Welcome Finance - This company needs to be banned.

[eeeezzzyy]

Post......at least Area 51 exists lol

[eeeezzzyy]

It's such a shame to see the demise of this great financial institution. I feel sorry for the staff.....

 

 

NOT!!!!!

I feel the Fat Lady is limbering up for one hell of a Grand Finale.....

[eeeezzzyy]

Just a thought... maybe we should analyse the frequency and volume of WF disputes over the last few months... I'm curious if they will be increasingly aggressive with their chasing, partly to attempt to sweeten the books for any potential buyer, but also because their dogs, sorry I mean agents, are looking for one more fat commission before the fat lady sings, and they have to sing for their supper... just a thought

Thats happening already, like i pointed out last Friday they have offered me a 50% discount if i pay in one lump sum, they are trying to desperately to swell the Cattles coffers in a lame hope that someone might be silly enough to purchase whats left of the disgusting excuse of a company.

Welcome Finance is dying and i for one am enjoying every second of watching these parasites squirm.

[eeeezzzyy]

Yes very strangely they have given me a 21 day "Once in a lifetime" "Do not miss this offer to pay off your loan"....Cheeky barstewards, It sounds a bit like a DFS xmas advert...Im certain if i dont pay (and i have no intention of) that they will "extend this offer".I dropped the letter into my solicitor yesterday, he's on annual leave till a week Monday....with any luck Welcome will be history by then !!!

[eeeezzzyy]

I know one thing they could do with a decorater in my local WF office the wallpaper is peeling off the walls and looks like it hasnt been cleaned in months....so id say vending machines are a no no

[eeeezzzyy]

Cattles, the beleaguered UK subprime lender, said it had defaulted on an interest payment due to its bondholders on Sunday.

 

In a market statement yesterday, Cattles said that holders of about £400m of a 7.125 per cent bond due for repayment in 2017 had not received the interest payment due on July 5.

 

The bonds were last quoted at 11.5p in the pound on Friday, according to data from HSBC.

 

Cattles has been in talks with its debtholders for some time and last Wednesday dismissed six senior executives, as well as announcing the departure of David Postings, its chief executive, following an independent review of the company.

 

Questions had been raised after the revelation in March that the lender had incorrectly deferred impairment charges on its loan book. The error led the company to underestimate its bad debts by about £700m.

 

Trading in the shares of the company has been suspended since April.

 

Cattles' statement yesterday added that it continued to be in "constructive discussions" with its finance providers and that a further update on the situation was expected soon.

 

The July 5 bond payment was the first of two deadlines faced this month by the company. It has been in talks with a syndicate of 22 banks, led by Royal Bank of Scotland, to refinance £500m of wholesale funding by July 14.

 

The company had earlier negotiated a standstill agreement under which payments to debtholders would be suspended while a restructuring arrangement was worked out.

 

Discussions have been hampered, however, by disagreements among debtholders over who would rank highest in payment priority if Cattles went into administration.

 

The banks believe they rank ahead of bondholders because of a guarantee given to the banks by Welcome, a Cattles subsidiary, that banks and private placement noteholders will receive most of the cash the company gets back from its customers. Bondholders dispute this.

 

If no resolution is forthcoming in the next few weeks, then Cattles is expected to fall into administration and the debt-holder dispute is likely to go to court.

That has put the biggest smile on my face in ages !!

"BURN WELCOME BURN":D:D:D

[eeeezzzyy]

The sound of Cattles silence is deafening !!!

I would like to say Post you've been bang on the money all the way through !!

[eeeezzzyy]

I suppose the only worrying thing is will most of the outstanding personal loans etc end up with fly-by-night DCA's like Aktiv Kapital ..perish the thought !!!

[eeeezzzyy]

An answer for the "What will happen to my loan folk"?

 

My view it will be similar to what happened to scottish bank when they went into administration, the debts were collected by Robinson way & co.(a debt collection agency, I ve binned many a letter from these clowns)

 

Also got to laugh at the cattles share price message boards, they are still dreaming of a rescue.

Just had a peak at Cattles Shares/message board......Theres even a guy whos convinced they will start trading again on the stock exchange in July !!!

[eeeezzzyy]

IT GETS BETTER

CATTLES HAVE BEEN EJECTED FROM THE STOCK EXCHANGE

FAT LADY IS STARTING TO SING:D:D

 

if the listing deleted from LSE??

 

FT.com / Markets / Company announcement service

Source: London Stock Exchange Regulatory News Service

08/07/2009 17:13

FTSE: Cattles PLC

FTSE

08 July 2009

 

 

Cattles PLC (UK): Deletion

Changes In FTSE Indices

8 July 2009

 

 

 

Following the continued suspension of Cattles PLC (UK), FTSE announces the following changes:

INDEX CHANGE EFFECTIVE FROM

START OF TRADING

FTSE All​-​Small Cattles (UK 0180366) will be deleted at 0p. 13 July 2009

FTSE Fledgling Cattles will be deleted as above. 13 July 2009

 

Please Note: in accordance with the FTSE ground rules if a company is restored to trading on the Main Market, it will be re​-​included to the FTSE Index.

 

 

 

What a lovely way to start Friday morning, suns shining another nail in the Cattles coffin.....Im gonna miss em

Rumour has it the Fat Ladys in rehearsal this morning !!:grin:

[eeeezzzyy]

Problem is weasels like David Postings will probably get another gig somewhere else, when the reality is that he should be facing a prison sentence for fraud !!!

 

Might give my local branch a ring this morning pretending to be from a newspaper ask them if they'd like to comment on Cattles downfall !!

:D

[eeeezzzyy]

ha ha, the salesperson will think they're having a wet dream . . . In my next letter I'll have to make reference to the impending downfall, and ask what their contingencies for this are . .. (as mentioned earlier by someone)

I drove past my local (doomed) branch today...once crewed by 20-25 bullys full of hot air, peddling their lies and threats, now the office is run down unlit filthy and only 6 poss 7 hard-core Cattles lifers remain (probably just the ones who would find it impossible to find gainfull employment elsewhere, the once non stop pay up or else phone calls are a thing of the past, just the odd mobile phone call from a Cattles lifer who has got a spare quid of credit.

....Paybacks a bitch aint it lol :lol::lol::lol:

[eeeezzzyy]

Ive heard that only select branches have a working phone network now...

Oh my heart bleeds.......Not long till the final curtain !!

[eeeezzzyy]

Had a bit of fun with Welcome Finance this afternoon, it went a bit like this.

 

Muppet: Hello Welcome Finance this is Paul speaking.

Me: Ah yes hello, I wish to make a payment please.

Muppet: (getting excited) certainly sir, what is your account number

Me: Oh I don't know offhand, hang on a second can you ring me back on

(XXXXXXX mobile number) as it is a very substantial payment I want to make.

Muppet: Of course sir I will call you back right away.

 

I have an old sim card I do not use anymore so he rang me back.

 

Me: Hello

Muppet: Hello this is Paul from Welcome Finance have you found your account number.

Me: No not yet, can you hold one moment

(Kept him holding for over 15 minutes)

Me: Are you still there

Muppet: Yes, (getting slightly irritated) have you found your details yet.

Me: Tell you what, I will call into the office with the payment, should I ask for you

Muppet: Yes

Me: Do you know what I am going to pay you

Muppet: No

Me: Well I will tell you now, I am going to get you a giant bottle of Lambrini

Muppet: Lambrini, what are you talking about.

Me: Yeah a big bottle of Lambrini for your staff redundancy party when Welcome go bust. (cue laughing)

Muppet: (Shouts) OH SO YOU THINK YOUR FXXXXXX FUNNY DO YER

(Then slams the phone down).

What are your rights at work Follow this link to read the review of the Guide to your Rights at work, published by Lawpack

 

 

Found this on another thread.......GENIUS !!!!

[eeeezzzyy]

Ha Ha Ive seen the PC's in the Welcome Office's...trust me they look like they've salvaged them out of an electrical skip !!

[eeeezzzyy]

Na something is defo going on down at Welcome...

 

It hasnt even been 12 days since I made a complaint and asked for my SAR. Since then I have had a man on the phone form WF saying he will be my "Complaints Co-ordinator", even rang the Contact Centre and low and behold the complaint has even been included on the file (entitled miss-sold PPI)...

 

TO LITTLE TO LATE...

 

Then just received a letter through this morning confirming the complaints procedure from WF even got a leaflet from them that contains information from the Financial Ombudsman....

 

...Could this be the effects of the new management trickling through.

 

I also phoned to cancell the V.T agreement becuase since my SAR they have been very keen to collect the vehicle (four phone calls and collection dates). According to WF they don't RAC inspect the vehicles anymore, they just get collected and go straight to auction...

 

...but this still begs the question...Why So Keen To Pick Up My Vehicle? I mean there is some poor sods on here who have had their vehicles sat on their drives ages, rotting whilst welcome won't respond to their V.T's...

 

...could it be that welcome realise that they haven't got a copy of the original agreement, realise this and want to take the car before i default the whole agreement=the car is mine for nowt

 

No chance. No vehicle till I receive my SAR WELCOME.

Nice to see someone else taking a stand...ive not payed since March nor have any intention of, ive SAR em sent me letter after letter CCA requests....the result...silence

My balance was has not gone down in nearly two years i only found out after getting a statement in Jan of this year like a mug id been happily, blindly paying month in month out......

THEN I DISCOVERED THIS SITE :grin:

[eeeezzzyy]

LMAO Post...You really must be very high on the Cattles/Welcome Finance/DG/Norwich Union wanted list !!!

 

You deserve a knighthood mate !!!

[eeeezzzyy]

I had fee assessment cropping up on my statement quite a lot..again various figures 55p was a big Welcome favorite on mine...and Capitalisation again some mind boggling varying figures, along with lots n lots of made up phone call fees (14 on my january statement) !!!!

[eeeezzzyy]

...I hear the Last Post being played (oh the irony) !!!

[eeeezzzyy]

Well it depends on alot of things really...will agreeing a settlement and washing your hands of them get rid of all those defaults on your credit file...

 

If you have a valid claim and you know you have why settle for second best. Have they ever given you an easy route out (until now)

 

What does that tell you about them...

 

Same with me, Why so keen to pick up my car on V.T, and why all of a sudden all this fuss contacting me and allocating me a "complaints co-ordinator" and following up with a "complaints letter" that included a little brochure from the financial ombudsman.

 

There on the ropes

 

Post ggi and andie 303 seeing to that...

 

I personally am prepared to let them default my credit file while i fight this and thats sickening considering its the first time in 6 years i've been able to get a credit card...

 

I could also get the vehicle i currently owe 6K on for 2K on a settlement and walk away with the car which i could part ex and get £4500 towards cost of a new one so i am in excellent position to just dissapear...

 

But like those t-shirts used to say.... FCUK them...

 

Am Not Going Anywhere Till The Fat Lady Starts Wailing

 

GIVE THEM HELL, DONT GIVE IN, EXCEPT NO SUBSTITUTE

They want your car...reason they can take it to some Spiv at Auction and make a few quid to swell up the Cattles closing down hardship fund

 

Let em burn !!!

[eeeezzzyy]

I wouldnt worry about knocks on the door chasing you for money either...i dont think the remaining (working) Welcome goons can afford the petrol to do house calls !!!:lol:

[eeeezzzyy]

what does concern me is welcome trying to repo cars now without court orders...they wont be around for any compensation claims etc....

 

what do you think??

I think the best advice would be sit on the cars, no court order no car simple, they seem to be desperately snatching cars back left right and centre....thank christ i never had one of their wrecks, but if i had one right now id be parking it up where they cant find it, because Welcome are on life support and its not gonna be long till they turn off the machine !!

[eeeezzzyy]

out of interest - what happened to those that have cars from Welcome Car Finance - are people paying a company that effectively does not exist anymore???

That is the million dollar question Andie...What is going to happen ? Who picks up the pieces ? Obviously administration initially then what ? loans etc sold off to lovely helpfull DCA's ?

[eeeezzzyy]

I had my credit rating screwed by these muppets...i havent payed since March and im enjoying every sweet second of their slow painfull demise...

 

What goes around comes around....

[eeeezzzyy]

this has just been posted on the cattles share trading forum

 

says it all

 

Looks like cattles are history now. I can't tell how much I have lost here, but this is the worst possible attitude and approach by the company's management of keeping things in the hiding and not being open and honest to their share holders. They have not come out with a single damn thing about what they are doing. It is extremely frustrating and a feeling of utter incapacitation. I wish and hope that they would be brought to justice in one way or the other.

ooops !!!