Anyone thinking differently now?

stevemcol

All my Stoozing is against my One Account now so hopefully risk free.

JimmyTheWig

stevemcol wrote: »

All my Stoozing is against my One Account now so hopefully risk free.

Just thinking this through as much as anything...
If the "One Account" went bust then your savings there would be subtracted from your mortgage balance. FSCS wouldn't even come in to it.

So you wuold owe less on your mortgage. But assuming the mortgage was just taken over by someone I don't see you're going to get your cash to pay the credit card (without taking out a new deal).

stevemcol

JimmyWig

Yes I see where you're coming from. There is a small risk that the RBS, or anyone taking over my mortgage could effectively reduce my borrowing 'facility' to the amount I currently owe. That would remove my ability to repay expired cards.

It's not an unlikely outcome either since the goverment action after nationalising mortage instutions seems to be to run down the mortgage/lending exposure.

I have seperate emergency ISA savings so in extremis I'd probably use those to clear stoozing debts. Effectively I'd be paying off my mortage with savings. Then I ask myself, 'are the ISAs safe'? We're getting into double simultaneous failures then, and to be honest, I don't even want to go there!

JimmyTheWig

Sounds like a good safety cushion, Steve. I agree that the chances of two banks going down at the same time are not worth worrying about (unless they are in some way linked).