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Welcome Finance - This company needs to be banned.


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Double whammy then really. As Steven says, they are naughty with the Insurance side of it and the Acceptance Fee they LIST in the charge for credit....but we all know and have proof they then TREAT it like credit and charge interest:

 

 

Part II

 

 

 

Credit Agreements, Hire Agreements and Linked Transactions

 

 

 

8 Consumer credit agreements

 

(1) A personal credit agreement is an agreement between an individual (“the debtor”) and any other person (“the creditor”) by which the creditor provides the debtor with credit of any amount.

 

(2) A consumer credit agreement is a personal credit agreement by which the creditor provides the debtor with credit not exceeding £25,000.

 

(3) A consumer credit agreement is a regulated agreement within the meaning of this Act if it is not an agreement (an “exempt agreement”) specified in or under section 16.

 

 

9 Meaning of credit

 

(1) In this Act “credit” includes a cash loan, and any other form of financial accommodation.

 

(2) Where credit is provided otherwise than in sterling, it shall be treated for the purposes of this Act as provided in sterling of an equivalent amount.

 

(3) Without prejudice to the generality of subsection (1), the person by whom goods are bailed or (in Scotland) hired to an individual under a hire-purchase agreement shall be taken to provide him with fixed-sum credit to finance the transaction of an amount equal to the total price of the goods less the aggregate of the deposit (if any) and the total charge for credit.

 

(4) For the purposes of this Act, an item entering into the total charge for credit shall not be treated as credit even though time is allowed for its payment.

 

This issue has been kicking about for ages and has nagged away at all of us (POst, Andie, Millymo, me! etc) The implications are huge!

 

hehe

 

i was skimming over this,.. earlier too! you know the old saying...great minds, think alike;)

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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Fantastic minds think alike :lol:

 

Can't wait to see how this plays out lol. Did you read the stuff about securities? Did you browse the sections round it about what happens if their paperwork is not right or they don't comply with your request? ;)

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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The more I look into it the more I think they are stuffed on this one :lol:

 

CCA clearly states :

 

For the purposes of this Act, an item entering into the total charge for credit shall not be treated as credit even though time is allowed for its payment.

 

So would that be just about every agreement they've ever written then pmsl? :lol:

 

Hi Dipply - this is exactly what I was thinking. The more I look into this the more I think welcome have got this wrong. The debate over whether they do add interest to the acceptance fee is no longer the issue because we all know they do. They even state it in their agreements, which they will point out to you when you complain.

 

However, as you say it breaches section 9(4) of the consumer credit act to treat this as credit. Also the way they put the figures on the agreement to look as if no interest is added to me is confusing and misleading.

 

I am just getting all this info together for ajudicator at FOS now. Hopefully they will come to some sort of decision soon.

 

In response to PT - If the FOS can't deem an agreement unenforceable then what do they have the power to do and in this case would I have been better taking it straight to the court?

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Fantastic minds think alike :lol:

 

Can't wait to see how this plays out lol. Did you read the stuff about securities? Did you browse the sections round it about what happens if their paperwork is not right or they don't comply with your request? ;)

 

 

Dipply, thanks for the pointer:)

still going through it all...give me a couple of days.. have a lot on at the moment;)

b-0-2

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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may be its time to draught a letter to welscum, quoting this part of the act and see what their response is:D

thoughts on this anyone?

 

b-o-2

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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Hi Guys,

 

I sent Welcome a letter cancelling my insurance but they never received it.

Got to send it recorded now

Great aint they?

 

Anyway, what will they do about this?

I gather it will be a new agreement but I'm loathe to sign any new agreement with them if you know what I mean?

Welcome Finance PPI ***WON***£650

 

Black Horse PPI ***WON*** £1200

 

CL Finance-County Court Claim-***WON***(well sort of-stopped them continuing with the claims)

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AFTER THIS BOMB SHELL, NOT SURPRISED

 

THE BOND HOLDERS HAVE REACHED THE 35% VOTING RIGHTS ISSUE

 

THEY HAVE OVER TURNED THE BANKS DECISION

 

SEEMS THEY WANT THERE MONEY QUICK

 

I THINK THIS IS NOW THE END OF A SLOW DEATH

 

update 23 07 09

 

PWC comes under scrutiny for Cattles audit - Times Online

 

PWC comes under scrutiny for Cattles audit

 

 

 

PricewaterhouseCoopers (PWC), the UK’s largest accountancy firm, is being investigated by the financial reporting regulator into its oversight of Cattles, the beleaguered sub-prime and doorstep lender.

 

The inquiry by the Accountancy and Actuarial Discipline Board (AADB), part of the Financial Reportingmag-glass_10x10.gif Council, comes after Cattles this month said that it had undertaken a clearout of senior management over a “breakdown” in its internal controls. Six senior directors were fired.

 

Cattles has been in crisis since February, when PWC raised questions over the level of impairment charges that it was taking to cover a surge in problem loans. In April, having issued two profit warnings, Cattles suspended trading in its shares and said that it would no longer be able to publish its report and accounts, due by the end of that month.

 

The AADB said today that it would investigate the preparation, approval and audit by PWC of the financial statements of Cattles and its Welcome Finance business for the year ended December 31, 2007 and interim financial statements for the first half of 2008

 

etc etc

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The Bond Holders Were Made Up Of Meny Investors

The Main Players Were Rbs And Barclays

 

Now All The Smaller Bond Holders Have Got Together And Said, Stuff You Banks, No Rescue Proposal

We Want Our Money Now

 

They Only Had To Reach 35 % Of The Total Bond Holders To Force Through This Motion

 

This Is Being Led By Our Friends Across The Pond

 

They Dont Like The Way Cattles Have Manipulated The Figures And Have Kept Not Only The Bond Holders But The Share Holders In The Dark Also

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Brassed-off-2

I have already done this about cost of credit, letter got to WF compliance Monday last week. Want to see how they wriggle out of that before clouting them with the fact that our contracts (2002 and 2003)which had no cost of credit also should be a multiple loan agreement ie PPI and cash loan, 2 catagories mixed into one. both should have seperate cost of credit brought out and signed for seperately. Double whammy I think!

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AFTER THIS BOMB SHELL, NOT SURPRISED

 

THE BOND HOLDERS HAVE REACHED THE 35% VOTING RIGHTS ISSUE

 

THEY HAVE OVER TURNED THE BANKS DECISION

 

SEEMS THEY WANT THERE MONEY QUICK

 

I THINK THIS IS NOW THE END OF A SLOW DEATH

 

update 23 07 09

 

PWC comes under scrutiny for Cattles audit - Times Online

 

PWC comes under scrutiny for Cattles audit

 

 

 

PricewaterhouseCoopers (PWC), the UK’s largest accountancy firm, is being investigated by the financial reporting regulator into its oversight of Cattles, the beleaguered sub-prime and doorstep lender.

 

The inquiry by the Accountancy and Actuarial Discipline Board (AADB), part of the Financial Reportingmag-glass_10x10.gif Council, comes after Cattles this month said that it had undertaken a clearout of senior management over a “breakdown” in its internal controls. Six senior directors were fired.

 

Cattles has been in crisis since February, when PWC raised questions over the level of impairment charges that it was taking to cover a surge in problem loans. In April, having issued two profit warnings, Cattles suspended trading in its shares and said that it would no longer be able to publish its report and accounts, due by the end of that month.

 

The AADB said today that it would investigate the preparation, approval and audit by PWC of the financial statements of Cattles and its Welcome Finance business for the year ended December 31, 2007 and interim financial statements for the first half of 2008

 

etc etc

 

How do you find and understand all this stuff Postggj!

 

Be dancing that jig round the kitchen soon methinks :lol:

 

Hows the blood pressure Margaret Young?

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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FT.com / UK / Business - Regulator probes PwC over Cattles audit

 

 

is the fat lady singing a little louder??

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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James104

 

Can You Post Up A Copy Of Your Letter...minus Personals Or Pm Me Please....

 

Thanks B-o-2

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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Share on other sites

Brassed-off-2

Will be pleased for you to read what I wrote (it was for my daughter) as well as the charging interest on fees [problem] (acceptance fee and mortgage redemtion fee) there was other stuff about how they had added sums of money like £200 appearing on the statement at the start of the loan and other things. but going on hols this pm until next Saturday and got a lot to do. Will get into this when I come back cos these 2 contracts she has are real micky mouse and by then I hope WF would have given us a detailed reply. I gave them 7 days to acknowledge that the contract was in dispute and that it should be frozen until resolved. Probably no chance on that one!

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happy days

 

happy days happy days

 

 

Acceleration Notice (Cattles)

 

 

 

 

 

TIDMCTT

 

RNS Number : 2868W

 

Cattles PLC

 

24 July 2009

 

?

 

 

 

24 July 2009

 

 

 

Cattles plc

 

 

 

 

 

Acceleration of amounts payable by Cattles plc to holders (the 'Bondholders') of

 

its GBP400,000,000 7.125% bonds due 2017 (the 'Bonds')

 

Cattles plc (the 'Company') announces that it has received a notice from the

 

trustee in respect of the Bonds (the 'Trustee'), stating that the Trustee has

 

been instructed by a requisite percentage of the Bondholders to accelerate, with

 

immediate effect, all amounts payable by the Company to the Bondholders.

 

The Board is considering its position in light of the notice and the fact that

 

it is has received written expressions of support from representatives of its

 

key financial creditors towards achieving a consensual restructuring.

 

The Company remains in discussions with its key financial creditors with a view

 

to achieving this objective.

 

A further announcement will be made when appropriate.

 

Enquiries:

 

 

 

Margaret Young, Executive Chairman, Cattles plc

 

Paul Marriott, Financial Dynamics

 

 

 

Tel: 020 7269 7252

 

 

 

This information is provided by RNS

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its all down to the yanks

 

they have had enough of con man uk and have gone over the heads of the banks and have in effect called the loans in by majority voting rights

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no wonder they would not guarentee sucessful court claims are going to be paid - cos they aint gonna be able to afford them. I have them 2 weeks on wed so as long as mine is sorted I'll be happy.

 

Mr P is gonna get such a ribbing - can you spell P45???

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Please note that this topic has not had any new posts for the last 3314 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

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