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Welcome Finance - This company needs to be banned.


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Here's the latest news on the Cattles front. From the online edition of Credit Today...

 

 

Cattles reveals £555m loss for 2008 - 27/11/2009

 

 

 

money_lock.jpg

 

Cattles has revealed that it made a loss before tax of £555.3m for the year ended 31 December 2008, according to its unaudited results.

 

An interim management statement also reveals that profit before tax for the year up to December 2007 would be restated to £22.7m, due to an extra provision it has had to make of £700m against losses on impaired loans.

 

Cattles revealed earlier this year that it expected to make the extra provision, after an internal audit of its accounting process discovered a £700m blackhole in amounts held against loan losses.

 

The sub-prime lender also had to consider whether to include an extra £150m incurred as at at 31 December 2008. This has also been taken into account for the interim statement.

 

Cattles added that the group’s balance sheet at 31 December 2008 would be likely to show a deficiency of shareholders’ funds of £197m, with loans and advances to customers of £2.5bn and gross external borrowings of £2.7bn.

 

Unaudited results of the group for the nine months until 30 September this year, taken from the management accounts, show a loss before tax of £347.4m. As at 30 September 2009, loans and advances amounted to £1.9bn and gross external borrowings reached £2.7bn.

 

Cattles said the group continues to generate cash and at 1 November 2009 it held cash of £392m. Its subsidiary Welcome Finance has collected cash of £570.4m in the nine months ended 30 September 2009.

 

After drawn out negotiations the group has reached a standstill agreement with its creditors which it claims will help to stabilise the financial position of the firm. It is now continuing talks with creditors over a restructuring of the group.

 

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.

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Hi Guys

 

I have a car with Welcome, I have one more payment before I can hand it back without paying anymore. We are moving soon, because due to the nature of where we live there are no buses. I'm gonna try and hold out for as long as I can before giving it back. How long does it take them to issue a court order, or does someone turn up at the door in the meantime? I've read in my T&C's that if they take it back without a court order then I am entitled to every penny back that I have already paid, but if I give them the car keys surely that is classed as surrendering?? Many Thanks, Simon

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handing a car back when you have paid half is called a voluntry termination

you hand the car back and owe nothing

 

welcome cannot do a repo if more than a third has been paid with out a court order

 

if they do it recession of contract and you will get back all payments with 8 % interest and a car for free

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Hi guys, am finally back online permanently now, and I see I have some reading to do lol.

 

Welcome been on the back burner as I have 2 court cases on the go right now so am up to my eyeballs but have talked over Welcome with the solicitor dealing with them for me and is willing to take it on, as the data protection breach needs arguing (beyond me!) etc.....but will use the winnings from one case to fund the Welcome one happily as this guy seems good.

 

All in all, on the offensive. Hoping everyone doing ok but will read and catch up.

 

Postggj - poor timing with the op, hope its an easy in and out job and all is well. CAG needs you!

 

Andie - need to catch up with yours too.....dying to get back in the fight, best to all.

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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post,we had conversation about cooling of periods for secure loans signed in the welcome office a couple off months ago,got a letter from the fos stating that isn,t correct.not doubting you in anyway,do you know where i can get it in black and white to send to the fos

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December 17 Next Big Date

 

Cattles Has To Go Cap In Hand To Its Share Holders To Try And Save Its Skin

 

Fat Chance

 

So what happens after that if they are unsuccessful ?

I sent in CCA and SAR last week to welcome because of OH paying approx £5500 for £750 loan.

Not trying to hijack thread, I already posted one, just wandered what would happen next if cattles get told to shove their cap.:confused:

Never mind, it could be raining!

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So what happens after that if they are unsuccessful ?

I sent in CCA and SAR last week to welcome because of OH paying approx £5500 for £750 loan.

Not trying to hijack thread, I already posted one, just wandered what would happen next if cattles get told to shove their cap.:confused:

 

 

do you have your own thread on this

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on a serious note, they've also doctored my credit file, how bad is that

 

I've just had a look at my report on Experian. I haven't viewed it since May and it was fine back then. Not now it's not, I couldn't believe my eyes! They have now put 8 yellow blobs on my file!! I'm fuming! :mad: I get paid 4 weekly and my direct bedit comes out the day I get paid, so in October I actually made two payments. The b******s!!

 

Oh and there's and extra month added on.

 

Sending out a very angry letter tomorrow.

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