Welcome Finance - This company needs to be banned.

[pt2537]

 

Despite this, is he 'welcome' here or not? I'm confused.

yes he is welcome on the forum.

 

as is everyone else,

 

at the end of the day i am not aware of any of Charlie1's posts which have been moderated or removed??? so that goes to show while we may not agree with their view, we will allow them to air those views

[082stewie]

Evidently as long as you are not Cattles staff?

 

 

 

I'm not defending Charlie1! - as an employee he is either a) being loyal and trying to stick up for his employer or b) been brainwashed by the propoganda thrown at him by the corporate machine he is part of.

 

Despite this, is he 'welcome' here or not? I'm confused.

 

Hi Ron,

 

I made it pretty clear in my post #114

 

Everyone is given equal opportunity on here. Don’t judge,give more reasons. I do appreciate your opinion, doesn’t mean I have to like it.

 

If Charlie gave more depth to his arguments then perhaps we would understand his point of view more.

 

 

Stewie:-D

[bobbyh99]

yes he is welcome on the forum.

 

as is everyone else,

 

at the end of the day i am not aware of any of Charlie1's posts which have been moderated or removed??? so that goes to show while we may not agree with their view, we will allow them to air those views

 

Here here.

 

Some info:

 

AKO Capital - Investment Management Organisation

"Our Assets under management are committed for a number of years allowing us to take a long term view on our investments."

 

23/9/08 - AKO Capital acquired a 10.28% stake, or 54.08 mil ordinary shares in Cattles PLC, for 67.05 mil pounds.

 

16/12/08 - AKO Capital sold 54 million shares in Cattles PLC reducing its holding to zero.

 

now thats what I call "long term" not!

[REST ON A SUNDAY]

The business’ share price continued its descent today to 18.25p per share (4:15pm, 16 December). Twelve months ago the share price was trading at around 300p :(per share.

This morning, AKO Capital sold 54 million sha res in Cattles, reducing its holding to zero.

Welcome Finance offers secured loans to customers with adverse and heavy adverse credit profiles.

 

 

"ONWARDS AND DOWNWARDS"

 

CATTLES Discussion CTT CTT.L - Interactive Investor

QUOTE

 

"Stripping away all the chat, and wishful thinking, for me and for many, this company has proved to be an unmitigated disaster. I have held the shares for many years and have subscribed to its rights issues that were for, allegedly, expansion and funding. I have lost over 90% of the capital invested and now 100% of the income. It may or may not survive but with the management that we thought was competent but clearly has not been, it quite possibly will not and even if it does it will be a very long time if ever that we recoup our investments let alone make aprofit. It has clearly overtraded, entered areas into which it should not and if I were a lending bank I would not advance another penny without new management. I think the best course of action is just to forget about Cattles for a year, enjoy Christmas and ensure that other investments prosper in the New Year. There are lots of good companies around -sadly Cattles is not one of them. "

 

Currently Active Caggers Viewing This Thread: 6 (1 registered Caggers and 5 guests)

[borisbeaver]

Currently Active Caggers Viewing This Thread: 6 (1 registered Caggers and 5 guests)

... and you were the registered Cagger:cool:

[Dipply75]

And every other finance company!

 

I like the way Welcome think they are just like general finance companies and the continued focus on Cattles, who have fingers in many pies, and not just the activities of the Welcome section. How about responding to the comments in my post, about the branches, instead of vague one liners?

 

i think you will find the reason there were not many complaints logged previously is that many of the people you lend to would not know they had a complaint, could complain and get somewhere and that they actually have rights.

 

Two words - financial exclusion - Welcomes playground! Welcome are aware of the many issues affecting the financially excluded and to me, the way the branches operate, specifically take advantage of these issues (see my previous post).

 

any comments on this Charlie1?

Edited December 19, 2008 by Dipply75
typing

[Sol]

I'm a bit confused about this 'banking licence'. Is it that Cattles are wanting to become a bank like RBS for example, and trade on the high street offering current accounts etc.?

[EBOY]

Basically cattles wants to become a bank to allow savers to deposit money which they can then lend. At the minute Cattles have to borrow the money from banks like RBS to lend to their customers. There £500m loan facility needs to be renewed in july(i think).

 

I find it a bit of joke looking for a license given the amount of complaints about them. At the minute 7.8% of welcome's loans are in "installment arrears". So they are begining to feel pressure. Anyway those employees posting here will know al this.

[babybutterfly0_1]

It seems to be a Hit and miss type of thing. I had a loan for 16 k (secured) with welcome - total repayable = 39k!!!! some staff at welcome was really helpful and some were not.. they did help me out, but at a cost.. remember they need to make their money too and will do it by any means neccessary!!!

 

I was told that I could make extra payments to clear it down quicker (without any penaties) - but

I remortgage and cleared it off - as much as i am struggling I have learnt not to get a loan to pay your debt, instead contact the people you owe money to and negotiate how much you can pay them - i have about 20 creditors - i negotiated to pay most of them £10 a couple at £40 (my total debt is 35k) - I sometimes still think should i just get a loan to just make one payment - but I think with putting house at risk by trusting any loan company is not a good idea.

 

Think carefully!!

[postggj]

hi babybuterfly and welcome

 

its all right trying to negotiate with your creditors

 

many people on the forum have been doing just that.

down the line they are contacted by a ****** dca.

with out them knowing, these so called creditors have sold your debt and claimed the tax relief back

 

being a new cagger, i feel you have a lot to learn in the financial biz.

not being critical, thats the way it is.

 

mind you, welcome saw you comming

 

16 grand loan

total repayable 39 grand

 

its a dirty biz the finance game

[Forsure]

I have a loan with Welcome Finance too and I would like to make the following observations if I may. I totally disagree with to3spd8. Welcome Finance are a bunch of sharks, and regardless of a persons financial stature, they have absolutely no need to rip people off. I can say from personal experience, that I have had my loan agreement with them checked with a company to see if it complied with the CCA 1974 and Im glad to say it had ' breach of regulations ' most of the way down the report. Rather than tackle this problem first, I decided to go for the PPI refund to 'test the water '. They have a legal obligation to respond to a PPI refund request within 8 weeks. They did this and offered a partial refund to me of approx £1500, just in time for xmas !! I am now in the process of going through the Financial Ombudsman to get the rest back ( approx £1100 ). Once this claim is finished with, I fully intend to hit them where it hurts and take them to court !!

 

yes I do agree in respect that they are a company that a) need to make money, b) you wouldnt go to them unless you are in dire straits, but come on less face it, when they are able to get you to sign a credit agreement with breaches all over it, me thinks its about time these fu***rs were brought down a peg or two !!!!

[chrisb333]

I will simply laugh if they go under.

They lent me money knowing I was in a DMP and owed, well, a lot.

They were obviously gambling like the rest of us on the housing market going through the roof again.

To be honest, I cant really afford the repayments-They also knew this!

But I'm scared of their reputation so I amgoing without food even sometimes to pay the scumbags

 

Yes, i'm a fool to be borrowing of them, but desperate times call for desperate measures and all that.

 

I know I will still owe the debt, but I will still do cartwheels down the street!

[postggj]

they lent you money on a debt management plan

what about responsable lending

reputation

what reputation

its all hot air

have you started your own thread on these cretins

welcome is my area so glad to help

[robnfc]

Thank you for your email to info@cattles.co.uk please find statement

attached.

 

Regards

 

Greg Stevens

Corporate and Regulatory Affairs Director

Cattles plc

 

Cattles plc is a FTSE 250 company and one of our subsidiaries is Welcome Financial Services which provides Secured and Unsecured loans as well as Hire Purchase loans.

 

Cattles plc in common with the overall Financial Services marketplace has been reviewing distribution channels and product portfolios to maximise business performance

 

Welcome Financial Services operates in the HP market via the Welcome Car Finance brand which is our own National chain of retail outlets where we sell both the car and provide HP Finance. We also provided HP Finance through intermediary dealerships and brokers where we paid commission and were not involved in the sale or profit of the car sale. We have made a business as usual strategic decision to withdraw from the intermediary products, in common with many lenders in the mortgage market, to maximise profitability whilst looking to grow the business in Welcome Car Finance.

 

The current average typical APR rate of Welcome Car Finance is 19.9% APR.

 

If you require any further information please contact me.

 

not going bust my arse

Edited January 15, 2009 by robnfc

[lovebug127]

Hi...

when i was 23 i took out a £2000 loan with welcome over 3 years. At the time i was in a desperate situation.

Aged 23 i had left home, was renting a flat and soon realised the expense of independant living away from my family.

I soon got into alot of debt as bills were higher than i estimated.

I took out a credit card which was used to pay for the maintening of my car (life line).

However i exceeded the limit and realised i could not make the minmium payment and keep up with my bills!!!

Everything escalated out of control and creditors and debt companys were soon on my back !!!!

I ended up in 6k worth of debts..!!!!

I have recently been working on getting payments back of the people who over charged me added unnecessary interest charges and scammed me into taking out protection which i didnt need.

 

After speaking with the CAB they helped me alot..however....im homeless.....living on friends sofas but got my debts down.

Im 26 now ....owe under £1500.....£700 left to pay of welcome.

 

Can i add i been working with the same company for 10 years.....pay my taxes......been homeless for 2 years.... and had no goverment help....i.e housing as i have no children!!!

There is not enough being done to help those who are working desperately to pay off debts....most of which is interest....

my CAP1 card was 600 limit......i went over by £26.....i had charge after charge and it finally went into the hands of debt collectors at a staggering....£1400......which im still paying for.....

 

MORE NEEDS TO BE DONE TO THE GANSTERS WHO ARE ADDING RIDICULOUS AMOUNTS OF INTEREST KNOWING FULL WELL PEOPLE CANT EVEN MAKE TO MINIMUM PAYMENT!!!!

 

Do not get a loan from welcome.....it will make matters worse and take years to pay off!!!!! ......ITS SHOCKING!!!! AND NEVER TAKE OUT THE PPI!!!!!

[jamiethemac]

Um.....I might get a kicking for this....

 

Five years ago I took out a car loan with Yes Car Credit. It was expensive but necessary at the time. I paid it off about six months early (ironically with cash I got from reclaiming bank charges) without any penalty. The car is the most reliable I've ever owned.

 

Last year I took out an unsecured loan with Welcome, which once again was expensive, but once again necessary. They did try to push the dreaded PPI on to me, but I simply told them I neither needed nor wanted it and they accepted it. After I also turned down travel insurance and God knows what else they gave me the cash.

 

I set up a direct debit for pay day every month, and I am now half way through the agreement, and I'm happy to say there hasn't been any issues whatsoever.

 

I understand that if I were to miss a payment then a nightmare may begin, but if I keep on top of it, I would simply pay back what I agreed to when I signed the contract and posted it back to the company.

 

I am happy with the service I received from both companies, and after reading some of the comments on this forum it looks like most people only ran in to problems when they breached their contract.

 

What happened to Yes Car Credit by the way? It seemed to just disappear.

[Dipply75]

Hi Jamiethmac, I am glad things are running smoothly for you. We are not denying there is a need for companies that off er to poor credit ratings etc Welcome actively mislead and con folk.

 

You mention that you posted the contract back to them - I take it you did not take the loan out in a branch? Thats probably why things are ok. It's is not just when you breach contract...I didn't, not once and they scammed me plenty, again, in the branch.And getting into financial difficulty is not breaching your contract. It is then that Welcome could do the standard range of things to help they are supposed to.

 

It is then that they go into full swing, con you silly, treat you like dirt, trample over your basic rights and trap you into further borrowing. All for profit.

 

Its only now I realise how much for and how easily they took advantage of my (then) lack of knowledge.

 

Here's hoping you get to the end without bother

 

As for Yes? Enough folk had been ripped off, got together, campaigned and stopped them. As the regulators are blind, deaf and can't read either.

[jamiethemac]

I didn't go to a branch so you could be right when you say that's why I didn't get pushed around. Well I hope everyone who's having problems manages to find a solution that doesn't involve getting in to more debt.

[fenny99]

Ive done A runner from welcome owing approx 8000 before charges . will they ccj me of just register a default . will I have to pay this money back eventually or should I continue to hide . Also I filled in on the application (where it says two people that know you ) I filled in and signed two friends names without there permission . Will this be fraud . they are not guarentees just peole to contact if i do a runner which I have . lol

[jamiethemac]

They will CCJ you without a doubt, and if and when they do find you expect some very aggressive tactics ie. bailiffs etc.

 

They will also add on any charges they can, so expect the £8000 to be considerably higher when they track you down.

 

Ultimately they may sell the debt to a debt recovery agency who specialise in cases such as yours and they will take you to court to recover every penny you owe.

 

You could also face criminal charges for obtaining money by using false references.

 

Everything financial will remain on your credit file for six years, so forget about a mortgage/credit card/loan or even an overdraft.

 

Any criminal charges will usually have to be declared in job applications, and fraud is frowned upon by most employers, so I hope you're happy in whatever job you're in now, because I don't imagine anyone would consider employing a criminal.

[fenny99]

well come on bring me down .. I say its been 5 yrs since ive had any contact with welcom comming up to 6 this year , i hope they havent ccj,ed me but do I give a **** NO!!

I have absolutly nothing I have been living in thailand for 1 year , and Unfortunatly I am returning to the uk just befor the 6 years mark . Lets just hope there not at the airport waiting .he he ...

What can they do take me to court again uhh then I will move abroad again..... easy ....

They are conning robbing twats preying on people who have adverse credit anyway , they should be illegal . quite illegal

Whats the worst that can happen , I get 6-12 months for fraud , made to pay it back , and then the interest will be frozen and I will give 4 pound a month , 4eva .

Cant get blood out of a stone

 

6 - 12 months and maybe you can take care of me , eh.. satalite tv, gym , free dentist , health care . everything a prison can offer . dosent sound too bad does it ..

people like me keep people like you in work

JAMIETHEMAC

[jamiethemac]

If it's already been five years you'll probably be fine anyway, and I seriously doubt they'll be waiting at the airport.

 

Interesting that you should call them conning and robbing, isn't that exactly what you've done? The only difference is what you have done is illegal, and what Welcome do is not, even if it should be.

[pt2537]

Please refrain from trying to bypass the swear filter, this is a breach of site rules

 

I have unapproved a post for exactly this reason, also i would point out that being rude to other members is also a breach of the rules of this forum

[Sol]

The 6 year rule doesn't apply if you have a CCJ. As far as I'm aware it is increased to 20 years from the date of judgement.

[jamiethemac]

6 - 12 months and maybe you can take care of me , eh.. satalite tv, gym , free dentist , health care . everything a prison can offer . dosent sound too bad does it ..

people like me keep people like you in work

JAMIETHEMAC

 

Excellent answer lad, you've brought a big old smile to my face.