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Northern Rock

No you didn't, given that the govt has included funds that have been withdrawn and replaced, plus new funds deposited in the future - but only for accounts that existed on 19th September.

You predicted they'd weasel out of them (can't say I disagreed with you, mind).

To me, the fact that the govt was prepared to publicly specify such a 'generous' guarantee is just a sign that

1) they were sh1t scared of the potential fall-out if NR did go bust
2) they were always confident that it wouldn't actually be necessary to pay out
3) they were hoping for a PR bonus for helping out the victims among the public (but not the other banks, which I rather liked)
 
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Last one then a snap general election to tie us in with crap pm for 5 yrs..MPO
 
Who to vote for? All as bad as one another. People have a real go at me for not voting, saying that people died so i could vote. I understand this, but Im not going to vote when I honestly dont know whom to vote for. :shrug:
 
I voted for one con and one lab in the last local election, I wouldn't have voted at all but the libs squandered a lot of money on stupid projects around here, shame you can't vote against parties :)

Bring back the monster raving looney party so I have someone to vote ofr in protest, oh wait haven't the other parties adopted their policies ;)
 
Waterhouse comment

A very good summary of NR investors over the last week:

If anything good has come out of the Northern Rock fiasco, it was the exemplary behaviour of the worried investors queuing for hours up and down the country.

If this crisis had happened to a bank in the United States, there would have been riots.

Missiles would have been hurled. Main Street would have been sealed off by the National Guard.

Lynchings would have been threatened.

Here, the crowds were as docile as a wartime bread queue.

They were patronisingly branded as "irrational" by the Financial Services Authority chairman. [ED: The very same chap who in the last week has branded Northern Rocks business model as 'extreme' (ie risky)]

In fact, the only sign of irrationality I spotted was in the panicky behaviour of a Northern Rock branch manager who dialled 999 in an effort to get the police to remove a customer who, not unreasonably, was refusing to leave without the life savings he had put in the bank's care.

One valuable lesson learned: after ten years of methodical lying, the Government can no longer rely on the public to trust it as far as it can be thrown.

My own additional comments are that:
1: True to form, the EU has requested full details from HMG of its offer to underwrite the security. I doubt this would infringe EU rules, however the possibility does exist that the EU might rule against the security.

2. Seeing the shareprice hurtling southwards once again and rumours are that NR will be sold at a rock bottom price, I hope investors sold before or as soon as the crisis become known (or as some might say....panicked and cashed in) :)

3. With you Old dude regarding voting. I pay my taxes, so even though I no longer vote anymore, I can bl**dy well moan about any party/MP I want to - and there's sure plenty to moan about !!.
Many of those old vetrans who fought in WWII moan even more than me about politics AND they no longer vote either.
 
The one thing I find bemusing about all this is NR's apparent high risk strategy, in lending money to people that other banks might consider too much of a risk. I couldn't get a penny off them, despite being pretty responsible with my money.

About 12 months ago, I applied to NR for a loan (about £6000, I think) for a new car. They turned me down flat, despite the fact the worst thing on my credit history is a £20 payment I forgot for 2 months.

Since I didn't urgently need the car, I left it at that.

In June this year, my old car died and I bought a new house.

To put this into context:

September 06 - NR reject me for a £6000 loan. 9 months later I spend well over £100,000 of credit - mostly on a mortgage, but also £9000 on a car, plus assorted stuff we needed for the house - none of which came from NR.

And NR were meant to be risk-takers!
 
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akbray, I'm not up on consumer credit laws, but I suspect you have have been entitled to ask for an explanation as too why they refused you credit.

Sometimes a few nasty surprises or mistakes come to light when the applicant discovers the reason for being rejected.
 
Thats very true.

I applied for a credit card - for the record I disagree with credit cards, but I was told if offerred much more protection if I bought things with it - and was refused.

I wasnt too bothered, so I left it. But it turns out I have something against me from a vodafone contract which I didnt cancel and pay, even though I sent a letter at the end of 12 months telling them I wanted to cancel.

They either didnt get it, or didnt process it and allegedly sent letters. This coincided with me moving flat, so I didnt get them. 3 years later, some debt company contacts my dad and thats how I find out about it!

So I agree with Paul, if your refused something you think you should get, then check. Some numpty might have put something against you.
 
akbray, I'm not up on consumer credit laws, but I suspect you have have been entitled to ask for an explanation as too why they refused you credit.

Sometimes a few nasty surprises or mistakes come to light when the applicant discovers the reason for being rejected.

I tried, and just got a "we reviewed your application and decided that your credit profile did not meet our criteria" or some such rubbish. I think it was the fact thaty I'd missed a payment by 2 months - most places ignore the odd 1-month lapse, but 2 months is seen as much more serious - even if it was only for £20.

As it turned out, I got a better car than I would have a year ago anyways, so I can't say I'm too bothered :)

I have access to all of my credit reports, so I know they are accurate.

Aside from a few more payments, it was the same credit reports that got me the larger car loan and the mortgage, both within a couple of weeks of each other (in fact I picked the car up and moved house in the same week).

Andy
 
Sometimes the credit decisions they make can seem a bit strange.
Two years ago, I applied for & was accepted for a new credit card with my wife as an additional cardholder.
After a year she thought she’d chance her luck & applied for her own credit card with the same company.
She gets accepted with a credit limit of over 150% greater than mine and she hasn’t even got a job or any direct income of her own.

Glad you managed to get a better deal car wise.
Running costs can be very expensive nowadays.
My son-in-law recently wanted some work done on his Peugeot & asked the maindealer the labour costs.
When told it was £160.00 per hour he done the job himself !!

Returning to the matter of Northern Rock, it transpires that the BOE only wanted the crisis & loan kept secret from the public.
Nothing like keeping the masses in ignorance is there !!
Don't panic - be bugg**ed
http://www.citywire.co.uk/News/NewsArticle.aspx?VersionID=96648&MenuKey=News.Home&NewsPage=1
 
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I hope they do pull through, Northern Rock are one of the nicer organisations. The Northern Rock Foundation has given the charity I work for over £300k in grants over the past few years.
 
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I hope they do pull through
Not totally impossible, but I'm afraid there is very little chance.

If the business was as sound as some people wish us to believe, the suitors would be there putting in their bids to buy the company, which of course just isn't happening.
As is stands, the company is having to prostitute itself at below rock bottom price because of a business model that is shot to pieces.

If by some remote chance it does survive, it will have to do some serious reallignment to the new market forces.
 
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