Welcome Finance - This company needs to be banned.

[Signaller]

Hi again,

meant to add that the mortgage was in my name only, and before I got into difficulty I was earning a lot more than I came to be earning.I didn't take the secured loan out knowing I couldn't afford it or that I might get in to difficulty. I am not trying to avoid paying.If I owe money, then I owe it. Something just doesn't seem right somehow.

Regards

Andy

[beyondhope]

Welcome Finance - The Consumer Forums

 

Hi signaller use the link above under the top 2 boxes is a button saying new thread copy and paste into there so your questions dont get lost someone will be along to help sorry im not knowledgeable to help you good luck

[biddy65]

when did it come into force that all agreements had to be signed at the welcome office.

[grumpymoo]

biddy, do you mean all agreement had to signed at the your local welcome office?

[Housemonkey]

At the bottom left of WFS agreements there's a line that says something like "you agree that you have signed this agreement at the branch of welcome finance".

Don't know what it means to sign it at home ant post it back as I did though?!

[divadog]

help please, new to this so bear with me. i think i have got welcome by the b*lls, but not sure. here goes, i have a secured loan with welcome finance, which is due to end in december(yeah right). a few months ago i started to get worried, as checking my old contract and various paperwork, nothing tallies. on the apr its 31.60% and the rate of interest its 1.8%. i requested a statement recently and it states the apr is 21.6% andrate of interest 1.00%

[divadog]

also i'm sorry if its in wrong place, but having trouble with a new thread, by the way theres more to it than what i have written, but i'd be here all day

[edwi69]

just a couple of articles that had a little bit about cattles

 

http://www.thelawyer.com/focus-ashurst-six-sense/1002646.article

 

 

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and

Edited November 24, 2009 by edwi69

[divadog]

thankyou for that, it looks like cattles are popular everywhere lol. have you any advise on where i can go from here, only a friend advised me to go to fos as they have also put things on my credit file that shouldn't be there, such as two joint judgements two years before i had ever even heard of them, among lots of other things

[jdene]

Could someone please take a quick look at my response letter on the link below before I send it, it just not reading right for some reason.

Re: Welcome secured loan PPI rip off

[pwg6565]

Cattles: No Information Regarding Future Prospects - WSJ.com

 

More info regarding Cattles.

[pwg6565]

Cattles PLC - Signing of Standstill & Equalisation Agreement

Cattles PLC - Trading Update including IMS

Cattles PLC - Bondholder Consent Solicitation

 

Direct from Cattles tonight.

[pwg6565]

Seems as though Cattles are looking optimistic but the figures shown are awful and all monies collected are going straight to the lenders so I still cannot see how they can get out of this. When the shareholders meet on the 17th December lets hope they realise they are never going to get all that money back and they put this ailing and diseased company down once and for all !!!! Lets wish for an early Xmas Pressie !!!

[jdene]

well typical of this lot as well as adhoc fees they have adhoc bondholders now I i know what the fee is for lol.

[divadog]

i'm still amazed were you guys get all this stuff. cheers for that. any ideas anyone on sorting out the crap they've put on my credit file, that shouldn't be there as their compliance dept is about as much use as a chocolate fireguard

[Us versus Debt]

get google alerts divadog, its a gem for finding news like this, all the above links and more came into my inbox.

[divadog]

will try that thanx. any ideas on my dodgy interest rates and make believe credit rating

[IainHL]

Cattles PLC - Signing of Standstill & Equalisation Agreement

Cattles PLC - Trading Update including IMS

Cattles PLC - Bondholder Consent Solicitation

 

Direct from Cattles tonight.

 

 

Ouch, those figures are nasty! These two statements in particular show how the hole has got deeper this year:

• The Company considers that the Group's balance sheet at 31 December 2008 would have been likely to show a deficiency of shareholders' funds of £197.0 million, with loans and advances to customers of £2.5 billion and gross external borrowings of £2.7 billion.
  
• The unaudited results of the Group for the nine months ended 30 September 2009, taken from the management accounts, show a loss before tax of £347.4 million. As at 30 September 2009, loans and advances to customers amounted to £1.9 billion and gross external borrowings amounted to £2.7 billion (£2.3 billion net of cash at bank).
  

Seems as though Cattles are looking optimistic but the figures shown are awful and all monies collected are going straight to the lenders so I still cannot see how they can get out of this. When the shareholders meet on the 17th December lets hope they realise they are never going to get all that money back and they put this ailing and diseased company down once and for all !!!! Lets wish for an early Xmas Pressie !!!

It seems they have a fair majority of agreement from the bondholders:

It is anticipated that the SEA will become effective on 17 December 2009 (the

"Effective Date"

) when HSBC Trustee (C.I.) Limited will accede to the SEA as trustee for the Bondholders, subject to the formal approval of the Bondholders. The Company has received irrevocable undertakings from Bondholders representing 79.91 per cent. of the 2014 bonds (by nominal value) and 77.81 per cent. of the 2017 bonds (by nominal value) to vote in favour of the resolutions to be proposed at the Bondholder meetings and therefore the Company expects that such resolutions will be duly passed.

[divadog]

thanx Iain,i'm picking up some good info from you guys. phoned the financial ombudsman up today and reeled off the whole of my sorry story(poor guy),he's despatching a letter to them today, he agreed with me on every point i made and said they would be prepared to do a full investigation into my problems, they will give welcome 8 weeks to sort it for me, if not after that time they will investigate fully. he said so far there was atleast 20 points on my acc that i was disputing.he also said that were very valid points. hopefully i can take welcome to the cleaners for being total **** suckers of the earth. by the way does anyone know if being a total **** sucker is in the consumer credit act, cos if it isn't our contracts are all legally unenforceable lol

[lou1251]

I had a phone conversation with FOS today. They said:

1) Welcome are not legally obliged to provide calculations on how they reach the amounts on the agreement EVEN IF they DON'T balance!

2) Welcome are under no legal obligation to provide details or amounts of commission paid

3)Welcome are under NO LEGAL OBLIGATION to prove the insurance definately exists!!!!!!!!

 

FSA however don't agree with FOS!!!!!

 

An adjudicator was assigned to my case last week. Received his reply yesterday - very quick. Like the above quote; he agrees with the offer that Welcome gave me. He's "urging" me to accept it.

 

He doesn't see a problem with the way that they settled the first loan with a second when all I wanted to do was lower repayments. He said I agreed to the terms when I signed the agreement. I can't actually remember singing any agreement, just an insurance form stating that I didn't want any. I don't have a copy of the second agreement and never have.

 

No explanation at all about the non-existent insurances. Which Direct Group said themselves didn't exist.

 

Not happy.

[divadog]

hi lou, thanx for the feedback. do u think i should go to fsa, cos welcomes screwed me over good and proper and i'm not letting these b**tards get away with it. any advice anyone? i would greatly appreciate some right now.

[divadog]

oh lou, by the way i have a master plan to get rid of welcome. if anyones listening. in nottingham there is a law that states that if a person wearing a kilt , holding a bow and arrow is stood in the walls of nottingham on a sunday, you are allowed by law to shoot them. the problem is how do we get all of the welcome staff to nottingham, on a sunday while dressed in a kilt and bow and arrow. mmmmmmm will think that one through and try to find an answer.

[lou1251]

Yeah, I'm seriously thinking about going to the FSA. FOS seem to be getting lazy. Welcome shouldn't be allowed to do what they're doing. We don't get away with not paying, yet they get away with tons of stuff!

 

Well, I'm from Scotland so could sort out the kilts lol.

[divadog]

lmao, i'll supply the bow and arrows, so all we need tell them that its a fancy dress anual staff meeting and everyone must attend. see we got it sorted, team work. on a serios note, they've also doctored my credit file, how bad is that

[JonCris]

An adjudicator was assigned to my case last week. Received his reply yesterday - very quick. Like the above quote; he agrees with the offer that Welcome gave me. He's "urging" me to accept it.

 

He doesn't see a problem with the way that they settled the first loan with a second when all I wanted to do was lower repayments. He said I agreed to the terms when I signed the agreement. I can't actually remember singing any agreement, just an insurance form stating that I didn't want any. I don't have a copy of the second agreement and never have.

 

No explanation at all about the non-existent insurances. Which Direct Group said themselves didn't exist.

 

Not happy.

 

 

Another idiot who's more concerned for the lenders than consumers Ask to change adjudicator The more who do that the more likely idiots like these will be asked to move on back to the bank from whence they came