Welcome Finance - This company needs to be banned.

[steven4064]

They are more likely to be wound up and sell all the debts to someone else.

[emandcole]

They are more likely to be wound up and sell all the debts to someone else.

 

Let's have a whip round

[pears23]

don't you think they had enough of our hard earned dosh???

[emandcole]

don't you think they had enough of our hard earned dosh???

 

Not to help them out, to buy the debt portfolio. Then we either follow the superb Cattles business model or alternatively hire a civil servant to leave the data disk on a train somewhere. I've got nothing to do with Welcome but I'd chip in .

[gandalf haggins]

The second would be to sell them to companies that are prepared to buy them, the latter being aware of the problems they are likely to be inheriting. It will be their call as to whether they think they will be able to collect enough money to make a profit on their purchase.

 

The last lot were sold for 2p per £1....they go to profit if they collect in 2%...

[dawnytrish]

The last lot were sold for 2p per £1....they go to profit if they collect in 2%...

 

:-). Hope they sell ours soon then....we could just about manage 2% as full and final.....:grin:

[IainHL]

Originally Posted by IainHL

The second would be to sell them to companies that are prepared to buy them, the latter being aware of the problems they are likely to be inheriting

I seriously doubt that!

Really Steven? Can there be anyone in the debt collection industry that is unaware of the toxic bag that would be a Welcome debt portfolio?

[IainHL]

The last lot were sold for 2p per £1....they go to profit if they collect in 2%...

That is a gobsmackingly low percentage.

 

I think I'm with dawnytrish on this, it gives a starting point for a F&F. Thanks for the information gandalf.

[steven4064]

Really Steven? Can there be anyone in the debt collection industry that is unaware of the toxic bag that would be a Welcome debt portfolio?

It happens all the time - debts are sold off in lots of 100s or 1000s at a few perce in the pound. The buyer onlyhas to persuade a few punter to pay up to be quid in.

[gandalf haggins]

Lol...I don't think it quite works like that. They're in it to make a profit...the 2p:£1 ratio probably goes on the basis that to break even they need to collect in 2% of the entire book they've bought. So the assumption will be that they will want to collect 1:50 of the loans in its entirity to break even...don't forget they will only sell debts that would be too costly to continue persuing, overseas skips..amongst them.

 

Not to help them out, to buy the debt portfolio. Then we either follow the superb Cattles business model or alternatively hire a civil servant to leave the data disk on a train somewhere. I've got nothing to do with Welcome but I'd chip in :grin:.

i think you'd have to buy them in serious bulk to even have a sniff at a debt portfolio...

 

If you want to short settle, you're best speaking to the branches...though realistically they tend not accept less than 75% of the total balance....though they have gone lower. You are probably going to get more vigorously persued by MKDP as they ONLY focus on bad debts...best not to let it get that far.

Edited May 14, 2010 by gandalf haggins

[dadofholly]

This is a message for anyone having trouble with Welcome

 

If the agreement you have includes insurance, we are pretty sure the agreement will be in big trouble.

 

The reason for this is that we are pretty sure that Welcome paid themselves a commission on that insurance - by that, I mean that they paid Norwich Union (or whoever) a certain amount for the policy but then charged you more.

 

Of course the agreement doesn't tell you that and therein lies their problem.

 

You see, the law is pretty clear. Hidden commissions are a big no no. They have the potential to make the whole agreement void (that's even better than unenforceable). Even if a court didn't declare the agreement void, they would have to declare it unenforceable anyway.

 

This is because, a commission is part of the cost of credit not part of the loan amount. THerefore, the loan amount, the cost of credit and the APR are all wrong on the agreement. They are also terms prescribed in schedule 1 of the Consumer Crecit (Agreements) Regulations 1983. the fact that they are wrong makes the agreement unenforceable under s61 of the CCA 1974.

 

Details of the amount Welcome paid for the insurance policy are contained in a document called the underwriting sheet. Ask Welcome for a copy. They won't give it you, but if push comes to shove you can get a court to order them to give it to you. Any case they might then try to make against you will go out of the window.

 

 

Glad to hear what some of us already suspected being more or less confirmed. Sounds like a fellow cagger may have got a bit of a result.

 

How does this work though if as in my case i had a hp aggreement for a car through a broker.

 

Welcome claim no misselling by them as it was the broker who sold the insurance and they only provided the finance. (not strictly true as the insurance was one of theirs and direct group have admitted this)

 

BUT - i do have evidence they provided the broker with a commission for the finance of the car AND the insurance.

 

can i still chase them for undeclared commission - and who do i go for the broker, welcome or both?

[steven4064]

I don't have a result yet but my suspicions have been greatly increased (not proven yet mind - watch this space).

 

If you have evidence that the broker got paid a commission which is not declared then you should go after the broker for hidden commissions. It is the broker that has the position of trust and it is they that have acted unlawfullly if they broke that trust. have a look at the case of Wilson v Hurstanger

[andie_303]

This is a message for anyone having trouble with Welcome

 

If the agreement you have includes insurance, we are pretty sure the agreement will be in big trouble.

 

The reason for this is that we are pretty sure that Welcome paid themselves a commission on that insurance - by that, I mean that they paid Norwich Union (or whoever) a certain amount for the policy but then charged you more.

 

Of course the agreement doesn't tell you that and therein lies their problem.

 

You see, the law is pretty clear. Hidden commissions are a big no no. They have the potential to make the whole agreement void (that's even better than unenforceable). Even if a court didn't declare the agreement void, they would have to declare it unenforceable anyway.

 

This is because, a commission is part of the cost of credit not part of the loan amount. THerefore, the loan amount, the cost of credit and the APR are all wrong on the agreement. They are also terms prescribed in schedule 1 of the Consumer Crecit (Agreements) Regulations 1983. the fact that they are wrong makes the agreement unenforceable under s61 of the CCA 1974.

 

Details of the amount Welcome paid for the insurance policy are contained in a document called the underwriting sheet. Ask Welcome for a copy. They won't give it you, but if push comes to shove you can get a court to order them to give it to you. Any case they might then try to make against you will go out of the window.

 

 

This is correct and Postggj knows why I can't say how i know - but BELIEVE me I KNOW!!!

[andie_303]

By the way - another little Welcome celebration here!

 

Guess who's Welcome default has disappeared from my credit file!!

 

WHOOP WHOOP!!

 

For once they have actually done the right thing!

 

[JonCris]

This is correct and Postggj knows why I can't say how i know - but BELIEVE me I KNOW!!!

 

 

Andie I'm a bit behind on the Welcome threads so can you PM me Thanks

[slidingsideways]

I had a call from Nottingham today to advise me that the Sunderland branch would be closing and my account moved to head office.

 

My reply to this news was "Happy Dayd" the guy on the other end of the phone didnt know what to say to that.

[postggj]

Another Nail In The Coffin:D:D:D:D

[beyondhope]

I had a call from Nottingham today to advise me that the Sunderland branch would be closing and my account moved to head office.

 

My reply to this news was "Happy Dayd" the guy on the other end of the phone didnt know what to say to that.

 

 

dum dum dum another one bites the dust.....*gladiator style lol*

[pears23]

Does anyone know which branches are closing?

[barbara_p]

Hi my daughter took out a loan with Welcome finance in 2007 for £2000 she paid 9 payments (£1546.320 and settled the load by paying £2649.57 in Sept 2007 which means she paid over £2000 interest for 9 months. This included PPI which she was told she had to have the insurance to secure the loan and she is now in the process of requesting repayment of PPI. The breakdown of the settlement is quite confusing as it states default interest/interest reversal £1546.32 interest on settlement £204.21 can anyone explain this as they wont even though we have written on numerous occasions, the latest 2 months ago and I was informed last week that they were short staffed and the letter that was received 2 mnths ago has not been scanned onto my daughters file because of the staff shortages but they were hoping to recruit in the next couple of months

[dx100uk]

you need to start your own thread BP.

 

dx

[edwi69]

Cattles PLC - Interim Management Statement

 

LINK DIDNT WORK

 

 

 

RNS Number : 1898M Cattles PLC 19 May 2010

19 May 2010

CATTLES plc

 

INTERIM MANAGEMENT STATEMENT

 

 

INTRODUCTION

 

Cattles plc ("Cattles") today provides its Interim Management Statement covering the period since 31 December 2009.

Cattles announced its audited results for 2008 on 12 May 2010 and intends to announce its results for 2009 in the near future. Shareholders should be aware that again Cattles will be reporting a significant loss for the year ended 31 December 2009 and a negative value for shareholders' funds. As stated on 16 December 2009, the shares are likely to have little or no value.

The cash collection performance of the Welcome Finance ("Welcome") loan book has been as forecast for the first quarter of 2010. Shopacheck and The Lewis Group have made satisfactory starts to 2010.

 

CURRENT TRADING

 

A summary of the performance in 2010 by each of the Group's businesses is set out below. All numbers are unaudited.

Welcome

Welcome has historically provided direct repayment loans to over 500,000 customers from a nationwide branch network. On 16 December 2009, the Cattles Board announced to shareholders its recommendation that there should be no further lending in Welcome and that instead the book should be collected out.

On 5 February 2010, Cattles announced the closure of circa 70 Local Management Branches and Local Collections Units nationwide. Welcome entered into a consultation process from that date with staff affected by the proposals, of whom approximately 450 received notice that they were at risk of redundancy and subsequently 382 will leave the business.

On 7 May 2010, Cattles announced a proposal to close 18 branches nationwide and a contraction in the current operations management and their support staff in line with the smaller number of branches. Welcome entered into a consultation process from that date, with staff affected by the proposals, of whom approximately 155 received notice that they were at risk of redundancy.

Welcome's cash collections in the first three months of 2010 were £145 million. Cash collections since this date are in line with management's expectations. Net loans and receivables at 31 March 2010 amounted to £1.1 billion (31 December 2008: £2.2 billion). The reduction reflects cash collected in the 15 month period with no significant further lending, and further impairment of the book.

Shopacheck

Shopacheck provides short-term home collected loans through a nationwide branch network and at 31 March 2010 had 222,000 customers (31 December 2008: 235,000 customers).

Shopacheck continues to lend to new customers. Shopacheck has made a good start to 2010 and its cash collections for the three months ended 31 March 2010 were £38.5 million. Net loans and receivables at 31 March 2010 were £58 million (31 December 2008: £80 million). The reduction in net loans and receivables reflects the seasonality of the lending and a tightening of credit criteria.

The Lewis Group

The Lewis Group, a UK leader in debt recovery and investigation services, provides these services to external clients and both Welcome and Shopacheck. In 2010, The Lewis Group has refocused its strategy on contingent debt collection and by the end of 2010 its commitments to acquire further debt will have been completed. Debt purchases in the three months ended 31 March 2010 were £5.5 million.

Cash collections in the three months to 31 March 2010 were £26.2 million. Purchased debt balances at 31 March 2010 were £144 million (31 December 2008: £154 million).

 

RESTRUCTURING

 

Cattles is currently engaged in ongoing discussions with representatives of its key financial creditors in order to progress proposals for a consensual restructuring. Those discussions have been constructive and demonstrate continuing progress towards a consensual restructuring.

On 12 May 2010, the Court of Appeal heard the appeal of Party A and the subsequent cross-appeal of the Royal Bank of Scotland Plc of the decision of the High Court on the application of Cattles to seek a determination in relation to whether the terms contained within certain cross-guarantee documentation operate to subordinate the Company's claims against its subsidiaries, including Welcome Financial Services Limited, to the claims of certain bank creditors. This appeal and a cross-appeal were brought as part of consensual discussions between all parties.

On 13 May 2010, the Court of Appeal unanimously handed down a decision that upheld the decision of the High Court which is explained in the Company's announcement dated 14 December 2009. The cross-appeal in relation to the Cherry v Boultbee issues was stayed.

After judgment was handed down, Party A sought permission from the Court of Appeal to appeal this decision to the Supreme Court. The Court of Appeal did not give such permission and Party A has 28 days from 13 May 2010 to appeal to the Supreme Court for permission to appeal the Court of Appeal's decision.

 

ENQUIRIES

 

 

Margaret Young, Executive Chairman, Cattles plc Tel: 020 7269 7252

 

Jamie Drummond-Smith, Finance Director, Cattles plc

Paul Marriott, Financial Dynamics

This information is provided by RNS The company news service from the London Stock Exchange

[mashmallow]

Dear All.

 

Who really cares where they move or who they are, they are one of many that have scammed us all and now the tables have turned, many more will go down if we all fight.

 

Keep up the good work, I am not paying them nothing.

 

Mash

 

XXXX

[Tariq2009]

Can someone please look at this letter what is going on is it something i need to worry about or just ignore it ??????

To view the letter please click here

[dx100uk]

pointless threat-o-gram

 

be better if you post this on your existing? thread so we know the history

 

 

dx