Welcome Finance - This company needs to be banned.

[postggj]

eboy

 

ive got no attachments

got email though

[EBOY]

sorry I forgot to attach the documents. I have sent again

[postggj]

eboy

 

i only have your original email

 

please re send with attachments

[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

[postggj]

whats put the final nail in is david pontins leaving

 

his appointment was to be cattles saviour

ask your self, why has he left

 

thats the reason the bond holders were unhappy

 

how much more bad news and no one can believe a single thing cattles says,

or lack of speach to be exact

[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 !!!

[traz39]

whos that never heard of them will they have to take our complaints on has well

[postggj]

this is another problem cattles are having

they know the next big thing to hit the fan after bank charges is misselling of ppi

 

they just have nothing in reserve to meet these claims

the banks or should i say rbs know this

[traz39]

so what u think will happen then post

[EBOY]

Thanks post,

I am confused about the interest refund of £1400. Is this coming of the total. As you can see I am concerned that I have already paid well over £2k and the loan balance has only come down by about £1400.

[postggj]

my own feeling is the bond holders will now cut and run

demand there pound of flesh

that means addministration and carve up

 

now the bond holders have not been paid, i think there is no way the stock exchange will allow cattles back in

 

the share investors have allready kissed there money goodby

 

wall paper with the share cirtificates was one comment

[postggj]

thats my point eboy

i would go with my sugestion to start with

why should you be out of pocket

[traz39]

what about our loans i know of someone who owed them 6500 and they excepted 2500 to settle

[postggj]

traz

 

prepare for a lot of this

 

when cattles go into addmin

they will want to be paid

they will start to offer silly money to settle

 

the bond holders want there money first

stuff every one else

 

heart bleeds for any body who has invested in this company

 

on a side note, its on the grape vine that provident may well step into cattles shoes and fill the gap in the market

[traz39]

thats strange i had a email from provident asking me if i wanted a loan i dont know where they got my email from though

[postggj]

thats strange i had a email from provident asking me if i wanted a loan i dont know where they got my email from though

 

PROVIDENT IS THE ONLY ORGANIZATION CAPABLE OF TAKING OVER CATTLE'S ACCOUNTS

 

BUT THEY ARE WORRIED OVER THE POSS CLAIMS IN THE PIPE LINE

 

WHICH EVER WAY YOU LOOK

 

CATTLE'S IS NOW HISTORY

[scarborosmoggy]

Provident are also owned by cattles aren't they?

[danukindebt]

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.

[lolly1977]

Thanks Postggi,

 

Yes, they gave me time to consider, I picked the cheque up from Nottingham as it was just before xmas and I did sign new loan agreement, however, since I have now sold the property the loan was secured against I have not signed new paperwork (sold the house Dec 2006 and have been paying the loan (sometimes not full amount but not much less, always agreed with branch first) I have recently spoken to a company who say possibly the agreement my not be enforcable because it is no longer a secured loan and they should have done new paperwork. Confusing isn't it.

Edited July 8, 2009 by lolly1977

[Ian0579]

Hi All,

 

I've been following this thread with interest - and wasn't aware of the situation with Cattles. I too have a loan with Welcome which is currently 1 month behind (this is due to be cleared next month). An interesting tactic I have not seen before was a text message I received from my local branch a couple of days ago reading:

 

"Alright Nibby sorry with lack of response, 3 cut off my contract and took me ages to sort it out. It's Jay"

 

I was quite annoyed by that - trying to pretend that he's a long lost friend wanting to get in touch!

 

I see a couple of people have been offered significantly reduced settlement figures - did you phone up and ask about this (head office or local branch) or was it offered to you?

 

Thanks for everyones input

 

Ian

[mojo8]

Hi All,

 

I've been following this thread with interest - and wasn't aware of the situation with Cattles. I too have a loan with Welcome which is currently 1 month behind (this is due to be cleared next month). An interesting tactic I have not seen before was a text message I received from my local branch a couple of days ago reading:

 

"Alright Nibby sorry with lack of response, 3 cut off my contract and took me ages to sort it out. It's Jay"

 

I was quite annoyed by that - trying to pretend that he's a long lost friend wanting to get in touch!

 

I see a couple of people have been offered significantly reduced settlement figures - did you phone up and ask about this (head office or local branch) or was it offered to you?

 

Thanks for everyones input

 

Ian

 

 

another tactic is to ring and in a really cheery way ask for someone by there first name......assuming you think its a friend you put them on the phone....but i always ask who they are and where there from and usually hang up...love it

[EBOY]

Post,

Thanks for the advice. Do you think it would be too cheeky to ask for the cash upfront rather than coming of the debt?

[postggj]

They Will Never Give The Cash Upfront

Thats Why When You Accept, Its In Your Favour, Not Welcome

[EBOY]

Thanks for the advice. It's amazing having waited weeks for the first response to my sar. I stopped this month's payment and told them I wouldn't be paying until I got the details of the remaining loans. Maybe that's why they sent the remaining details in less than a week!

Edited July 8, 2009 by EBOY