Welcome Finance - This company needs to be banned.

[Voda]

I cannot believe these ******* cowboys who say they have never received Recorded Delivery letters.

 

I loathe and detest this company.

 

A very angry Voda

 

G'rrrrrrrrrrrrrrrrrrrrrr !!!!

 

no they have just received it today (I had to fax it as they said they didn't receive the letter which they signed for)

[Millymo]

I cannot belive these ******* cowboys who say they have never received Recorded Delivery letters.

 

I loathe and detest this company.

 

A very angry Voda

 

G'rrrrrrrrrrrrrrrrrrrrrr !!!!

 

It is weird Voda because we also sent a cca request on same day and both letters were signed for by same person (although post office say signature illegible) but the only one that went missing was the one putting the account in dispute ......I feel the dispute letter was filed under B for bin.

I was pretty angry too as it meant a full morning trying to figure out how to work my fax machine that I have never used and fax it through to them

[andie_303]

ooooo naughty Welcome - when someone cancels a Direct Debit that does not just mean you try and get the bank to set up a brand new one with a new reference number!!

[Voda]

Hi Millymo,

 

It really is unbelievable in this day and age that firms such as this still exist.

 

They remind me of individuals or companies that are investigated by Rogue Traders or Watchdog.

 

I am just waiting for the day when I can deal with someone else once this organisation goes to the wall.

 

It is weird Voda because we also sent a cca request on same day and both letters were signed for by same person (although post office say signature illegible) but the only one that went missing was the one putting the account in dispute ......I feel the dispute letter was filed under B for bin.

I was pretty angry too as it meant a full morning trying to figure out how to work my fax machine that I have never used and fax it through to them

[eeeezzzyy]

Totally agree Voda, the same thing happened 4 times to me since Nov08, "Oh we havent recieved any letters"..I sent two out of the four "Recorded" and the other two i posted through the door myself lol !!!

[me_only]

Ok as you have paid more than 1/3 of the agreement they cannot 'just come and take the car' they would have to get a court order for that so please do not worry.

 

Were you given any rebate of this PPI - if so how much were you given? and did they just take this off the back end of the loan?

 

Have you sent either a CCA or SAR to get all your information off them as I bet you'll find a hefty whack of charges on their as well

 

 

i wasnt given any rebate of the PPI, and they havent take anything off the back end of the loan, i havent sent any cca or sar to get all the information i need, how can i do that? writing to them? because i would like to know more information about that just in case it goes to court, i feel have to get as much information as possible so i have some grounds, thank you very much for your reply

[felixfly]

So what everyones opinion on Cattles now?

 

Do you think they will survive?

 

Do you think there is more bad news to come?

 

Whats happening with the newspaper/fraud stuff that was going on behind the scenes on here? Is it still looking bad for them?

 

Could they be waiting for the G20 sumit to start so they can bury the bad news in the media?

[traz39]

RNS Number : 8746P

Cattles PLC

01 April 2009

 



1st April, 2009

 

 

 

 

Cattles plc

 

Update on impairment provision review

 

On 20 February, 2009, the Board of Cattles plc ("Cattles") announced that it would delay the release of its preliminary results announcement for the year ended 31 December, 2008 pending completion of a review of the adequacy of the Group's impairment provisions. Since then, an independent review commissioned by the Audit Committee, with the assistance of Freshfields Bruckhaus Deringer LLP, Cattles' legal advisers, and Deloitte LLP have confirmed the Board's belief that there has been a breakdown of internal controls which has resulted in the Group's impairment policies being applied incorrectly.

 

 

Consequently, the Board reported on 10 March, 2009 that, based on information received to that date and subject to completion of its external audit, it believed that the Group incurred a significant loss before tax for the year ended 31 December, 2008, and that it will be necessary to restate the Group's financial statements for the year ended 31 December, 2007.

 

 

The review continues to make significant progress. The Board has now received a draft report from Deloitte setting out an estimate of the potential additional levels of impairment provisions likely to be required. The Group's external auditors have commenced their review of that report. The contents of this announcement therefore remain subject to completion of both the review and the Group's external audit. In particular, the financial data contained herein is subject to possible amendment.

 

 

Potential additional impairment provisions

 

The Deloitte report estimates that the Group will need to make a provision of around £700 million in excess of that originally anticipated with respect to the value of customer loans held as at 31 December, 2008. As reported in its most recent interim statement, Cattles' gross receivables were £3.6 billion and impairment provisions were £0.4 billion as at 30 June, 2008. The potential additional impairment provision represents the aggregate amount that would be needed in respect of impairment in the years ended 31 December 2008 and 2007 and, potentially, earlier years.

 

 

The amount of this provision that should be reflected in the profit and loss account for the year ended 31 December, 2008 versus earlier years remains to be determined. However, the Board continues to believe that such a provision will result in the Group reporting a significant loss before tax for the year ended 31 December, 2008 and in the requirement to restate the Group's financial statements for the year ended 31 December, 2007. It is possible that such a restatement of the 2007 financial statements could result in a significant reduction in previously reported profit before tax for that year. The impact on the Group's financial statements for earlier years is still being considered.

 

 

Incurred but not reported ("IBNR") impairment provision

 

The Board is also considering whether to include an additional IBNR provision consistent with accounting standard IAS39. Based on work carried out to date, the Board believes that the adoption of such a policy would result in an IBNR impairment provision of approximately £150 million with respect to the value of customer loans held as at 31st December, 2008.

 

 

Background to the underprovisioning

 

As previously announced, an independent forensic investigation, led by Freshfields Bruckhaus Deringer LLP with support from Deloitte, is continuing to examine how and why the underprovisioning happened. Six senior executives of the Group, including two directors of Cattles plc, remain suspended pending the final outcome of the investigation.

 

 

In these circumstances, the Board is not yet in a position to provide a definitive explanation for the breakdown in internal controls which resulted in the Group's impairment policies being applied incorrectly. However, in order for the breakdown in internal controls to have occurred, and for the extent of underprovisioning to have remained unrecognised (despite specific and repeated questioning by members of the Board as part of its monitoring of the Group's credit risk position) the Board believes that the Board as a whole received inaccurate and/or incomplete information.

 

 

Current position

 

The Board also reported on 10 March, 2009 that it believed Cattles was in breach of covenants under its borrowing arrangements. Cattles continues in discussions with its banks and the holders of its outstanding Eurobonds and US Private Placement Notes.

 

 

The management's focus is now on working closely with its debt providers to sustain their support for the Group's programme of action to stabilise its financial position. The core actions include: the appointment of new management from both inside and outside Cattles to key roles; the consideration of selected disposals of businesses and assets; a controlled process of debt recovery and cash collection; and the simplification of the Group's operating model to reduce costs. The Group has continued to make good progress with collections and has generated net cash receipts in the first three months of 2009.

 

 

As regards new management, Cattles is pleased to announce that the Board has resolved to appoint Jamie Smith to the Board of Cattles plc as interim Finance Director with immediate effect, subject to the approval of the FSA. Jamie was previously a restructuring partner with one of the big four accountants.

 

 

As explained above, the review has made significant progress in identifying the potential extent of the impairment underprovisioning and this has cleared the way for the external auditors to continue their work with respect to the financial statements for the year ended 31 December, 2008. However, it is not expected that this work will be completed until the outcome of discussions with Cattles' debt providers is clearer.

 

 

A further announcement will be made when appropriate.

 

 

For further information:

 

 

David Postings, CEO, Cattles plc

020 7269 7252

Paul Marriott, Financial Dynamics

 

 

 

 

 

 

 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

 

 

RNS news service provided by Hemscott Group Limited.

[traz39]

whats everyone think

[mojo8]

whats everyone think

 

 

thats a lot to digest

[traz39]

shares dropping now

[andie_303]

I think they are up to their necks. the amount of understating they have done is unreal! I could help this investigation if they'd have asked we could have told them. welcome pad their accounts and even make them up naughty welcome

[mojo8]

I think they are gonners, damage limitation and as much debt collecting done as quickly as possible and that will be done from a few smelly little offices by morons. The banks will bleed them dry until they get there money as they are up to there necks in it also.

[Voda]

Morning folks,

 

Well they will not get any more money from me other than the amount I am now paying as I don't have any...

 

I think they are gonners, damage limitation and as much debt collecting done as quickly as possible and that will be done from a few smelly little offices by morons. The banks will bleed them dry until they get there money as they are up to there necks in it also.

[tigga_1961]

looks like they are letting out snippets of good info first to build up confidence for the shareholders and major players, the pure fact that they had to bring in do-little&touche is bad news so still waiting for brown stuff hitting whirly thing

[Dipply75]

thanks mojo,asked for a c.c.a they sent the one for an old account,have sked for a s.a.r,don't suppose i'll get the correct one of those either,how do i go about a disclosure and what is one?

 

Morning Biddy, do you have a thread on this? I think something very dodgy has happened with you and need digging into.

[Dipply75]

Well its obvious cash collection is a main focus and (a already seen) they will put considerable effort and pressure to rewrite as many possibly unenforceable agreements as possible and secure debt.

 

Many many folk will be pushed into signing these agreements and it drives me nuts ....what can we do about it?

[Voda]

Go Public and hopefully Postie has already supplied this and other information to the Newspaper he has been to see.

 

I wonder if Postie will be able to tell us more today !!!

 

Well its obvious cash collection is a main focus and (a already seen) they will put considerable effort and pressure to rewrite as many possibly unenforceable agreements as possible and secure debt.

 

Many many folk will be pushed into signing these agreements and it drives me nuts ....what can we do about it?

[Confused of essex]

Hi Guys

 

Just been speaking with my solicitor re my PPI claim and was informed they were dealing with a Mr Ian Brockersby, has anyone heard this name before?

 

Funnily enought they didnt receive my SAR that was sent by recorded delivery either!

[scarborosmoggy]

Funnily enought they didnt receive my SAR that was sent by recorded delivery either!

 

 

 

I'm sure they'd believe us if we said that wouldn't they, lieing gits.

[Sunnie2812]

Have just seen this on LSE - there is a small Forum there

 

 

Today 10:54

Today's Update

 

 

Deloitte report estimates that the Group will need to make a provision of around £700 million in excess of that originally anticipated with respect to the value of customer loans held as at 31 December, 2008. As reported in its most recent interim statement, Cattles' gross receivables were £3.6 BILLION and impairment provisions were £0.4 billion as at 30 June, 2008. The potential additional impairment provision represents the aggregate amount that would be needed in respect of impairment in the years ended 31 December 2008 and 2007 and, potentially, earlier years. So CTT need to borrow ADDITIONAL 0.7 billion? i.e. bit Profile: Andrew Fisher, Provident Financial FD - Accountancy Age There is NO cert bet but... GL ALL!!!

[mojo8]

lifted from reuters

 

 

The company, which has already suspended six senior executives including its finance director, said a draft report showed it would have to find 700 million pounds to make up for the fact it did not set aside enough funds to cover bad loans.

A provision of 150 million pounds may also have to be made if Cattles decides to adopt accounting standard IAS39 which governs the way companies measure financial assets and liabilities.

"The board continues to believe that such a provision will result in the group reporting a significant loss before tax for the year ended 31 December, 2008," the company said in a statement.

A restatement of 2007 accounts could result in a significant reduction in pretax profit for that year while the financial impact in previous years was still being considered, Cattles said.

The company made a net profit of 114.7 million pounds in 2007 and its market value is now less than 20 million pounds after its shares slid from more than 400 pence a share in early 2007 to less than 4 pence.

"The board is not yet in a position to provide a definitive explanation for the breakdown in internal controls which resulted in the group's impairment policies being applied incorrectly," the company said.

Shares in Cattles were down 8.4 percent at 3.15 pence by 0707 GMT.

Cattles said it remained in talks with its banks and bondholders to find a way to stabilise the company's financial position.

The company has appointed Jamie Smith as interim finance director and said it had generated net cash in the first three months of 2009 after "good progress" with collections.

 

The last part of the report should read

"The company has generated net cash in the first three months of 2009 after a bullying and intimaidation campaign to scrare people into paying".

 

I still think they are on borrowed time... i just cant see how they can get out of it.... they have more than just debt hanging around there necks.

[mojo8]

LONDON, April 1 (Reuters) - Troubled sub-prime lender Cattles Plc (CTT.L) faces a bill for 850 million pounds ($1.2 billion) -- or more than seven times its 2007 net profit -- to plug holes in its accounts.

[Sunnie2812]

Share price is goig down!

 

Lots of shares are being sold!!

[Sunnie2812]

Welcome Finance owner sets aside £700m for bad debts