Welcome Finance - This company needs to be banned.

[tigga_1961]

cattles doin that good at the moment even i can afford 100 shares £2.45 or 2.45p each lol

[Sol]

Thanks Postggj, there's that many threads on Welcome thesedays that it's easier just to post on this one now.

[Sol]

I'll post the statement up for you to see.

[Sol]

 

Right, I sat up last night going over all the figures and I've worked out that the interest includes the Acceptance Fee.

 

The total charge for credit is £680.05

Interest Charge: £605.05

Acceptance Fee: £75

 

Looking at the original agreement, you'd think it was legit, however, the Statement of Price says otherwise. It shows I'm paying £1.67 over 60 months, totalling £100.20. I don't know what interest rate that's based on as it's not the 14.80% I should be on. Forgetting that for the moment, that is an extra £25.20.

 

Now the interest on the remaining amount. £38.55 x 60 = 2313 - 1732.92 (the amount of credit) = 580.08 + 25.20 gives a final amount of £605.28, just 23p above the interest on the Credit Agreement.

 

How sneaky can they be??? Any advice on this would be helpful as I intend on taking this to the FOS and the FSA now.

 

More suspensions announced today and an admission of a huge loss see Cattles' share price drop to 2.10p now. Just constantly bad news for them

Edited March 9, 2009 by Sol

[gkmotorsport]

More suspensions announced today and an admission of a huge loss see Cattles' share price drop to 2.10p now. Just constantly bad news for them

 

Cattles suspends three more directors in probe - Times Online

 

Can someone explain what the 'banking convenants' are? For those of us who really want to get the stock market, but just can't?

[Sol]

I think 'breaching the banking covenants' is that they can't afford the repayments literally.

[082stewie]

Here we go!

 

 

What are banking covenants?

 

 

The conditions imposed by banks when they lend large sums of money. Just as a building society might insist you have gainful employment before it renews your mortgage, so big City institutions want to ensure firms have the financial wherewithal to service and repay their debts.

 

 

And if they are broken? Banks can ask for their money back, or demand penalty interest payments. Breaching financial covenants is serious stuff and a sign a company is in deep financial trouble.

 

I think in Cattles case, they did not disclose the impairment numbers correctly and released incorrect figures, so basically lying about how much they have coming in every month and how much they have to write off - the impairment. So basically they wont have enough to cover the debts, so lenders will not extend the terms of the loan and demand payment back in the form of equity in the company if they dont have the cash or cant raise it.

 

Stewie:roll:

Edited March 10, 2009 by 082stewie
added a bit more

[postggj]

well done soll

maths not my thing

first of all, send a letter to welcome compliance

tell them you consider the agreement crap and you want a final decision on the matter before you take it to the fos

send recorded

 

now i know why welcome agreements give me a head ache

[andie_303]

Right, I sat up last night going over all the figures and I've worked out that the interest includes the Acceptance Fee.

 

The total charge for credit is £680.05

Interest Charge: £605.05

Acceptance Fee: £75

 

Looking at the original agreement, you'd think it was legit, however, the Statement of Price says otherwise. It shows I'm paying £1.67 over 60 months, totalling £100.20. I don't know what interest rate that's based on as it's not the 14.80% I should be on. Forgetting that for the moment, that is an extra £25.20.

 

Now the interest on the remaining amount. £38.55 x 60 = 2313 - 1732.92 (the amount of credit) = 580.08 + 25.20 gives a final amount of £605.28, just 23p above the interest on the Credit Agreement.

 

How sneaky can they be??? Any advice on this would be helpful as I intend on taking this to the FOS and the FSA now.

 

 

Sol - this is exactly the same as mine - I've stopped paying them and stuck a claim in for it now.

[Sol]

Thanks Post

 

I've already sent a letter, so I'm just waiting to hear back now. I'm the same as you though, as I don't know how they worked out the interest on the Acceptance Fee.

 

I don't think Compliance will be happy though, as I called them liars LOL.

[postggj]

you have to wait for the final response

 

the fos will just throw it back at you otherwise

 

give them enough rope to hang them selves

[andie_303]

ahh myself and a compliance officer are on first name terms now the amount of conversations we have had in the past....funny he hasn't called me in a few weeks but hey he's probably reading it all on here and therefore knows he can't B/S me anymore cos I'm learning and coming after them

[Sol]

Is your Fee £100.20 as well Andie? I wonder if they charge a separate interest rate on the Fee, which is the same for all customers. If so, they haven't advised us! I think EVERYONE should check this out and reclaim.

[postggj]

thats not a mr palmer by any chance

he has been keeping a low profile as of late

[andie_303]

you have to wait for the final response

 

the fos will just throw it back at you otherwise

 

give them enough rope to hang them selves

 

 

I've already spoke to FOS and they say at the moment not a day goes by they are not hearing about Welcome (huh funny that) and they are sick to death of Welcome not responding to people - they've already given me a case number cos they anticipate no response and that as soon as that clock hits 8 weeks I just ring them up and get the wheels in motion.

[andie_303]

thats not a mr palmer by any chance

he has been keeping a low profile as of late

 

 

Oh first name terms me and that man - have even met the elusive man in person

[Sol]

Thanks Post I'll wait for a reply and see what crap they come back with, if they even reply!

 

One of the suspensions was the Compliance Manager, I wonder if it's to do with a mass of unenforceable agreements?

[Dipply75]

Hi all. Sol, you asked a perfectly legit question and they lied to you in writing....they are dirty to the core and it is all coming out now. On my statement of price they charged 3% per month and paying back about £130 on the acceptance fee.

 

Wait till the taxman has a look at some of the figures

[andie_303]

Is your Fee £100.20 as well Andie? I wonder if they charge a separate interest rate on the Fee, which is the same for all customers. If so, they haven't advised us! I think EVERYONE should check this out and reclaim.

 

 

No mine was £75 agreement but 36 months x £3.80 = £136.80

[andie_303]

Hi all. Sol, you asked a perfectly legit question and they lied to you in writing....they are dirty to the core and it is all coming out now. On my statement of price they charged 3% per month and paying back about £130 on the acceptance fee.

 

Wait till the taxman has a look at some of the figures

 

 

Dipply got an acknowledgement from IPT and said they would contact me further shortly

[Sol]

Well it's rumoured on iii that Cattles have lost in the region of 200 mil :o. Bad management right from the very top and all the way down to the branches. They're meant to be releasing their results officially on Fri 13th LOL

[Sol]

No mine was £75 agreement but 36 months x £3.80 = £136.80

 

So it's definitely based on the interest rate then. My original agreement was a lot higher, but guess what, I didn't receive that in my SAR! I mentioned that they didn't send a complete SAR as well

[postggj]

ill just throw some more names

 

mr palmer ©

and a mr orribble (i mean orill)

[andie_303]

Ha ha at least you got one - been 6 months and still waiting on mine LMAO - I don't need mine now though already got enough to do them over 6 or 7 times - Welcome beware do not p**s off a woman - they do not let stuff go!!

[andie_303]

© is the best - wish him luck in finding a new employer