Cattles suspends new lending

[LuggerBugs]

From Credit Today...

Cattles has suspended lending to new customers via its Welcome Finance division, which accounts for around 95 per cent of the company’s loan book.

The company said the temporary closure will help to preserve liquidity and that Welcome Finace will continue to offer renewal products to existing customers. The board has now appointed Deloitte, its internal auditor, to help its review of impairment provisions.

Cattles last week postponed publication of its full-year results due on 26 February until it has completed the review, triggering a 59 per fall in its share price. It is now negotiating a restructuring of £635m in bank debt due this year, of which £500m matures in July.

The firm's finance director James Corr, scheduled to retire at the end of February, will stay on until the review is completed. Robert East’s planned appointment as finance director has been deferred until further notice.

[TANZARELLI]

Re: Cattles suspends new lending

LMAO WFS wrote to me and my OH today their letter reads:

Dear TANZARELLI,

Notice of Variation to Agreement Number: ***************

In accordance with clause 1 (h) of your Personal Loan Agreement, we write to advice you of changes to the charges that are payable upon your breach of this Agreement, and for service requests that you may make from time to time, with effect from the 9th March 2009.

The charge for "If a payment you make is returned unpaid" will increase from £20 to £25.

The charge below will be introduced:

Copy Statement Fee
We will provide you an annual statement on or around each anniversary of your agreement. If, however, you request any copy statements, we will apply a charge of £10 for each set of copy or duplicate statements.

These changes have been made following a review of how our charges relate to the activities that we undertake when a customer is in breach of their agreement, and in light of the introduction of the requirement to send annual statements.

Yours sincerely

************
Customer Services Manager

Well just a few points they need to consider:

1) This is very much a liquidated damages clause IMO so therefore they could not argue the service fee arguement as no mention of fee for a service here and only mentioning breaches of contract and what it costs them to deal with the matter. Therefore the penalty arguement comes into play here. As well as the UTCCR 1999.

2) If anyone does require a copy statement then request this under a full Subject Access Request anyway as it will cost you £10 and you will also get all the personal data they hold on you and it will make them have to do more work for the £10 fee.

3) Fees shouldn't be introduced just because reglations say they have to provide customers annual statements.

4) They are muppets

5) They have already refunded my charges to the account once why would they not think I wouldn't go after them again should they add further charges unlawfully to my account.

6) I am still dead apparently so why are they writing to me in the first place lol

[righty]

Re: Cattles suspends new lending

There's nowt more to add to Tanz post other than confirm Welcome are eejits

[TANZARELLI]

Re: Cattles suspends new lending

There's nowt more to add to Tanz post other than confirm Welcome are eejits

Oh yes thanks I had forgot to mention that bit righty lol

[LuggerBugs]

Re: Cattles suspends new lending

I'm in mid letter telling them that I don't accept their charges, and unless they can justify them to me, any attempt to impose them will be rejected.

Mind you, the clock is still ticking on my PPI complaint. I hope they don't go under before they repay me that.

[TANZARELLI]

Re: Cattles suspends new lending

Nah they have just changed there lending approach, don't forget if you already have a loan with them, and as long as you have run it without defaulting or placing in full dispute like mine they will be contacting you to see if you want a small top up which will bring in some additional money. This will only be for good payers IMO. My OH got a call on about three seperate occassions which she declined.

[LuggerBugs]

Re: Cattles suspends new lending

Aye, a wee top up. Which means repaying the original loan, including PPI, and signing a new agreement. With new PPI. Even though you have paid for 5 years worth of insurance first time around. Naughty, naughty.

Another trick I have just cottoned on to... they extend the term of the loan as far as they can, conveniently forgetting to mention that, were you to repay it over HALF the term that you sign up for, you wouldn't be paying very much more than you are already, thus saving you potentially thousands in interest. I've upped my payments accordingly. IN YER FACE, WELCOME. :tinysmile_twink_t2:

I suggest everybody looks at their agreements and compare the payments for both scenarios. There are a number of APR calculators to help you do that with a simple Google search. You'll be surprised. And shocked at how much you save.

In fact, I'm going to look at my mortgage too. Maybe I can retire early if I'm prudent enough.

[TANZARELLI]

Re: Cattles suspends new lending

Dont forget the new agreement fee of £75

[LuggerBugs]

Re: Cattles suspends new lending

Hmm. Yes.

I think I'll hold off sending today's letter. I need to put some more big sticks in there.

[TANZARELLI]

Re: Cattles suspends new lending

Sticks why not use a log PMSL

[LuggerBugs]

Re: Cattles suspends new lending

They won't fit through that wee hole in the post office envelope sizer.

[righty]

Re: Cattles suspends new lending

The loan offer con is to get you to sign a new, & they hope, ENFORCEABLE agreement & has been going on for about a year

[Curlyben]

Re: Cattles suspends new lending

The loan offer con is to get you to sign a new, & they hope, ENFORCEABLE agreement & has been going on for about a year

and they aren't the only ones trying the stunt as well.
Of course they are looking for CCA06 compliant agreements, where less emphasis is placed on the actual agreement with the repeal of s127(3) and more on the account activity.

[LuggerBugs]

Re: Cattles suspends new lending

Fair enough. I didn't take out a loan with a view to wriggling out of it. But it's all their other shoite that p isses me off. That's UNFAIR as far as I'm concerned, the consequences of which they may well suffer.

[righty]

Re: Cattles suspends new lending

Precisely BL it's not just their charges or extortionate & ever increasing % rate, it's their appalling treatment of customers who get into difficulty
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Curly who else is trying it??