Cattles suspends lending through Welcome finance

[JrnyFan4Life]

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

 

 

Even that's still overpriced

[bottomburp]

If shares go to 1p and if my maths is correct that gives it a value of £5.26m - I think! That's too high a price for OH and me - though a bit of a drop from the 52 week high of £2.57 (per share) on 1st April 2008.

 

But I'm prepared to stand by my offer of £1.00 to take over the business - subject to contract of course!

Edited March 11, 2009 by bottomburp
clarification

[JonCris]

If shares go to 1p and if my maths is correct that gives it a value of £5.26m - I think! That's too high a price for OH and me - though a bit of a drop from the 52 week high of £2.57 (per share) on 1st April 2008.

 

But I'm prepared to stand by my offer of £1.00 to take over the business - subject to contract of course!

 

 

What about due diligence:rolleyes:

[bottomburp]

What about due diligence:rolleyes:

 

Nah, waste of time! Due diligence would be way too expensive and I'm prepared to lose £1.00 if the company goes bust (again). I'm not offering to guarantee their liabilities - just take on their existing clients.

[082stewie]

I think Delloits are doing it anyhow. They are having to go back to 2007 to try and spread over the losses over two years instead of one to justify the dispute over impairments. So when they do say to the market "hey we lost 600mil this past year" it would rather be "hey we lost 720mil over the past two years" this softens the blow to investors.

 

But I think the game is over and no matter what they say, its finished. Looking at market sentiment they have no equity to trade or sell except for the loan book and the best collections staff have been poached or left already.

 

They are up s**t creek without a paddle. Well without a boat really. They are just in s**t

Edited March 11, 2009 by 082stewie
Spelling Arrrhhh

[cashins]

Despite having among the least well off customers bases in the nation, Cattles allowed its customers to go 240 days into debt before taking impairment charges. This looks to have been highly irresponsible in any credit climate let alone the present unprecedented circumstances.

 

As a result it looks as if the group's profits were largely a work of fiction.

 

 

Oh dear!

 

The above comes from 'Thisismoney', Daily Mail today.

 

Any fool could tell you that if someone hasn't paid in 8 months the chances of recovery are remote. Industry standards are to recognise this after 3-4 months and write the debt off (to the accounts).

 

This has a direct impact on profit, (or lack of it) and as loan agreements are in fact assets, this alters their assets/loan ratio, which is why they are in breach of their banking covanents.

 

It's difficult to see how they can survive this, in their present form anyway.

David

[eeeezzzyy]

Ive just read the Daily Mail article, and i too think the company is rotten from the top downwards, they have no assets, the books have not just been cooked, they've been nuked !!, and with a £500m loan repay in June/July and a further £135m in Nov they currently need snookers to survive...lots of em !!!

[pookeymonkey]

RBS FACES 500 MILLION POUND LOSS ON CATTLES

 

The collapse of door-step lender Cattles, which has outstanding debt of 2.4 billion pounds, is set to hit Royal Bank of Scotland hardest of all. RBS is the company's lead lender, with an exposure of as much as 500 million pounds. One analyst said: "RBS isn't the only bank to have been caught up in the Cattles debacle. But it is the biggest, and since this looks like it will be yet another problem the bank will have to pass on to the taxpayer, it's another big dent in its reputation and its public image."

 

 

The above quote came from here, although I believe it originated in the Telegraph.

 

CATTLES News CTT CTT.L - Interactive Investor

 

The Discussion Board makes good reading too!!

 

CATTLES Discussion CTT CTT.L - Interactive Investor

 

Pookey

[loobyloo35]

Does that mean my CCJ wont stand and I wont be chased for the debt i wonder?

[bigegg]

Does that mean my CCJ wont stand and I wont be chased for the debt i wonder?

 

Fraid not.

The CCJ will be sold off by the administrators. You'll simply be given a different account to pay into.

 

If you are fighting the CCA, the administrators will emply a managing company who will, in all likelihood, instruct solicitors in the same way Welcun (ts) would.

[loobyloo35]

Fraid not.

The CCJ will be sold off by the administrators. You'll simply be given a different account to pay into.

 

If you are fighting the CCA, the administrators will emply a managing company who will, in all likelihood, instruct solicitors in the same way Welcun (ts) would.

 

 

oh well it was worth a shot lol!

 

I am in the process of trying to get the CCJ overturned, along with an income and outgoings form I have had to complete AND trying to fight the £5k of charges and interest they have added - deep joy!

 

I do however, like your name for Welcome that did make me laugh!

[bottomburp]

It hasn't gone bust yet...

[JrnyFan4Life]

It hasn't gone bust yet...

 

But we live in hope

[bottomburp]

But we live in hope

 

Totally agree, just reads [above posts] as though people have already written them off - and thought I'd point out that reports of their death are a little premature... though eagerly anticipated!

[mau_juaquez]

Its good to see they are getting a taste of their own medicine!

 

My account with them has been put in to dispute due to an alleged fraudulent signature, I put it into dispute with head office. Head office failed to notify the local branch who are still chasing me with home visits etc.

 

Phoned them up last week and put them straight then mentioned, 'I know the company is in turmoil at the minute so i'm guessing your trying to claw as much money back as quick as possible' to which I got no reply lol.

[UnmoderatetheNet]

What worries me is it too will get bailed. RBS has a big chunk in it £500 m that's a lot of tax papers money either way.

 

The good news is it's unlikely to meet its debt obligations so I think it's in it's final days, I've a bottle on ice for the day.

 

How would the administrators deal with CCA request and outstanding debts. They can't refer to OC so would all debts have to sold?

 

It's a very amusing situation

[jimdev1976]

Hi, been a member of this forum for quite a while and its been very useful in a couple of fights with a few creditors. I have not needed to post as the info. on the forum is usually enough. This article fills me with joy though, as I battled with these cowboys a number of years ago. Reading it, which cheered me up no end, I got to thinking, now please strike me down if I’m wrong, and I probably am, the legal minded people on here would be able to clarify, if they allege you owe them money, and you became a shareholder of Cattles and the company went into administration, which seems likely, as a shareholder you wouldn’t be responsible for any debt that the company has, could this include you own debt? As the shares are so cheap, literally pence buying a few shares would cost nothing. Like I said I’m probably just daydreaming that this to be true.

[cashins]

What worries me is it too will get bailed. RBS has a big chunk in it £500 m that's a lot of tax papers money either way.

 

 

 

Be suprised if HMG would want to bail out a subprime, however, if RBS lose out on their £500m we are already picking up the bill through the back door.

 

david

[eeeezzzyy]

My own personnal take on this is Cattles/Welcome are pretty much on life support, the moneys run out, and the £500m June/July loan repayment draws ever closer, the numbers of people growing wise to the Welcome con is growing on CAG daily. The car showroom near me has closed and the local Welscum office resembles a shambles crewed by only 5-6 people (it used to be roughly 20) I like countless others have told Welcome to take a running jump, im no longer paying them until they sort my SAR out, ive wised up to the Welcome con....thanks to this site !!!

[BeauBrummie]

Just thought I would throw this one in, I have a secured loan with Welcome and I have been offered and accepted and now have it in writing that my loan is no longer attracting interest for the term of the loan!!

 

So there is some good out there from them, but I will be keeping them at arms length and watching their every move.

 

Beau

[andie_303]

I wrote an email to Alistar Darling today asking about the speculation of a government cash injection - just questioned why the government would like to be tarred with the same brush as a complany that has already breached banking covenents and has announced it is likely to default on it's loans, and a company that has 'miscalculated' to such an extent that 6 directors are suspended.

And as this company is currently under investigation for criminal offences myself and other tax payers should be spared the injustice of having to bail out an unethical and illegal lender.

 

Will see what response I get if any!!

[Gazza112]

Subbing

[dcdgreen]

i have a car from welcome car finance and pay £220 a month never missed a payment in 13 months now my partner has lost her job and has had to go to uni i earn £993 a month and we get about £200 help from working tax credit a month my rent is £490 a month and we need money for gas electric all the house old bills plus we have a 3 year old daughter who needs feeding and clothing, i cant afford the car any more but they wont take it back or reduce payments, i am trying to find some way of sorting this out one of them is that the car had a 100 point check when i bought it and was hpi clear they said but my friend who is a panel beater has told me that the car has been in an accident would i be able to send it back due to being miss sold a vehicle

thanks for reading my post

please help

do i just stop paying the ba##ard#

:x:x:x:x:x

[Ell-enn]

You could contact Trading Standards regarding the condition of the car.

[dcdgreen]

thanks very much will look into it and let you know

what happens if welcome car finance go bust i really am struggling to make my next payment if i dont pay what will happen

cheers