What is going on?

[dogtired]

I have posted eleswhere regarding Welcome/Cattles plc and have been watching developments with them.
On another site I have read that Citi group may be taking over but I must confess that I do not understand the jargon!
I am still awaitng reults or otherwise from FOS but if this happen where would it leave us?

[dogtired]

Re: What is going on?

Lots of you have looked but no answers.
Not even sure if Cattles/Welcome know themselves!
There was some sort of appeal by them on Friday 28th July and the supreme Court ruled against them but this only appears to cover the debts THEY owe to the banks and not how it affects those of us that are still in the process of claiming either mis selling or other claims.
Any one else herd anything?

[Amethyst]

Re: What is going on?

Sorry dogtired, I am as confused by the Welcome shenanigans as the rest of them.

All I know is the appeal was refused

Cattles PLC: Order of the Supreme Court | Company Announcements | Investegate

[LuggerBugs]

Re: What is going on?

Basically, the ruling means that Cattles cannot help themselves to Welcome's cash in order to pay off Cattles' debts. SHAME!!!!!

As for the Citi offer, nothing has as yet been decided, and I'm unsure as to when a decision will be made. I imagine RBS and all the other creditors will be wanting to ensure that they do not lose out TOO much if a deal goes ahead.

Unfortunately, all the shareholders will get out of it will be buttons. Tiny ones.

So what would a buyout mean? Simply this... Citi become the proud owner of lots, and lots of Dodgy Debts. Vast amounts of unpaid PPI claims. And a smattering of easy-peasy accounts.

I suspect they will simply then sell on the awkward "customers" to folks desperate for ANY kind of debt to attempt to collect on. Cabot Financial could do with a few new portfolios, since certain new friends of ours are extremely concerned at Cabot's latest BullinaChinaShop antics. They feel their names are getting dragged down in the mud too, and are increasingly hesitant about selling as a result.

Mind you, it appears that they have been "helped out" by Barclays Capital to the tune of some $258 million, so perhaps Uncle Ken has the readies to invest in foolhardy schemes like that after all.

[dogtired]

Re: What is going on?

Very ineresting! Still nothing back from fos but as I have had nothing from our "friends" at welcome that can be no bad thing!

[enaid]

Re: What is going on?

Hi dogtired, thought you maybe interested in this thread :tinysmile_grin_t:


http://www.legalbeagles.info/forums/...ad.php?t=23731

[dogtired]

Re: What is going on?

Have posted on this as well. hope this is ok!
Its a waitng game

[Sapphire]

Re: What is going on?

Just to let you know Welcome has shut our local office and made all the staff redundant, all accounts have now been moved to an office 20 miles away.

Has anyone heard of any more offices closing ?

[dogtired]

Re: What is going on?

Seen the new post by Pompeyfaith about Cattles.
Still not clear what is happening!
Got another"sorry for the delay " letter from FOS this week though

[pompeyfaith]

Re: What is going on?

Dogtired,

Your Guess is as good as mine, there troubles have been dragging on for a long time

[Sapphire]

Re: What is going on?

Well I know that Welcome closed down one of their biggest offices and made the staff redundant a couple of weeks ago.

Ok just done a Creditsafe check on Welcome Finance, not only have they ceased trading but they have a list of CCJ's against them as long as your arm.

[middenmess]

Re: What is going on?

Cattles still in the mire..

15.09.10







Stricken doorstep lender Cattles said today talks with creditors over restructuring had broken down.
Cattles had been in discussions for some time with its main financial creditors about a restructuring of its liabilities and it had said shareholders could receive 1p a share from a deal.
It said today that despite the breakdown in talks it would work to engage with representatives of other key creditors as it tried to restructure.
“Cattles believes that it remains in the interests of all parties to reach an agreement,” it said.


...............

LONDON -(Dow Jones)- Cattles PLC (CTT.LN), a door-to-door lender which saw massive losses during the financial crisis, said Wednesday that some of its bondholder creditors have exited talks on how to revive the company.
These bondholder creditors, who hold roughly one-third of the value of the company's outstanding bonds, and their advisers "have ceased and do not intend to re-instigate negotiations with Cattles' other key financial creditors in respect of any solvent restructuring" of the firm, Cattles said in a statement.
This forces the management of Cattles to continue restructuring talks with the rest of its bondholder creditors and its main creditor, Royal Bank of Scotland Group PLC (RBS).
The exit of the bondholders comes after the Court of Appeal in May upheld a decision by the High Court to give RBS precedence over bondholders in the ranking of creditors.
Cattles needs to be in a more solvent position to keep collecting the money in its loan book. Otherwise, there wouldn't be much cash to share amongst Cattles' creditors.

[dogtired]

Re: What is going on?

Not entirely sure what happens now to those of us waiting for them to get back to FOS.
NOTHING from Welcome since March and no ££ from me to them for over a year

[LuggerBugs]

Re: What is going on?

When I get back from sea, I think I'm going to write to them and ask if they'll accept a Full & Final, equivalent to the amount they have already offered me in response to my PPI claim.

I will then tell them not to bother sending me a cheque, but I accept their kind offer of a refund, so will they please just make it a paper exercise.

Always assuming they DO accept my F&F, that is.

Should be interesting.

[poochie]

Re: What is going on?

can someone please comment on my post please....all advice or opinions much appreciated....thanx

I am hopin this welcome business gets sorted soon...its been draggin on too long now