Welcome Finance - This company needs to be banned.

[gkmotorsport]

It'll be before 16:30 if they are announcing to the LSE. We'll update the thread if you let us know how you get on

[postggj]

meny thanks

 

like i said busy day for me tommorow

[082stewie]

ive tried norwich union five times this afternoon

still no human being

 

must be busy

 

 

What number you dialing Post?

[postggj]

no worries

not important

thanks stewie

[Confused of essex]

Hi Im new to this forum and slightly confused, I apologise if I am posting on the wrong thread, but just a quick welcome question. I have a secured loan for £10,000.00 for which I have meen sold ppi and the arrangement fee has been added to the total loan amount. I have got a solicitor and sge has done the SAR this week, but if they go bust have I missed my chance or is my loan uneforceable because of the arrangement fee added to the loan amount?

 

Sorry if Im in the wrong place but getting stressed just want to get it straight in my head

[postggj]

dont panic confused

 

every thing will be ok if welcome are no more

 

cattles or the addminitrators will handle any thing

[tigga_1961]

can someone please have a look at this agreement for me and see if its enforcable, dont want to get too excited in case its not, thank you http://www.consumeractiongroup.co.uk/forum/general-consumer-issues/188916-tigga-welcome-i-hope.html

[andie_303]

tigga - yours is the same as felix's - it's added into your credit but your agreement shows clearly that it is added in - now as I said before i'm not 100% but wilson v fct is all about s61 of the consumer credit act which I believe is all about 'hidden' charges not divulged on the CCA.

 

Might be wrong - i hope for your sake I am

[andie_303]

for god's sake compliance, go home...Comic Relief does the Apprentice is on tonight - put you're feet up and rest - BIG day tomorrow

[tigga_1961]

thanks for having a look andie, its appreciated, think i will apply for sar to see whats been goin on

[eeeezzzyy]

And just to think ive taken a day off work tomorrow to "personally" SAR these lowlifes at the local Welcome office...well i might aswell still waste the car park fee and drop it in to them.....and gloat , never know might be the last chance to see the flea-pit

 

Friday 13th....could be a very good day !!!!

[Darwin]

I think I need to have a rummage through the drawers , this all seem to be ringing bells in my head.

 

Might have to crack open the scanner when i find it.

[tigga_1961]

;)im guessing post is having an early night given the busy day in store, hope all goes well tomorow post will be waiting with baited breath , gl

[Sol]

I wonder how long it will take for the Police, FOS and FSA to tak action against Cattles.

[itrends]

Hey, I just sent the below to Andie but maybe someone else is about that can help me on this...?

 

 

I have an agreement from way back in 2005 for my car. I don't currently have a statement as they have not replied to SAR. However there are 2 things that make me think they have charged interest on the Acceptance fee based on my agreement document and I wondered if you might give me your thoughts?

 

1) The have the acceptance fee listed as a value of "s".

They then have "charge of credit for goods" as S+t+v.

They then roll those into a total charge for credit and finish by saying that there is interest applied to that total... thus they must be charging interest on the fee?

 

Secondly at the bottom of the paper they have actually written "Interest, calculated on the amount of credit and Acceptance Fee outstanding from time to time throughout the duration of this agreement...."

 

So unless I am mad, they have essentially put in writing that they are charging interest on the acceptance fee?

 

If this is the case I assume I can use your fantastic letter to put the account into dispute and then cancel my payments to them? My agreement is due to end at the end of this year anyway.

 

Finally, if I do this I assume they are not going to be able to take the car, and indeed will actually have to pay back monies owed or write off the debt?

 

Any help that anyone can offer is really appreciated

 

THANKS!!!!!

 

P.s

as a bit of a funny one, the person who printed this agreement kept the headers and footers on so at the bottom it has the word document name of "Elite Brokers Tier 3 (Volume Bonus) 10.10.05 which I find amusing.

[Sol]

By the way, as I have complained about the Acceptance Fee being included in credit, should I also be complaining to the FOS or FSA, and if so, what should I say?

 

Thanks

[GhostDebt]

Best wishes for tomorrow Post,

Bring them down gently ....

Cheers

[eeeezzzyy]

The big day has arrived......

[robnfc]

Tuesday, March 10, 2009

Cattles suspends finance director, expects significant full-year pretax loss

 

 

The bad news from Cattles PLC keeps getting worse. In a statement today, the UK subprime lender announced the suspension of group finance director James Corr and chief operating officer Ian Cummine. Cummine is also chairman of Welcome Financial Services, the operating subsidiary whose managers were suspended only a week ago during a review of Cattles’ impairment provisions.

Cattles warned in December its full-year results would be delayed by a probe of its impairment provisions, and last week announced first findings suggest there has been a breakdown in internal controls which has resulted in the group's impairment policies having been applied incorrectly. However, it could not quantify the effect on Cattles’ financial statements.

Today, the company was more certain of the extent of the troubles, saying it now expects to incur a significant pretax loss for the financial year to December 31 2008, and it is likely Cattles will have to restate the results for 2007.

While the Audit Committee, the company’s legal advisers Freshfields Bruckhaus Deringer LLP and internal auditors Deloitte LLP continue to pore over the books, the company is today suspending its FD, the COO and Adrian Cummings, the compliance and risk director for Welcome Financial Services Lending Division.

Cattles chief executive David Postings last week took direct management control of Welcome Financial Services, as the subsidiary’s managing director John Blake, finance director Peter Miller and operations director Mick Belcher were suspended.

As if all this was not bad enough, Cattles also had to announce today that it believes to be in breach of covenants under its borrowing arrangements and will therefore be seeking appropriate waivers from its relevant debt providers.

Gary Edwards, group IT and business services director, has taken on operational responsibilities at Welcome Financial Services and Susan Puddephatt has assumed the role of risk and compliance director.

The shares took another mauling, trading down nearly 15 percent around 2.1 pence. Three months ago, the stock was at just under 40p and six months ago was changing hands at around 130p.

 

 

 

oh what a shame

Edited March 13, 2009 by robnfc

[bobbydog]

i have been following this thread with interest, although not a borrower of WF, i believe that what is done here in CAG is for the good of all the people who have borrowed from WF.

NEVER IN THE FIELD OF WELCOME CONFLICT HAS SO MUCH BEEN OWED BY SO MANY TO SO FEW.

ITS' TIME TO SCRAMBLE AND UP AND AT EM !!!!!!

GOOD LUCK

will be following threads tonight when i gat home

 

[itrends]

What an exciting day this is going to be and it's Friday the 13th Unlucky for some

[Dipply75]

I asked this question on another thread and asked not to be laughed at for my possible niavety lol...Sol reassured me so let me ask everyone here:

 

I have seen lots of secured loan agreements posted and they all say the same thing (in fact it says this on the unsecured ones also)

 

They state fixed rate in the heading....but then list the interest rate as variable with 14 days notice as of the T&C relating to this...which just says that they can put the rate up or down as they see fit without giving any reason, not tracking any base rate or anything..just "we can".

 

Firstly, that clause wording seems like a joke but...if it says fixed sum at the top, how can it also be variable?

 

Is it a secured loan thing? B00geyman received a letter stating his % has been raised and his monthly payments shot up also...no reason or explanation but his agreement states Fixed Sum at the top yet variable interest rate in the middle as well?

[robnfc]

hi sorry to butt in but you all seem to know what the score is with wf can you have a look at this for me and tell if its enforceable , well the ppi bit anyway ??

 

is this enforceable?? - The Consumer Forums

[edagent]

Quote; "James Hamilton, an analyst at Numis, said: "Something has happened to wipe hundreds of millions off the profit and loss account through no trading period at all.

"Why is the market value still £11m? It is worth zero. There is not an institutional buyer of this share at any price."

Mr Hamilton said the shares were probably being bought by individual investors hoping for a revival of the stock.

(This is the bit I really like...)

 

"Cattles now runs the risk of being crippled by bad debts if its best collection agents leave and customers, who already have bad credit records, are left with no incentive to repay".

 

In January Cattles' shares fell sharply after the company failed in its attempt to win a banking licence to replace expensive bank funding with retail deposits.

Cattles' problems follow the near-collapse of London Scottish Bank, a rival sub-prime lender, in December.

[andie_303]

hi dipply - you counting down the hours? LMAO - bet you're looking forward to that drink tonight