Legal Department

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Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha....ha!

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how about this???

 

 

Account Number:

 

County Court Number:

 

 

 

 

Dear Mrs Young

 

I have been reading with interest over the last two days the upheaval going on within your company including the dismissal of senior members of staff and the resignation of a number of executives including Mr Postings.

 

I have also been following the financial aspects of your company rather closely over the past few months including the suspension of shares and negotiations with creditors and the failure to publish the latest accounts.

Therefore I am, with reason, somewhat hesitant about your company’s future.

 

As I am currently a claimant in litigation with your company I now ask that I am provided with insurance or further indemnity that my claim will be able to be paid should it be successful.Of course if my claim is successful and you or your company are unable to repay what is owed then I retain the right to hire a Debt Collection Agency of my choice to chase you and/or your company to death, just like your inhouse threat monkeys do with your alledged debtors

 

Such assurance should be a matter of routine and I would expect this to be provided within the next 7 days i.e. on or before 10th July 2009.

 

Should you not feel you can comply with the above request I ask that a written explanation as to why not be forwarded within the same timescale.

 

Yours Faithfully

 

 

 

CC: Cattles PLC – Compliance/Legal Department

Welcome Financial Services – Complaince/Legal Department

 

PGH:D


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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LMAO - And there was me trying to be P.C - I should have thought better of it :)

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Who fancies having a party outside there offices, and laughing at all the theat monkeys as they head off to the job center.

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how about this???

 

 

Account Number:

 

County Court Number:

 

 

 

 

Dear Mrs Young

 

I write with regard to recent well publiced events.

 

As you will be aware I presenty have a claim against Welcome for (?) which may take some time to resolve and I am most concerned that should I be successful Welcome will not be able to meet their obligation to me.

 

I of course realize that should Welcome fail the book debt will be disposed of to another entity who will take over the collection of accounts. In this regard I'm most concerned that any buyer may not be fully aware of any future obligations regarding such things as repayment of mis-sold PPI which I understand could be substancial

 

Therefore with this in mind and the lawful intention of protecting my position I intend not to make anymore direct payments to Welcome but to pay the monies into a seperate account until such times as my complaint and the future of Welcome is resolved.

 

In the alternative in order to maintain payments I shall require Welcomes written indemnity or that of any new account holder to guarantee that if successful my claim plus costs will be met in full

 

Yours Faithfully

 

 

 

CC: Cattles PLC – Compliance/Legal Department

Welcome Financial Services – Complaince/Legal Department

 

See above

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I'm not paying them at the moment though Jon Cris - In dispute as the amount of the loan and interest has been paid but I refuse to pay PPI I did not ask for or could have used - therefore the letter above isn't really working for me.

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not going off topic andie

how long is a piece of string

 

ime talking about cattles making a public announcement on its future

 

all cattles have been doing so far is to drip feed constant bad news to the share holders

 

ive heard on the grapevine its 2,5 billion the total debt by cattles

 

how much more bad news is there that they are not telling us

 

if they dont release soon, they will be struck off the stock exchange for non compliance

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how about this???

 

 

Account Number:

 

County Court Number:

 

 

 

 

Dear Mrs Young

 

I write with regard to recent well publiced events.

 

As you will be aware I presently have a claim against Welcome Fiancial Services for the mis-selling of PPI insurance which may take some time to resolve and I am most concerned that should I be successful Welcome Finacial Services and/or Cattles PLC will not be able to meet their obligation to me.

 

I of course realize that should Welcome Financial Services fail the book debt will be disposed of to another entity who will take over the collection of accounts. In this regard I'm most concerned that any buyer may not be fully aware of any future obligations regarding such things as repayment of mis-sold PPI which I understand could be substantial.

 

I require Welcome Financial Services and/or Cattles PLC written indemnity or that of any new account holder to guarantee that if successful my claim plus costs will be met in full

I ask that this be provided within the next 7 days i.e. on or before 10th July 2009. Should you not feel able to provide this I request a written explanation detailing why within the same timeframe as above.

Yours Faithfully

 

 

 

CC: Cattles PLC – Compliance/Legal Department

Welcome Financial Services – Complaince/Legal Department

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Oh I say this is terribly sad (not). Perhaps this little malaise will spread to the entire industry.

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Then amend it removing the part about making alternative payments

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What do we think will happen to all these debts which CL Finance stupidly bought and the ones passed to HC's

 

Who is going to ride over the hill and buy unenforceable turkeys????

 

Who is going to be mad enough to want to buy debt that has a return rate in single figure percentages????

 

Sure if it's sold for 50% or even 75% lose big deal. A debt sold to xyz DCA is worthless if the only way they can enforce it is to pray that it's not defended and that costs money. Telephone monkeys need paying, letters cost money, initial charges for Northhampton, all money going out nothing coming in.

 

Anyway, according to the info I've read Cattles is going under is not a case of if just when, the banks are going to take a big hit on this as well. RBS have about 50 Mill they are preparing to flush down the swanny.

 

CAG in a small way has contributed to this.:cool:

 

Am I happy my debt got sold to theses bully merchants


We live in an unmoderated country why should the net be any different?

Bring back free speech we miss it!

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