Cattles suspends lending through Welcome finance

[cerberusalert]

I wonder whether they'll be getting threatening & abusive 'phone calls along with letters threatening 'doorstep' visits?

[ncf355]

Whilst never a customer, after reading stories on here, Id like to say -

 

ROFLMAO

 

Live by the sword, die by the sword, may you and all your kind have a miserable year

 

(with the possible exception of some of their lower level employees, of course)

[sosumi]

What is it with Nottingham?

We have Capital One (plah!) Experian (PLAHPLAH!) and Welcome Finance, which I didn't even know!:

Welcome Finance firm suspends more directors

[cerberusalert]

What is it with Nottingham?

 

History hasn't changed.........come back Robin Hood.

[PGH7447]

Credit Today online

 

Cattles suspends more directors - 10/03/2009

 

Cattles has suspended three more directors as an inquiry into its impairment provisions deepens.

 

The lender has issued suspensions to finance director James Corr and chief operating officer Ian Cummine, who is also chairman of Welcome Financial Services, along with Adrian Cummings, compliance and risk director for Welcome Financial Services, pending the outcome of the review.

 

The move follows the suspensions of Welcome Financial Services’ managing director John Blake, finance director Peter Miller and operations director Mick Belcher last week as part of the impairment review.

 

etcetc

 

way to go peeps:D

[sosumi]

History hasn't changed.........come back Robin Hood.

Think you're right Cerb.

[PGH7447]

Cattles, the consumer loans group, admitted today that it had breached its banking covenants, prompting another profit warning, and suspended three more key directors from its credit business after uncovering a "breakdown" in its internal controls

 

Cattles suspends three more directors in probe - Times Online

[zazen.warrior]

What is it with Nottingham?

 

 

I think the reason Nottingham has (or had because they are falling like dominos now) so many of these call centres is because they deemed the midlands accent the most accessible to the entire country, also local government incentives.

 

On the streets Nottingham has always been a fairly radical area; the castle was burnt down by the locals once...

[JonCris]

Can't pay their creditors ooer! Do hope they didn't give personal guarantees

[Nottsdave]

Nothing wrong with Nottingham , other than the crap that seems to have congregated here ie Crapone-Experian and Welcome Finance, forget burning the castle down !

 

Revolt I say

 

Notts

[andie_303]

Yeah - nothing wrong with Nottingham and at least we're steadly clearing the s**t off our streets - thats what they must mean by Clean Up Your City campaigns

[Angel104]

Good riddance to you welcome finance. To your threatening letters, abusive phone calls and more recently your demand to know what hospital my husband was in because you did not believe he had a heart attack.

[JonCris]

Nothing wrong with Nottingham , other than the crap that seems to have congregated here ie Crapone-Experian and Welcome Finance, forget burning the castle down !

 

Revolt I say

 

Notts

 

Wot! You mean if we concentrate ALL of the ordnance in 1 place we'd be doing us all a favour:shock:............. how absolutely spiffing .........chocks away then:-D

[sosumi]

Wot! You mean if we concentrate ALL of the ordnance in 1 place we'd be doing us all a favour:shock:............. how absolutely spiffing .........chocks away then:-D

1734: Nottingham cheese riot, bowled the Mayor over with a 100lb cheese.

http://britishpages.org/britblog/#nabble-td2410361

Cheese would be better...

Edited March 10, 2009 by sosumi
spling n' grmr! :D

[bottomburp]

There's a good article in today's Times

 

Here's part of it:-

 

Cattles, led by David Postings, its chief executive, said it would have to seek covenant waivers from its debt providers — a 22-bank consortium led by Royal Bank of Scotland. Barclays, Lloyds Banking Group and HSBC are also among lenders to Cattles, which has been struggling to refinance a £500 million loan due in July.

 

Yesterday's suspensions meant that Cattles has removed six directors from their daily duties within the past seven days. Five of these have been at Welcome Financial Services, its principal lending business, which has more than 500,000 customers. Ian Cummine, Welcome's founding chairman and Cattles chief operating officer, was among those suspended yesterday. James Corr, group finance director, also had his duties put on hold, along with Adrian Cummings, Welcome's compliance and risk director.

Last week Cattles said that John Blake, Welcome's managing director, Peter Miller, its finance director, and Mick Belcher, operations director, had been suspended pending the outcome of the inquiry. Cattles said yesterday that “significant progress” had been made with the review. A conclusion is expected in the next couple of weeks.

 

It is understood that Cattles has breached covenants that necessitated interest payments on its debt being covered 1.75 times by earnings. Mr Postings has previously expressed hope that at least some of its loans could be rolled over. Although Cattles has admitted that internal controls and accounting practices have been breached, details of what took place are unlikely to emerge until the review has ended.

 

Cattles has been targeting borrowers who want to renew loans and collects about £80 million a month in payments. The shares, which have collapsed from highs of 400p, fell a further 13 per cent to 2.13p as the company said that it would incur “significant losses” for the financial year 2008.

 

The full article is at http://tinyurl.com/c2ru38

[JrnyFan4Life]

When Cattles collapses, what'll happen with the loans people have taken out with Unwelcome?

[bottomburp]

OH and I are interested in buying it...for £1 from the receiver and with no responsibility for repayment of existing debts.

 

We'll give a repayment holiday to everyone who needs one and reduce the interest rates to everyone.

[JrnyFan4Life]

OH and I are interested in buying it...for £1 from the receiver and with no responsibility for repayment of existing debts.

 

We'll give a repayment holiday to everyone who needs one and reduce the interest rates to everyone.

 

 

My mam will be pleased lol

[bottomburp]

I forgot to say we'd also get rid off the nasty call centre staff who harass people on the telephone.

[JrnyFan4Life]

Anyone fancy going halfers on Robbers Way?

[eeeezzzyy]

Im putting in a bid of £1.01 for Welcome:D

[bottomburp]

Im putting in a bid of £1.01 for Welcome:D

 

Huh! That's not nice! I expressed my interest first!

[eeeezzzyy]

No ive just seen the books.....you can have it lmao !!!

[bottomburp]

Do you mean to say you've worked out what PWC couldn't get to grips with? That must mean you aren't an accountant! You can't be a banker either! (I'm neither)

 

Will you come in as the Finance Director - you obviously have a better grasp of the numbers than "the professionals".

[082stewie]

I was just doing my morning ritual and reading some of the boards/discussions on Cattles on some investor sites.

The day traders (bottom feeders) are even scared to buy at 1p/2p a share. They claim its over valued at the moment and should be trading at 0.02 per share as a punt ONLY