Is Welcome Finance going bust?

madmackhunter

Hope your op went well gina-look forward to speaking to you all on thurs 6pm.
(those that can be bothered to open mouth)lol!!!

Im horrified more and more at what is now desperation gutter tactics by welscum.
I thought there was a law against LOAN SHARKS?

Buster mate,what happened to you is a scandal,tell us about it thurs.
Tell kevin at bloomberg as well,also mon am get trading standards on to them straight away mate no messing.
Thats disgusting.

GINA_2

madmackhunter wrote: »

Hope your op went well gina-look forward to speaking to you all on thurs 6pm.
(those that can be bothered to open mouth)lol!!!

Im horrified more and more at what is now desperation gutter tactics by welscum.
I thought there was a law against LOAN SHARKS?

Buster mate,what happened to you is a scandal,tell us about it thurs.
Tell kevin at bloomberg as well,also mon am get trading standards on to them straight away mate no messing.
Thats disgusting.

Cheers Mad Mack, next op 2 weeks time (can't wait!).
I hadn't heard about rbs and cattles until reading notes fro you SOloo, still hoping wf and cattles hit the deck with great force.
Surely rbs can't afford to help them out? as they aren't faring well re: Lloyds tsb.

proeleche

Hi everyone,

I have a relative who took a loan out from welcome finance [or Household Bank or HFC or whatever they decide to call themselves in any particular letter].

This person was soon to be retired and told the sales person as much who said it was fine. Due to her lack of income in retirement, my relative soon struggled to meet repayments but was refused her insurance request.

After 10 months of letters and complaints, they finally cancelled the ppi - after telling her it wasn't applicable to her, but continued to charge! I sent them a letter as per this site 5 weeks ago and I still have had no response!

What are other people's experiences with this company?! As far as I knew they were part of HSBC. I know Martin's letter says to give them 8 weeks, but I really feel as though they are taking the p*ss!

Sol00

GINA wrote: »

Cheers Mad Mack, next op 2 weeks time (can't wait!).
I hadn't heard about rbs and cattles until reading notes fro you SOloo, still hoping wf and cattles hit the deck with great force.
Surely rbs can't afford to help them out? as they aren't faring well re: Lloyds tsb.

Yep there was a consortium of banks that lent £500 million to Cattles and this is due to be repaid in June, which they obviously can't afford to repay. RBS, Lloyds, HBOS, Barclays and others are part of the consortium, although RBS lent the largest amount so they've got the most to lose if they go bust.

Due to them being largely owned by the Government, it's not likely they'd let RBS lose that money as they'd probably need more money from the Government if that happened. So they'll try everything possible to get it and that'll probably mean they'll stay in business.

Like I said though, once the banks get their money, it may well be the end of Cattles as I really doubt they'll get that sort of cash from them again in a hurry. And without money from the banks, they have no money to lend and rake in ridiculous amounts of interest.

Sol00

Hi Proeleche, you might be better starting a new thread about them as they're not part of Cattles.

proeleche

Sol00 wrote: »

Yep there was a consortium of banks that lent £500 million to Cattles and this is due to be repaid in June, which they obviously can't afford to repay. RBS, Lloyds, HBOS, Barclays and others are part of the consortium, although RBS lent the largest amount so they've got the most to lose if they go bust.

Due to them being largely owned by the Government, it's not likely they'd let RBS lose that money as they'd probably need more money from the Government if that happened. So they'll try everything possible to get it and that'll probably mean they'll stay in business.

Like I said though, once the banks get their money, it may well be the end of Cattles as I really doubt they'll get that sort of cash from them again in a hurry. And without money from the banks, they have no money to lend and rake in ridiculous amounts of interest.

I am getting confused - lol - who are Household Bank owned by? Are they Beneficial finance?

Are they going bust?

onefurlongout

Hi,

My auntie is currently paying back her welcome finance loan but they keep phoning her to get her to refinance with another company. Is this normal?

Seems a little strange to me

GINA_2

Sol00 wrote: »

Yep there was a consortium of banks that lent £500 million to Cattles and this is due to be repaid in June, which they obviously can't afford to repay. RBS, Lloyds, HBOS, Barclays and others are part of the consortium, although RBS lent the largest amount so they've got the most to lose if they go bust.

Due to them being largely owned by the Government, it's not likely they'd let RBS lose that money as they'd probably need more money from the Government if that happened. So they'll try everything possible to get it and that'll probably mean they'll stay in business.

Like I said though, once the banks get their money, it may well be the end of Cattles as I really doubt they'll get that sort of cash from them again in a hurry. And without money from the banks, they have no money to lend and rake in ridiculous amounts of interest.

Wouldn't it be in the other banks interest to get rid of Cattles? (don't ask me how especially with their debt).
With the fos and ts involved with the way they have been acting against their customers. June isn't far away.

Sol00

onefurlongout wrote: »

Hi,

My auntie is currently paying back her welcome finance loan but they keep phoning her to get her to refinance with another company. Is this normal?

Seems a little strange to me

Is it Progressive by any chance? That's another company within the Cattles umbrella. Do you know what else they've said?

Sol00

proeleche wrote: »

I am getting confused - lol - who are Household Bank owned by? Are they Beneficial finance?

Are they going bust?

I think Beneficial Finance are owned by HSBC and they were going to wind down the company, but I'm not 100% on that.