The lender says the move is necessary to preserve liquidity in the business and Welcome Finance will continue to offer renewal products to existing customers.
The board has appointed Deloitte, its internal auditor, to assist management in the review of Cattles’ impairment provisions.
James Corr, finance director of Cattles who was due to retire at the end of February, will remain in his role until the current review is completed.
Robert East’s planned appointment to the board, as finance director, has been deferred until further notice.
Cattles shares plummeted last week after it issued a profits warning.
It said its annual profits will be “substantially lower” than current market expectations and blamed its profit warning on the need to write-off more bad debts.