Looks like West Brom Building Society is going UNDER

BruceyBonus

agsnu wrote: »

Actually I believe it covers interest accrued up to the default date.

It does, but the interest is included in the £50k. So if you have £50k saved, you won't receive any interest.

agsnu wrote: »

Also, with Icesave they honoured fixed rate accounts through to maturity if you opted for it - surely they wouldn't have done that if they didn't have to? (seems like a lot of hassle and paperwork, since it meant paper form claims and falling due over a prolonged period rather than immediately)

I believe the purpose of doing this was because FSCS didn't want (or couldn't) pay out all the money at once, so allowing time before they paid it out allowed them to levy subscriptions against member firms.

cheggers

Our savings will be safe under £50K, as the savings book from the building society will just be moved to another company (Nationwide, Abbey)

D1zzy

NO - not Abbey! Please not Abbey!

jaffacat_2

I hve invested in this yesterday, now umming and arring as what to do under the 14days cooling off period.

None of them seem that safe now do they?

I have invested under the £50k and think I will leave it there (well that what im thinking at the moment).

Will continue to read this thread

Happychappy

I hope it is after June when the 7.00% bond reaches maturity?

dwsjarcmcd

Trollfever wrote: »

Why did they buy sub-prime?

They (and others) bought sub-prime books and went into BTL simply because they offered far greater margins than prime business and because they couldn't see further than the end of their noses!!

David

WaltD

The whole of the front page of today's Birmingham Post is taken up with a lengthy statement by West Brom Building Society management, insisting that the Society is solvent, in no danger of collapse, and is set to continue for many more years as an independent mutual.

Now where have I heard something like that before .... ?



WaltD

Wolf_Man

Trollfever wrote: »

Why did they buy sub-prime?



.

Its my understanding that by the time the sub primes were mixed up as part of a package within these 'instruments' no one knew what they were buying!

azureblue_2

Oh b***er. I opened the one year bond last month. Rats and blast it.

I'm sad again now.

Steve_xx

azureblue wrote: »

Oh b***er. I opened the one year bond last month. Rats and blast it.

I'm sad again now.

What's the problem? Did you put more than 50k into it?