At least you know where you are with a mortgage.

lostinrates

bo_drinker wrote: »

It is from each bank. It needs to be spread around.

And therein lies the confusion for most people...we think of brand names eg think, a previous example from this forum- Cadbury chocolate and Green and Blacks chocolate. Many consumers work out the Cadbury's might be owned byadbury Schwepps but not that Green and Blacks would be. In this example, your £50 banked with each bank under the same owner is only protcted as one. Thus one must have savings accounts not just with differnt banks but banks owned by different 'groups'. eg, account with either First direct or HSBC.

Gangstabird

lostinrates wrote: »

And therein lies the confusion for most people...we think of brand names eg think, a previous example from this forum- Cadbury chocolate and Green and Blacks chocolate. Many consumers work out the Cadbury's might be owned byadbury Schwepps but not that Green and Blacks would be. In this example, your £50 banked with each bank under the same owner is only protcted as one. Thus one must have savings accounts not just with differnt banks but banks owned by different 'groups'. eg, account with either First direct or HSBC.

Actually I was going to post about First Direct/HSBC. Are these banks ok at the moment?

WTF?_2

StevieJ wrote: »

You were trying to convince me the other week that we had to put interest rates up because of inflation.

I don't believe that I was advocating raising rates last week - just not cutting them. If you have an actual quote from last week of me saying that I wanted rates raised I'll be happy to address that.....

Now, with the onset this week of the latest crisis the priority is saving the banks which are on the verge of toppling over like dominoes as without them we don't have a monetary system to suffer either inflation or deflation.

That will have consequences down the line We're headed for stagflation now IMO. Rising prices of essentials, less cash in the pockets of the population and more pressure on lowering wages and savings rates. The worst effects of inflation combined with all the negative effects of deflation. Brilliant :rolleyes:. Gee - keeping those interest rates so low all those years and stoking credit and house price inflation was a really good idea - NOT.

lostinrates

Gangstabird wrote: »

Actually I was going to post about First Direct/HSBC. Are these banks ok at the moment?

Who the dickens knows

As far as I know this is sentiment controlled as much as figures controlled know. Whisprs are snowballing creating bad sentiment and fear. I felt somewhat guilty withdrawing money from KE on that basis, not wanting tobe part of a snowball, but neither wanting to be in the melting snow left behind.

I currently have slightly over my ''safe''limit in HSBC. while I decide what we do now. I pray they are alright.

neverdespairgirl

lostinrates wrote: »

People who have lost £35 k, for example, temporarily today (presuming it is reclaimable through one of the reimbursment schemes) are terrified and feeling scared,

In our case, a bit irritated. Hope we get it all back safely.

Realy

I think some took the post out of context.

I am not saying dump your savings and buy a house I am just saying I am glad I did as I woulld be very concerned at the moment. ( I am not concerned with NE at the moment but I won't go in to that)

All the Icesave people have become the great unknown this morining.
No more info and not in the news.
I am just hoping I get my offset mortgage soon at least I can stick everything in the same place and if it goes down the pan they can deduct the saving from the mortgage.

Realy

!!!!!!? wrote: »

I don't believe that I was advocating raising rates last week - just not cutting them. If you have an actual quote from last week of me saying that I wanted rates raised I'll be happy to address that.....

.

I am sure you have supported rate rises aguing they should get the drops over quickly rarther than drawing it out to make it worse also to curb inflation (even though inflation as been down to record oil and fuel prices.
Perhaps you have not as I cant find the quotes. .

Just to let you know you really annoyed me last night as this is a genuine post and if you only had perspective house buyers on here going
Fall, fall, fall.
You would have little view on what society was thinking and as they say at the moment "sentiment and confidence is everything"
Like you running to gold, I am happy at the moment I know where my cash is (well what’s left of it cheers Icesave)

WTF?_2

neverdespairgirl wrote: »

In our case, a bit irritated. Hope we get it all back safely.

At least you stuck to the 35k FSCS guarantee and as long as you don't need the money right away, you should get it all back.

Technically, they are in receivership which means that just maybe, depositors will be able to get their money back directly. Unlikely though and it will probably just delay the whole compensation process.

Gotta feel sorry for the people who put huge amounts in there. There was a guy on C4 news last night who had 150k in. He was disabled and retired and this was all his money/life savings. What a hateful situation to be in.


One perversely 'positive' point to come out of this is that clearly lots of people have saved significant amounts of cash, judging from the sheer amount of people hit by the crisis. Hopefully the prudent will help drive the economy eventually out of recession. It certainly won't be the numpties who borrowed stupid amounts, playing a large part in creating the crisis and who will be tied down by servicing debt repayments in a fading economy for years to come.

I guess it also points to the fact that the horrendous amount of personal debt may be relatively strongly concentrated.

WTF?_2

Realy wrote: »

I am sure you have supported rate rises aguing they should get the drops over quickly rarther than drawing it out to make it worse also to curb inflation (even though inflation as been down to record oil and fuel prices.
Perhaps you have not as I cant find the quotes. .

Just to let you know you really annoyed me last night as this is a genuine post and if you only had perspective house buyers on here going
Fall, fall, fall.
You would have little view on what society was thinking and as they say at the moment "sentiment and confidence is everything"
Like you running to gold, I am happy at the moment I know where my cash is (well what’s left of it cheers Icesave)

You couldn't be genuine if you tried - as your post proved.

What on earth does Selling To Rent have to do with Icesave's problems? Has it occured to you that most people who sold to rent have put their money into one of the hundreds of banks NOT to befall the fate of Icesave?

And what makes you think that Icesave had some sort of unique client base of STRs? I'd be willing to bet they had a base made mostly of people who were prudent and wanted a good return on their savings, nothing to do with the relatively small number of people who saw the light and STRed.

In what way does the misfortune of those savers who have had a financial shock with Icesave mean that taking on a huge loan to buy a overpriced property makes more sense than selling a property at the peak and pocketing the profit?


Nah, your post was more along the lines of "Well, I might have been stupid to buy but at least I'm better off than the suckers whose Icesave savings are in jeopardy."

Absolutely despicable.

Realy

!!!!!!? wrote: »

At least you stuck to the 35k FSCS guarantee and as long as you don't need the money right away, you should get it all back.

Technically, they are in receivership which means that just maybe, depositors will be able to get their money back directly. Unlikely though and it will probably just delay the whole compensation process.

Gotta feel sorry for the people who put huge amounts in there. There was a guy on C4 news last night who had 150k in. He was disabled and retired and this was all his money/life savings. What a hateful situation to be in.


One perversely 'positive' point to come out of this is that clearly lots of people have saved significant amounts of cash, judging from the sheer amount of people hit by the crisis. Hopefully the prudent will help drive the economy eventually out of recession. It certainly won't be the numpties who borrowed stupid amounts, playing a large part in creating the crisis and who will be tied down by servicing debt repayments in a fading economy for years to come.

I guess it also points to the fact that the horrendous amount of personal debt may be relatively strongly concentrated.

Look at the moment the first £16K is by far no where near guaranteed I have savings and a mortgage most people do.

Stop spouting anti home owner rubbish (how do you know haow much savings home owners have?)
If your mortgage interest rate is lower than your savings rate why over pay the mortgage? You may as well stick in a ISA, I have for the last 2 years!

You just obviously say what HPC people want to hear. But shows you are not very MSE.