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Heard of Cattles? They were a lender who gave loans to customers with poor credit ratings and that had been turned away by high street banks. Well, surprise, surprise: it all went the way of the pear for them; their shares are suspended and they’re straddled with a debt of £2.4bn.

To make matters worse, Karma has delivered another blow and now the sub-prime lender is facing a law suit for the alleged mis-sale of payment protection insurance (PPI). A class action has been launched against Cattles by a City institution for the misselling of insurance along with failing to pay-out on insurance claims.

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