RBS about to implode?

Snooze

pararct wrote: »

I think the public view will become so outraged that the FSA will be forced to bring some sort of charges against these people.

Why should Goodwin be allowed to disappear into obscurity with a pension 99% of the population could only dream of when his actions as a CEO have caused so much misery to so many people.

The time is coming when these people will have to pay...........

Umm no. Let's be realistic here. There'll be couple of dozen threads on the various forums from "outraged" people whose equally "outraged" pals will chime in saying "something must be done" and then that will be the end of it and people will carry on with life as normal. :rolleyes:

Rob

msquandary

tmm_aka_tracy wrote: »

Hi Guys,

I have an offset Mortgage with the One Account (RBS). My facility is only £62k, but I am 43K ahead as I have been working hard to get close to being mortgage free, with the option of being able to draw on money in the case of any emergency.

Would it make sense for me to move say £40K into another non RBS account, essentially, using my full mortgage facility, but ensuring that I still have significant savings in case I need them.

If they were to go under, I assume my mortgage (debt) of £17K would be passed on, but that I would have no access or option to withdraw any of my savings?

I'm feeling quite worried, but wouldnt know where to transfer the 'cash' to as the banks are all much of a muchness and subiduaries of each other (aren't they?).

Any wise words?

Thanks

Hi Tmm,
I'm no expert just a very ordinary person who has also had to make quite a few big decisions this year as a result of all this financial turmoil. For what it's worth, if it was me I would definitely move my savings out of RBS, at least for the time being. It's better to be safe than sorry and it might save you some worry. I can't really advise on the safest place to put it. I would normally say National Savings (where I recently put all my savings) or Northern Rock but I'm not expert enough to know how these would be affected if RBS were to go under - maybe someone else can comment on that?

(I'm in a similar position to you in that I have a large sum that I don't know what to do with... I was about to move it to an ICICI account but am hesitating)

beaujolais-nouveau

tmm_aka_tracy wrote: »

I've read it but I'm no clearer. Does it mean that as I owe them the £17k against the mortgage of 62, I would lose my 'savings' and still end up owing £17K?

Yes, that is my understanding.

tmm_aka_tracy wrote: »

If that is the case then it makes sense to protect the savings by shifting them to another bank (or under the mattress).

Do what feels right to you. I certainly would not want an offset mortgage just now. Things are not going to get better any time soon.

JonnyBravo

Cleaver wrote: »

But surely if everyone withdrew all of their money from banks in a short period of time, the whole financial sector, and therefore everything else, would collapse. You'd have nothing to spend your money on, therefore it'd become useless.

I have no idea if the above is correct, I've just made it up. Sounds good in theory though. I call it 'Reverse Economic Fiscal Spiralling'.

Ah yes, REFS.
I seem to recall there is a lot of comment on how the REFS are to blame for all kinds of ill in todays world. One of the foremost commentators on the subject is an angry Scotsman from Manchester called A.Ferguson. He regularly comments how REFS are ruining his year.
This often causes much amusement amongst his peers. One of them, a Mr Benitez of Liverpool, often says that this is rather ironic in that A.Ferguson has clearly been influencing the REFS process for years.

Well it seems like it's about to haunt us all.

I hope that the £20 in my wallet will still be able to buy my beer tonight.
:beer:

Trollfever

pararct wrote: »

I think the public view will become so outraged that the FSA will be forced to bring some sort of charges against these people.

Why should Goodwin be allowed to disappear into obscurity with a pension 99% of the population could only dream of when his actions as a CEO have caused so much misery to so many people.

The time is coming when these people will have to pay...........

Applegit survived.


.

hermanmunster_3

tmm_aka_tracy wrote: »

Thanks Kenny,

I've read it but I'm no clearer. Does it mean that as I owe them the £17k against the mortgage of 62, I would lose my 'savings' and still end up owing £17K?

If that is the case then it makes sense to protect the savings by shifting them to another bank (or under the mattress).

TMM

you would end up owing them 45k, only reason I am staying with RBS is that I owe them 150k more than they have of mine....

pararct

Trollfever wrote: »

Applegit survived.


.

So far...........Mind u if civilisation collapses then a posse a bit of rope and a lampost would suffice.........

sb44

Blimey!

Where can I buy one of those fireproof safes that you screw to the floorboards?

movingforward2010

glad i havent got any savings or shares with RBS

mewbie_2

sb44 wrote: »

Blimey!

Where can I buy one of those fireproof safes that you screw to the floorboards?

http://www.needasafe.com/acatalog/home_safes.html?gclid=CKzT6K-zm5gCFQsh3godlRZenA