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Welcome make huge losses.


sillygirl1
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The directors of Cattles have concluded that the value of the company’s net assets is now less than half of its called-up share capital.

 

In these circumstances the directors are required by law to convene a general meeting of shareholders to consider what action should be taken to deal with the situation.

 

That will be fun.

 

David

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  • 1 month later...

From the pages of Credit Today

 

Credit Today online

 

Seems the bondholders gripe is that Cattles didn't tell them about the banks guarantees when they bought the bonds and now they will only get 1p in the £ (if that!)

 

Anyone with a Welcome loan should make a silly offer to get them off their backs...

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Debt collection firm The Lewis Group, one of the group’s subsidiaries, is currently collecting the loan book of Cattle’s troubled Welcome Finance division. Debts collected will then be claimed by the banks as assets.

It is expected that it will take two to three years to collect the debts.

Dream on. ;)
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since when do we believe what credt today has to say

 

the bond holders are living on hot air

 

its rbs who are pulling the strings after cattles lost the court claim with rbs

 

the most the bondholders can expect back is £1 per share if any agreement is reached

 

also since the fiasco with price waterhouse /deloute and touche

 

now anaother (unknown ) addministrator

 

says it all realy

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From the pages of Credit Today

 

"Commission earned on the collection of other lenders’ debt and the provision of investigative services also fell to £11.9m in 2010 from £13.8m the previous year.

 

Meanwhile Cattles recorded a pre-tax loss of £246.9m for 2010, down from a £684.2m loss the previous year. Earlier this year the High Court sanctioned a scheme of arrangement which allowed Cattles to undergo a major restructuring of its finances."

 

Almost £2 million down in commission earned - I wonder why :lol::lol::lol:

 

"

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what was it that insider said on the money program ch.4

 

less the 5% of money collect by the 5 major debt co's actually goes off the original debt balance?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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