Hiya Postie,

 

Not too much been going on in your absence except that I have informed Watchdog and Dom Littlewood of this huge thread.

 

Nite

 

Voda

Hi Voda - On Breakfast TV this morning Angela Rippon, Jenni Bond and Gloria Hunniford were talking about a new program they are filming, which will be aired on daytime TV in November. It is called Rip off Britain and they are looking for stories to investigate. I just thought you might like their contact details.

Rip-Off Britain

Here's how you can get in touch if you want the team to investigate on your behalf.

- The email address: 'ripoffbritain@bbc.co.uk'

- or write to: Rip off Britain, PO Box 4360, MANCHESTER, M61 0DY

I am kind of hoping Welcome will be no more by then but who knows they seem to have more lives than a cat.

On another note Welcome have sent me a default notice this week even though they agreed to not chase us for payment pending the outcome of our FOS complaint. They have really hacked me off now. Even though it is your standard mickey mouse default notice it has scared me a bit as ours is a secured loan.

Hi Milly

 

I would be interested to hear how you are getting on with this, as i have 3 seperate acceptance fees charged on original loan and 2 re-writes. I understand you may want to keep it out of open forum. please pm me with any info you can, that will give me any insight on how to deal with this!!

 

thanks in advance

b-o-2

bo2 I have sent you a pm

Hi Post - I have sent you a PM re FOS response to interest on acceptance fee. Your advice would be appreciated.

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

 

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?

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?

Hi PT Steven4064 said he was going to forward you copy of my docs. If you have not received them let me know. Will gladly forward them to you.

Thank you for the e-mail and the info - this was exactly what I was looking for Fingers crossed the FOS agrees that interest should not be charged on acceptance fee.

Just out of interest - what would happen in the unlikely event that the FOS do agree and say interest should not have been charged on acceptance fee - would this still have to go to court for agreement to be deemed unenforceable?

Hi everyone - Our complaint regarding interest on acceptance fee has been with the FOS since March and we have been appointed an adjudicator. I have advised the adjudicator that I will pass on details of the previous cases regarding acceptance fee.

However, where would I get copies of these judgements - I know Post put something on the forum a while back but it was removed. Can anyone help me get this information as hopefully it could help our case.

Many Thanks

Millymo

 

Welcome Can Put What It Likes On An Agreement

Does Not Make It Legal

 

Its All Smoke Screen And Mirrors Again

 

Keep It In Dispute Until You Get The Word From The Fos

Thanks Post - That is what we were thinking - I was kind of hoping Welcome would have disappeared by the time the FOS reached a decision. It might happen yet though - I guess we will find out in next few weeks

just a small tip,

 

If you have a welcome loan agreement which has an acceptance fee on it, then get all the documents together and somewhere within it you will have a sheet which breaks down the payments. in that sheet it will say

 

 

Repayment £xxxx

Acceptance fee £4.05

PPI £40

 

Total monthly payment £216.60 for example

 

now if you take £4.05 and multiply it by the loan, in this case which i have its 180 months, you get the outcome of total acceptance fee payable £810 NOT £235

 

this is also sufficient to render the agreement UNENFORCEABLE

 

 

HTH

Hi everyone - I have not posted for a while (I have been fighting a losing battle with HBOS to reclaim bank charges)

Our complaint is currently with the FOS regarding this acceptance fee business and our account still in dispute (even though Welcome says it isn't)

I just wanted let you know our final response from welcome on this stated that our agreement is enforceable as they have written on the agreement that interest will be charged on the outstanding daily balance and the acceptance fee. They also state that this is ok because it is no less prominent than the rest of the terms and conditions.

Now we have advised them that we will wait and see what FOS has to say before the dispute will be resolved as of course they are going to say their agreement is enforceable.

Do you think they a right or are we right to keep this in dispute?

This weekend M & S had a 25% off sale on some of its mens ranges. My Mum decided to go and buy my Dad some new blue harbour jumpers. She buys these jumpers quite regularly for my Dad and they are normally priced at £9. However on this occassion my Mum noticed that M & S had ripped off the bottom part of their printed labels on the jumpers, which have the price on it. They had then put a sticker on to the label stating £12. Therefore once the 25% discount is applied to the £12 it makes it £9 (The normal price of the jumper).

My Mum has complained to M & S but I was just wondering if they are allowed to do this?

It also makes me wonder how many times companies do this by conning you into thinking you are receiving a bargain.

I asked Welcome to send me my last agreement and iv'e compared it to two others i have and this one seems odd.I've noticed that if it was a true copy it would have boxes around all the figure work and insurance details.Does anyone know if they hold the true copies at head office.

I have had one of these sent from the branch...this one had a date put in.The other one sent from Head Office didn't have a date.Something just looks odd.

Could this be copy of the exact agreement?

Hi Bodecia - it may help if you can post up a copy of the agreement with all personal details removed. I am sure some of the more experienced caggers will look at it for you I definitely do not know enough to help but I have received some really good advice on these forums.

hey

i haven't even got that far yet. they want me to sign the letter requesting my credit agreement to " correspond with their docuement" ( they don't have any) I'm looking for the letter template to state i do not need to sign the letter ny law.

help?

I agree with the above definitely DO NOT SIGN anything you send to them. If you have already sent them the CCA request letter and their time has expired send them the account in dispute letter.

hello all just a quick one to mull over my dispute with welcome is with the financial ombudsman and welcome are aware of this but recieved a letter today the ussual threats failure to redad this may result in legal proceedings you are served with a default notice etc. etc. so I rang the financial ombudsman a complained about them chasing while the account is in dispute and recording further defaults on my file and the lady said they can chase for payment if there is an amount outstanding? I did tell her about the CCA 1974 stating an account in dispute cannot be chased or defaults registered while the dispute is on going, she just said yes thats a bit of a sticky one who are these people suppoed to represent she is now sending them a letter telling them to stop any further action untill the outcome of thier investigation but apparently she can only ask not insist, so any thoughts have the watchdogs been told to go easy on them because thats the impression I have been left with.

Dene

Hi Jdene - we have a complaint with the ombudsman also and we were told exactly the same thing as you with regards to them chasing us. I am sure they are not allowed to do this no matter what fos say and we have complained to office of fair trading. We are still waiting on a response

some info from lse Cattles crisis prompts talks between RBS and Treasury - Yorkshire Post

Andie just wanted to wish you luck for tomorrow - hope it all goes really well - let us all know how you get on

You know who that is don't you Milly??

 

Debt for asset swap!

That is what I was thinking but didn't wan't to say in case I made myself look stupid

Rikk try this:

Welcome Financial Services Ltd

Compliance Dept

Ruddington Fields Business Park

Ruddington Nottingham

NG11 6NZ

Tel: 0115 9849302

They don't receive external e-mails and if you phone let it ring and ring they will eventually answer

looks like there has been another 1p trade today but shares still suspended???

they're still suspended - that was one trade yesterday - not sure why or what it was but nothing else is happening on there at the moment

I am getting so impatient now waiting on news that I am trawling the investor sites looking for any snippet of information I can find. I have a million and one other things I could and should be doing.

Anyway this was posted on www.iii.co.uk re: trade on wednesday:

Right guys

Just spoke with Cattles on the link below.

http://www.cattles.co.uk/index.php?investor_relations_contact_

Spoke with a lady called Georgina who confirmed this WAS a trade on wedsnesday for just over 500k shares and confirmed the price sale was 1p (hence showing current price 1p).

When asked how can they trade when suspended she replyed quote "you can trade under exceptional circumstances with the permission of the FSA and LSE and we were granted permission). I asked who this transaction was between but she refused to comment.

She then stated that the shares have been suspended as the accounts could not be completed, audited and published by April 30th. I then asked when this was likely to happen and quote "we are hoping in the near future and are looking at weeks rather than months"

I then asked if it was likely the suspension would be lifted at this point, but she refused to comment

Hope this helps.

Has anyone noticed on LSE today their has been 1 trade under cattles? what would this be about on a suspended share?

This was posted on a factoring blog re: Cattles Invoice Finance. I know again it doesn't directly involve welcome finance but it is an interesting point. Are cattles directors ready to jump ship with the only part of the business that is making money????? Again I am not that sure on these matters so someone please correct me if I am wrong

Absolute Invoice Finance

Two weeks ago the domain name absoluteinvoicefinance.co.uk was registered to Nick McAvoy using the address of Cattles Invoice Finance in Yorkshire.

Is this to be the new company name if the sale of the factoring company ever goes through or have the Cattles management decided to prepare to jump ship in case the continued stalling proves terminal.

Posted under Cattles Invoice Finance

5-MAY-2009 16:48

 

 

The closure of Welcome Car Finance and the sale of Cattles Invoice Finance would leave Cattles with just The Lewis Group, its debt recovery and investigation service

would it not also leave it with welcome financial services?????????

5-MAY-2009 16:48

LONDON, May 5 (Reuters) - Troubled subprime lender Cattles said on Tuesday its looking at options for its Cattles Invoice Finance business, including a potential disposal.

'No firm decision has been reached and a further announcement will be made when appropriate,' it said in a statement.

The business provides working capital finance to small and medium-sized businesses through six offices across the UK.

Last week, the company said it proposed to close its direct distribution car retailer, Welcome Car Finance, to preserve cash and improve liquidity, and would cut about 130 jobs within the group.

The closure of Welcome Car Finance and the sale of Cattles Invoice Finance would leave Cattles with just The Lewis Group, its debt recovery and investigation service.

Shares in Cattles are currently suspended.

(Reporting by Julie Crust; editing by John Bowker) Keywords: CATTLES DISPOSAL

(julie.crust@thomsonreuters.com; +44 207 542 3847)

RNS Number : 7036R

Cattles PLC

05 May 2009



5 May 2009

CATTLES PLC

Statement on Cattles Invoice Finance

Cattles plc confirms it is exploring options in relation to Cattles Invoice Finance, including a potential disposal. No firm decision has been reached and a further announcement will be made when appropriate.

- ENDS -

Enquiries:

David Postings, CEO, Cattles plc Tel: 020 7269 7252

Paul Marriott, Financial Dynamics

I Know this doesn't have much to do with welcome finance but it does show that things are happening behind the scenes at cattles.

Is this not strange though because I thought cattles Invoice Finance was the bit of the business that did make money??? maybe I am mistaken though

theyve just been round again insisting i pay full arrears today. explained i dont have the funds again...he got quite nasty so i told him to **** off my property or i will call the police and that i wont be bullied..

well done - I am sure you feel heaps better having stood up to them:) now you should definitely complain about harrassment and send the doorstep harrassment letter asap - Have a nice weekend

I have seen people say in other threads that if you continue to pay what you can afford then it shows willing to clear debt and may help if they ever took action against you.