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Welcome Finance - This company needs to be banned.


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

Direct Auto Finance & DLC dispute ongoing.

Offer with confidentually agreement from DLC / DAF DECLINED :D

Please PM me if you have any cheap rate or 0800 number for DCA's to add to my list and also to my website

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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.

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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

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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. :mad:

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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.

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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.

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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.

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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. :mad:

 

 

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

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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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Bad News

 

Need Major Op On Knee

 

21 December

 

Great

 

Three Days Before Christmas

Back Online Now Till Then

 

Sorry to hear that Post. Chin up mate. Lets hope for a healthy 2010 once op is over !!!

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Ask to change adjudicator

 

Can you do that?

 

Just a thought. When do FOS ask the company for all their information. Is it when an adjudicator is assigned and then this is part of their job, or before?

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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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