Welcome Financial Services, the subsidiary of ex-subprime lender Cattles, has chosen Target Group to administer its consumer loans and arrears management software.
Despite the collapse of Cattles and banning and fining of three of the company’s directors, both it and Welcome continue to collect loan repayments under a 2011 restructuring plan.
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Welcome still has secured loans, unsecured loans, and hire purchase agreements, to collect and will use Target’s software to manage these collections on a single platform.
Cattles and Welcome appeared to have folded when it halted new business and closed 30 offices in 2009 but did not enter a bankruptcy plan until 2011 which put total company value at £5m.
richard.brown@vrlfinancialnews.com
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