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    • So, I'm better off cancelling any dd's relating to debts, just to be safe?
    • there is no need to be frightened of a DCA or their pet solicitors. a DCA is NOT A BAILIFF and have  ZERO legal powers on ANY debt no matter what it's type and most certainly have ZERO powers even with a CCJ.   how did you inform SLC of your present address before these debts were sold to erudio?  
    • just be aware that some DD's give their takers the chance to get what they want when they want standing orders and or manual BACS transfers might be better.
    • Thanks for your help - I will call Northants on Monday and record the call   I did inform Student Loans of my change of address when I moved, but I'd never heard or Erudio or Drydens before yesterday.   I didn't want to give my new address to Drydens yesterday as I was scared that they would send someone to my door.   I did call Erudio and explained the situation and they asked me to call Drydens to ask to speak to a supervisor to raise a query with Erudio, which I did. They have placed a hold on the case for the time being.   I have looked at my BTEC certificate and it is dated July 1998 and it was a two-year HND. It looks like I got my years muddled and that the loan must have been taken out in 1996 and 1997 so it pre-dates 1998 as that is when I got my qualification.     After I get the details of the claim on Monday, what should I do next?   Again, thank you for your help in this.  
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    • Hi @BankFodder
      Sorry for only updating you now, but after your guidance with submitting the claim it was pretty straight forward and I didn't want to unnecessarily waste your time. Especially with this guide you wrote here, so many thanks for that
      So I issued the claim on day 15 and they requested more time to respond.
      They took until the last day to respond and denied the claim, unsurprisingly saying my contract was with Packlink and not with them.
       
      I opted for mediation, and it played out very similarly to other people's experiences.
       
      In the first call I outlined my case, and I referred to the Contracts (Rights of Third Parties) Act 1999 as the reason to why I do in fact have a contract with them. 
       
      In the second call the mediator came back with an offer of the full amount of the phone and postage £146.93, but not the court costs. I said I was not willing to accept this and the mediator came across as a bit irritated that I would not accept this and said I should be flexible. I insisted that the law was on my side and I was willing to take them to court. The mediator went back to Hermes with what I said.
       
      In the third call the mediator said that they would offer the full amount. However, he said that Hermes still thought that I should have taken the case against Packlink instead, and that they would try to recover the court costs themselves from Packlink.
       
      To be fair to them, if Packlink wasn't based in Spain I would've made the claim against them instead. But since they are overseas and the law lets me take action against Hermes directly, it's the best way of trying to recover the money.
       
      So this is a great win. Thank you so much for your help and all of the resources available on this site. It has helped me so much especially as someone who does not know anything about making money claims.
       
      Many thanks, stay safe and have a good Christmas!
       
       
        • Thanks
    • Hermes and mediation hints. https://www.consumeractiongroup.co.uk/topic/428981-hermes-and-mediation-hints/&do=findComment&comment=5080003
      • 1 reply
    • Natwest Bank Transfer Fraud Call HMRC Please help. https://www.consumeractiongroup.co.uk/topic/428951-natwest-bank-transfer-fraud-call-hmrc-please-help/&do=findComment&comment=5079786
      • 31 replies
    • Hermes lost parcel.. Read more at https://www.consumeractiongroup.co.uk/topic/422615-hermes-lost-parcel/
      • 49 replies

Welcome Finance - This company needs to be banned.


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RNS Number : 8251U

Cattles PLC

22 October 2010

 



22 October 2010

CATTLES plc

 

INTERIM MANAGEMENT STATEMENT

 

 

INTRODUCTION

 

Cattles plc ("Cattles") today provides its Interim Management Statement covering the period since 30 June 2010.

 

Cattles announced its audited results for 2008 on 12 May 2010 and intends to announce its audited results for 2009 in the near future. The finalisation of the 2009 Annual Report and Financial Statements is closely linked to the progress made on the restructuring of the Group, which is set out below.

 

As referred to in the previous Interim Management Statement on 19 May 2010, shareholders should be aware that Cattles will be reporting a significant loss for the year ended 31 December 2009 and a negative value for shareholders' funds. Cattles continues to believe that its financial creditors are likely to suffer an aggregate loss of around £1 billion. Consequently, as previously stated on a number of occasions, Cattles continues to believe that the shares have little or no value.

 

The cash collection performance of the Welcome Finance ("Welcome") loan book has met forecast for the first nine months of 2010. Shopacheck and The Lewis Group have continued to make satisfactory progress during 2010.

 

CURRENT TRADING

 

A summary of the performance in 2010 for each of the Group's three businesses is set out below. All financial information for the nine months ended 30 September 2010 and as at 30 September 2010 and 31 December 2009 is unaudited.

 

Welcome

 

Welcome has historically provided direct repayment loans to more than half a million customers from a nationwide branch network. On 16 December 2009, the Cattles Board announced to shareholders that there would be no further lending in Welcome and that instead, the business would focus on a plan of collecting out Welcome's customer loans.

 

Welcome has been successful in implementing this cash collections strategy during 2010 and cash collected from customers in the first nine months of 2010 at £396.6 million met management's expectations.

 

Welcome has also taken steps to reduce its cost base:

 

· On 5 February 2010, the closure of 65 Local Management Branches and Local Collections Units was announced with a reduction in staff of 382

· On 7 May 2010, the closure of 18 branches was announced with a contraction in the current operations management and their support staff in line with the smaller number of branches. As a result, 139 employees left the business

· On 2 September 2010, a further 15 branches were closed and changes made to the administration of customer service. As a result, 64 employees have left the business, with a further 76 still at risk of redundancy

 

Welcome now operates from 102 branches and had a total workforce of 1,331 at 30 September 2010 (31 December 2009: 2,284).

 

Welcome's net book value of loans and receivables at 30 September 2010 amounted to £0.8 billion (31 December 2009: £1.1 billion).

 

Shopacheck

 

Shopacheck provides short-term home collected loans through a nationwide branch network and at 30 September 2010 had 223,000 customers (31 December 2009: 227,000 customers).

 

Shopacheck continues to lend to both new and existing customers, but in late 2009 it tightened its credit issuance criteria to improve credit quality in anticipation of the deteriorating economic environment. Despite lower volumes as a result of this decision, Shopacheck has made good progress during 2010 concentrating on growing its agency base and opening a number of new branches to be able to better serve its customers. Key performance indicators, which are in line with management's expectations, are as follows:

 

· 53,000 new customers during the first nine months of 2010

· New loans for the nine months ended 30 September 2010 were £67.3 million

· Collections for the nine months ended 30 September 2010 were £114.5 million

· Net book value of loans and receivables at 30 September 2010 was £54.0 million (31 December 2009: £64.3 million)

 

The business is now well placed to serve its customers and meet demand during the seasonal peak period.

 

The Lewis Group

 

The Lewis Group provides debt recovery and investigation services to external clients and both Welcome and Shopacheck.

 

In 2010, The Lewis Group has refocused its strategy on contingent debt collection. During 2009, The Lewis Group ceased acquiring debt portfolios, other than on forward flow contractual arrangements. Its commitment to acquire further debt was completed in August 2010. Key performance indicators are as follows:

 

· Cash collections in the nine months to 30 September 2010 were ahead of management's expectations at £76.3 million (2009: £70.9 million)

· Debt purchases in the nine months ended 30 September 2010 were £13.6 million (2009: £41.6 million)

· Purchased debt balances at 30 September 2010 were £130.8 million (31 December 2009: £145.2 million)

 

The Lewis Group has made progress in developing its contingent debt collection business during 2010 although this market remains highly competitive.

 

RESTRUCTURING

 

As previously announced, the Courts have finally determined that Cattles' claim against Welcome for its inter company debt ranks behind the claims of certain bank creditors. Clarification of this very important issue allowed all parties to accelerate their discussions about the restructuring of the Group's balance sheets.

Cattles, Welcome Financial Services Limited and other members of the Group continue to engage in discussions with representatives of certain of their key financial creditors and other stakeholders in order to progress proposals for a consensual restructuring.

 

Discussions presently envisage that, as part of a restructuring, Cattles would compromise its subordinated inter company claims against Welcome Financial Services Limited and other subsidiaries in the Group for not less than £39 million. Such compromise would occur in the event of a sale to a newly incorporated company of either: (i) the entire issued share capital of Cattles (at a price of up to 1p per share); or (ii) certain of its subsidiaries (including Welcome Financial Services Limited) for a nominal payment to Cattles (with no offer to Cattles' shareholders), in either case, together with a creditor scheme of arrangement of Welcome Financial Services Limited. Cattles would use the payment of not less than £39 million to meet its own costs and to compromise amounts it owes to its creditors (which at the last audited balance sheet date of 31 December 2008 totalled £2.8bn).

 

Those discussions remain constructive and demonstrate continuing progress towards a consensual restructuring of the Group although there remain a number of commercial, legal and regulatory issues to be resolved before any such restructuring can be finalised.

 

 

 

ENQUIRIES

 

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

Paul Felton-Smith, Finance Director, Cattles plc

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  • 3 weeks later...

Hi All

 

Not sure how much this thread is looked at any more - I am a bit behind the times on WF.

 

However I just needed to share something with you that I received this week...

 

Well it's always interesting when I get a letter with WF's return address on it especially as I am Welcome free now.

 

The letter reads....

 

Some time ago you made a complaint about you payment protection insurance (PPI) policy. We upheld that complaint because we could not be satisfied that the PPI policy was suitable for you (actually I took you to court and you were ordered to repay but lets not split hairs! :whoo:)

As part of our normal quality (quality?? HA HA don't make me laugh) control process I have reviewed the outcome of your complaint. I see you had PPI policies attached to one or more other loans taken out with us, about which you did not complain.

 

If you would like me to re-consider your complaint, taking into account the other policies please complete the enclosed form and return this to me. This will enable me to investigate your complaint thoroughly and write to you with my findings

 

Yadda yadda yadda

 

Signed WF

 

Now I do not hold my breath but have returned my form... amusingly though I notice the first line of the return address to be THE PROJECT - indeed I can only assume that A PROJECT is as a result of interference or recommendations from an outside body - probably responding to the publication of them being in the top 5 for complaints about this kind of thing.

 

Has anyone else had a letter recently??

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Hi Andi...

long time no speak, others seem to be receiving these letter too, take a look here http://www.consumeractiongroup.co.uk/forum/showthread.php?282993-should-i-be-suspicious!!!-welcome-finance

and some of us are being passed around the DCA'S at the moment:-x

 

let us know how you get on!:-)

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 BO2

 

I will keep you updated. Though I can pretty much predict the response will be something along the lines of..

 

"after a thorough review of your case we have decided that you were dealt with fairly and therefore not entitled to reclaim anything further" etc etc

 

WF do not give money away - this is what I would call due diligence

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Hi Andie and welcome (pardon the pun) back.

 

Thet are now sending out offers on the PPI - They sent me one and it was crap - one for an account where i had been telling them their figures were wrong for last 12 months - now they defaulted me - then i find out in their new paperwork i was right.

 

Also am still trying to sort out my problem with the brokers fees - looks like it could be to court on that one.

 

I think you are right they - someone has got involved with the PPI and welcome are trying to clear the decks.

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sent my things off to them couple weeks ago

had a car financed with them in 2006 and was lucky enough to be able to pay it back within 6 months thanks to a windfall

a lot back aswell including gap and ppi

after reading on here of the ppi i have applied to get mine refunded

fingers crossed and will keep you up to date

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  • 2 weeks later...

ALL NEW USERS

PLEASE START YOUR OWN THREAD

DONT POST HERE

THIS THREAD IS 10,500 msgs long

take an age to load too.

START YOUR OWN THREAD

THIS THREAD IS FOR REFERENCE ONLY

dx

siteteam

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi all

i have been told that there is an article in the sunday times and financial times about cattles plc saying that bondholders should take a haircut or put the company into administration this week

regards ed

Edited by edwi69
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  • 1 month later...

Any legitimate means is open to them to try and persuade non-paying debtors to pay up. And remember, CAG is not in the business of helping people avoid legitimate debts.

Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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this thread is for reference only

 

 

HSBC WON three times!!!!! Read about my continuing battle (claim FOUR!) Link HERE

Capital One WON Link

HERE

GE capital (5 accounts) WON link HERE

Lloyds bank account WON second claim starting! link HERE

Budget insurance cough up WON link HERE

Principles WON link HERE

A&L (Mrs Crusher's account) claim link HERE

Barclays claim link HERE

 

Any advice given is on an informal basis only and without prejudice or liability. In in any doubt, consult a qualified lawyer.

IF YOU HAVE GOT YOUR MONEY BACK, PUT SOME BACK INTO THE SITE TO HELP KEEP IT OPEN!

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  • 10 months later...

thread closed

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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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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