Welcome Finance - This company needs to be banned.

[felixfly]

So if Welcome go what happens to 'Progressive Financial Services'?

[mojo8]

So if Welcome go what happens to 'Progressive Financial Services'?

 

 

i guess they will be treated like any other subsiderie of cattles and used to feed back the debt to banks

[scarborosmoggy]

I knew they'd survive.

[bobbydog]

what are your views andie303

what would postggj think

i for one am dumbfounded

i think there has been a little scullduggery in the meetings with cattles and creditors and deloitte !!!!

[mojo8]

I knew they'd survive.

 

 

i cant see how they can survive, the banks will just blead them dry

[Millymo]

Hi all

- I am gutted I was expecting to get up and welcome would be no more

I wonder why they haven't released there results yet??? I thought they had to do this before the end of the financial year?

 

Anyway slightly off track I know but I can't get an answer at compliance department does anyone know if they have an e-mail address? Thanks

[082stewie]

I had a call last night offering me a re-write if i make this months payment today.... it sounds as if they are desperate to collect as much money today.

 

Go Mojo!! what they offering??

 

Tell them you will think about it at 0.5% APR

[Darwin]

Spoke to the FD of the company I work for , he recons that is the actions of a company in BIG trouble but he says they will survive a little while yet unless something else big happens.

[scarborosmoggy]

i cant see how they can survive, the banks will just blead them dry

 

 

I'd rather they'd be shot down dead.

[082stewie]

UPDATE 1-Cattles says loans to units may be subordinated

 

31-MAR-2009 08:22

 

LONDON, March 31 (Reuters) - Troubled British sub-prime lender Cattles said on Tuesday it may have to take second place to bank creditors in recovering loans it made to its own subsidiaries.

 

In a statement, Cattles said guarantees held by bank creditors may give them priority over the company's own repayment claims against its operating units.

 

Shares in Cattles, already under pressure due to concerns over the group's funding, have collapsed in the past six weeks after the company issued several profit warnings and said it had uncovered accounting errors.

 

The company, which lends to people who cannot get credit from mainstream banks, revealed earlier this month that it had breached its banking covenants, and warned it would make a loss for 2008.

 

Cattles said on Tuesday it was looking into the legal effect of its bank creditors' guarantees, and would provide a further update 'in due course.'

 

Cattles shares closed at 3.2 pence on Monday, down 84 percent since the beginning of the year.

 

(Reporting by Myles Neligan; Editing by Rupert Winchester) Keywords: CATTLES/

 

([email protected]; + 44 207 542 13 73)

 

 

Basically this mean, Erm in Stewie's own understanding.

 

Cattles has several companies and these companies have loaned monies to each other internally. Subsidiaries of Cattles that have loaned the company money are second in line to be repaid. First the banks, then stake/bond holders and then shareholders.

 

Basically this stops them from worming their way out of getting rid of any cash in case they go under. Like taking a loan from my family and then a loan from the bank. I loose my job, I should pay my bank first and family come second (Ok ok weird example, but you get the point)

 

Stewie

[mojo8]

Go Mojo!! what they offering??

 

Tell them you will think about it at 0.5% APR

 

I have told them that if i was to do a re-write then the contract needs to be backed up with a breakdown of everything and will be subject to being cross checked by an expert....surprisingly he would not agree, he came back with a new monthly figure instantly but would not disclose the breakdown over the phone ... he told me he would call me today to collect my monthly payment... i told him to shove it.

[felixfly]

Was this recorded?

[Forsure]

Is this what they are doing now ? Offering re-writes ? Should I expect a call ?? hmmmmmmmmmmmmm I wonder what the nicest way I can tell them to go away is ?? lol

Edited March 31, 2009 by HSBCrusher
language

[mojo8]

Basically this mean, Erm in Stewie's own understanding.

 

Cattles has several companies and these companies have loaned monies to each other internally. Subsidiaries of Cattles that have loaned the company money are second in line to be repaid. First the banks, then stake/bond holders and then shareholders.

 

Basically this stops them from worming their way out of getting rid of any cash in case they go under. Like taking a loan from my family and then a loan from the bank. I loose my job, I should pay my bank first and family come second (Ok ok weird example, but you get the point)

 

Stewie

 

 

your right stewie, thats a good example in laymans terms.

 

I cannot see how cattles can survive. All revenue collected by the subsideries such as welcome will be blead dry of everything that comes in through there banks and no funds will be fed up through the cattles system. This means that all none essential parts of welcome will close as there will be little working capital to operate with and collecting may be done from strategically positioned offices around the UK, there is no point in keeping offices round the uk open that are going to be a drain on available cash. The banks will look for every available source of cash and asset including secured loan books. There is also all the uncollectable debt and the issues with HMRC, fraudulent insurance policies.... i think we may see welcome round for a couple of months until they have been blead dry. I may be wrong but i hope im not.

[mojo8]

Was this recorded?

 

 

i dont know if they recorded it but we did

[mojo8]

Is this what they are doing now ? Offering re-writes ? Should I expect a call ?? hmmmmmmmmmmmmm I wonder what the nicest way I can tell them to go away is ?? lol

 

 

I have a sneaking suspicion that we are not dealing with your average welcome employee here. For some reason and no explanation our dealings have now changed offices and are dealing with people that we have not dealt with before. These people may have been drafted in to try and secure as much money as possible by taking a more polite approach, offering re-writes and doing deals, this may also be part of there in-house cleaning and way of getting dodgy agreements either re-written or paid up... just be wary of any offers they make.. and suspicious.

Edited March 31, 2009 by HSBCrusher
language

[Voda]

Sure, how can branches survive if they are unable to lend at present.

 

Rewrites at lower APR will not be as profitable.

 

your right stewie, thats a good example in laymans terms.

 

I cannot see how cattles can survive. All revenue collected by the subsideries such as welcome will be blead dry of everything that comes in through there banks and no funds will be fed up through the cattles system. This means that all none essential parts of welcome will close as there will be little working capital to operate with and collecting may be done from strategically positioned offices around the UK, there is no point in keeping offices round the uk open that are going to be a drain on available cash. The banks will look for every available source of cash and asset including secured loan books. There is also all the uncollectable debt and the issues with HMRC, fraudulent insurance policies.... i think we may see welcome round for a couple of months until they have been blead dry. I may be wrong but i hope im not.

[andie_303]

what are your views andie303

what would postggj think

i for one am dumbfounded

i think there has been a little scullduggery in the meetings with cattles and creditors and deloitte !!!!

 

my honest opinion is the same as it has always been. it's not the lse or the traders that will schedule the end of this company. it will be brought down by government agencies investigating criminal activities

[bobbydog]

you have hit the nail on the head mojo8

so please all beware and get things checked and double checked before you sign up to anything

[mojo8]

Sure, how can branches survive if they are unable to lend at present.

 

Rewrites at lower APR will not be as profitable.

 

 

Thats what i mean, branches will close but a couple of strategically placed offices aroung the uk will be used to collect, these will be funded by self generated minimum working capital. There is obviously a lot more to it yet and i suspect that cattles being as devious as they are will probrabley have a legal team as we speak looking at the contracts between them and the banks to try and stop this all happening.... i just cant see how they could get out of this.... therers statement says it all and coupled with what we know on this thread.. they are gonners

[felixfly]

Where is Post?

 

Should i be buying a certain newspaper today???

[082stewie]

Sure, how can branches survive if they are unable to lend at present.

 

Rewrites at lower APR will not be as profitable.

 

 

At present I don’t think they are concerned about profits or lending to sustain the company going forward. Its about the here and now and if they will survive the next few weeks.

If I was a holder of Cattles stock, I would want answers or at least some idea of what is happening with the money I have invested.

I would be very very careful with the offer of new contracts and lower APR deals. You have this whole thread as evidence of the suspect dealings Welcome are willing to do at any cost!

WFS could not give a s**t about your well being or your personal circumstances I can assure you. Its all about the green.

Rule of thumb with Welcome.

If it looks like a rat, it smells like a rat. Then guess what. It is a rat!

If it sounds too good to be true, then it often is!

Nothing in this world is for free!

Ok enough of that :grin: I couldn’t help myself for a minute

Stewie

[felixfly]

I think the fact that the share price has gone up after this news is just a sign of how little confidence the market really had in Cattles.

[Darwin]

Sure, how can branches survive if they are unable to lend at present.

 

Rewrites at lower APR will not be as profitable.

 

Re writes at a lower apr would be better than a total loss on that account if lets say it should show up in a national newspaper that the contract may be invalid.

[mojo8]

Sure, how can branches survive if they are unable to lend at present.

 

Rewrites at lower APR will not be as profitable.

 

 

it all about damage limitation, even at a lower APR it may well be a way of getting dodgy agreements more secure.