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London Scottish Bank has gone into administration

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Comments

  • pizzagirl
    pizzagirl Posts: 356 Forumite
    BlondeHeadOn wrote: »
    From the BBC business pages this morning:



    "It specialised in council right-to-buy mortgages and those for high-rise flats."



    Wow! That must be the dumbest strategy ever. How did it take them so long to go bust?
  • pizzagirl
    pizzagirl Posts: 356 Forumite
    Janebo12 wrote: »
    Hi, sorry if this sounds dense, but what will happen to the secured loan I have with these?

    Does it just get sold on?

    .
    Yep, that's about the size of it. Unless they make an administrative error and forget about it (unlikely)
  • handful
    handful Posts: 568 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Any bank or financial institution with 'Scottish' or 'Scotland' in their title should be afraid....very afraid.
  • Janebo12
    Janebo12 Posts: 278 Forumite
    pizzagirl wrote: »
    Yep, that's about the size of it. Unless they make an administrative error and forget about it (unlikely)


    Thanks pizzagirl - I will just play the waiting game now to find out (and hope they forget about me lol!)

    Regards
    Thrifty Gifty February make £20 challenge £21.05/£20.
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