Welcome Finance - This company needs to be banned.

[Voda]

I have just phoned Sutton and they are still there.

[082stewie]

I think this is totally seperate from the global markets, this could lead to criminal charges and the share being suspended.

 

It would appear they have broken the golden rule and breached the banking convenant and be liable to repay the £500mil they owe outside banks.

The impairment could be as much as £300mil.

 

The global markets have made this worse but I think Welcome signed its own fate.

 

Pure speculation - I think Barclays will buy out the loan book, they have a 14% share in Cattles/Welcome and they havnt dropped it yet like all the others. So I suspect they will get a loan book for next to nothing. But like I said, pure speculation.

 

Stewie:D

[Voda]

Latest share price is 2.65

 

See: Cattles | Home

 

This is Cattles website this morning.

 

Nothing mentioned here except the share price.

 

Cattles | Home

[gkmotorsport]

I've been watching their shares ever since the nosedive the other week. Prior to today, they had worked their way slowly but surely back up to about 5.2p. I don't get what has caused the fall this morning. Another press release imminent?

 

BBC NEWS | Business | Market Data | Shares | London | Cattles

 

Ah, here we go - from the other thread:

 

Cattles warns on profits and suspends directors

[chrisb333]

Update on earlier post.

Phoned local office number and was diverted straight through to the admin centre.

They couldn't get throught to the local branch although she said he was on the phone

Any idea on how I find out if the Wolverhampton branch is actually closed?

 

 

Just tried Wolves branch again.

Same divert to Customer realtions dept.

Hmmm.

[rikk47729]

Please can anyone help. I had a car with welcome finance 3 years ago. And a personal loan. I had missed 5 payments so before christmas was told I must sign up for a new agreement. I tried getting help at the time but got mo where and Welcome presured me so much I signed. I will now be paying £100 per month for the car, and £85 per month for the loan. The car is for the next 10 years and the loan for 5 years. I have been paying but now can not afford this amount. I have worked out the car I will be paying £12000 for. In that time it will be worth nothing. I need a car but really cant afford this anymore. I do work but this leaves me no money at all. When I signed the new agreement I could not get into the office in Peterborough, a lady came to my work while I was working (embarrasing me) and forced me to sign, threatening "we will take the car if you do not sign". She was rude and vile. So I signed this agreement in my work place. I also noticed that my gap insurance has dissapeared on the new agreement. I am at the end of my tether with welcome and I am desperate for some advice. I have tried cab but there is a long wait in Peterborough to see anyone.

 

Please can anyone help,

 

Rikk47729

[Dipply75]

Hi all, go away for a few days and it all goes nuts! Been trying to catch up on the posts and once I can stop laughing at the implications of Stewies info I will post again lol.

 

Sol, can I ask...your wrote in post 312 that you were happy they hadn't charged you interest on the acceptance fee...can I ask how they proved this? Have you ever had somethign called a 'statement of price' from them showing the full breakdown?

 

On mine it clearly shows interest charged on the acceptance fee - on other caggers too. Am interested to see how many of you got this bit of paper, which in my case was forged.

[Voda]

Jesus, the sooner that this bunch of ^%$*)@#'s goes out of business the better.

[Sol]

Hi Dipply. Well they sent a copy of the agreement which shows the Acceptance Fee being added separately and not accruing interest. I haven't heard of the Statement of Price. What is this?

 

I sent them a SAR and this is due soon, so would it b included with this?

 

Thanks

[Dipply75]

My agreement also shows it seperately, but the statement of price they sent me (which bears a very poor copy of my signature and I had never seen it before) clearly lists the acceptance fee, broken down into monthly payments, including the interest:

 

Loan was over 36 months - they list the acceptance fee as £3.44 per month - total £123.84! I worked out the interest as a double check, and they did charge on that fee.

 

There are a few of us had a copy of this, but others not. They obviously exist so be very interesting to see if you get one of these statements through and what it says!

 

PS, if you do get one, let me know that the tax figures are on it

[andie_303]

Hi all,

 

Selfish question what happens if all goes t**s up with Welcome as I am in the middle of court action to reclaim £3000 if Welcome go does my case go too??

[Sol]

It would be whichever company/administrator that takes over.

[andie_303]

but would the liability for it transfer to them? If it's an administrator I can see me getting sod all, if another company buys are they liable for the previous companies dodgy practices that resulted in this?

 

I just have a feeling if Welcome goes my case is over

[082stewie]

Cattles/Welcome

Kind of looks like a mountain range now.

[Sol]

I don't know the legalities of it, but I assume they would only be able to pay what they can afford. I think PT has more legal knowledge on here.

[Sol]

not one i would want to climb

[082stewie]

If Welcome do go into administration then it would be a case of selling the loan book to the highest bidder. They would be aware of the liability and value of the "bad debt", this would be built into the sale of the company.

 

If they were to go into administration then a company would be assigned to continue the running until a buyer is found ( I personally suspect Barclays) kind of what happened with Woolies when they went tits up.

 

Stewie;)

[felixfly]

So what about the people who owe Welcome money?

 

What exactly are these dodgy practices the Directors have been suspended for? Would this be some kind of a breach of the contract? Would this make the debts unenforceable?

 

What is the likely outcome for people that owe money to these fraudsters?

[082stewie]

So what about the people who owe Welcome money?

 

What exactly are these dodgy practices the Directors have been suspended for? Would this be some kind of a breach of the contract? Would this make the debts unenforceable?

 

What is the likely outcome for people that owe money to these fraudsters?

 

From what I have been reading its the mis-calculation of the impairment of the company. I am no expert on the subject but I assume this would be the cost of worthless contracts and mis-sold PPI and a few other things. The number being tossed around is £300mil . And the company really has no equity to back it up. Plus they have to find £500mil to pay back the banks who loaned them the money in the first place. They lend money at 3% and then back to us at 20% upward, making massive margins on the APR and PPI. The bank loans are due soon.

They have suspended three directors for this massive miscalculation and investors dont like being lied to, just like Welcome customers.

 

Like I said im no expert but its all up in the air. Who ever buys this company will know exactly what they getting into. I think the administrators will have to honour the court rulings.

 

Im just happy these sharks are having a bad time of it!

[Sol]

There has been a lot of speculation about Barclays taking over, but would they want the risk? Especially as they're one of the few banks in less trouble

[082stewie]

I am certain they would do the math and work out if its worth it. The reports that are coming out are very damming against them and investor confidence has gone past rock bottom.

 

I just want my PPI money back and the interest I paid on it, after that they can get thrown to the administrators to break up and fry it. One thing is for sure, I dont think they are lending right now!

 

Stewie

[felixfly]

Well i tried to make a payment on my account and was told i couldnt as the manager wanted to speak to me and would phone me back. That was last week and i have had no phonecall.

 

Would you pay these people seeing as they are on the verge of going into administration or would it be better to save the money to give to whoever buys the debt in the future?

[082stewie]

Well i tried to make a payment on my account and was told i couldnt as the manager wanted to speak to me and would phone me back. That was last week and i have had no phonecall.

 

Would you pay these people seeing as they are on the verge of going into administration or would it be better to save the money to give to whoever buys the debt in the future?

 

I would continue to pay as per normal. They are still running, even if its by a thread. By the way if I was you I would send an invoice for £10, thats how much they hit us every time they call us. So return the favour!

Edited March 3, 2009 by 082stewie

[Sol]

Sent my letter today, I wish I could see their faces when they see the £10 admin charge for each letter I need to send to them. lol They'll probably just write back with some rubbish about it not being in my contract.

[andie_303]

Sol - just seen you post about acceptance fee and interest - It made me look at my court documents which Welcome have to provide me (they are the defendents) and I see on a statement of price my acceptance fee has been broken down to a monthly fee and interest charged - I thought I read somewhere they couldn't do this and that it could make the agreement unenforcable - or have i made that up and am just hoping??