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Northern Rock plc & Northern Rock Asset Management
Chrisblue1962
Posts: 1,203 Forumite
Hi
I have a loan (about £3,000.00) with Northern Rock Asset Management (previously Northern Rock) which I am repaying on a DMP with CCCS.
If I opened a savings account with Northern Rock plc (profitable bit of old the old Northern Rock - now a separate legal entity), could Northern Rock Asset Management (the "toxic debt" bit of the old Northern Rock hived off when HM Govt rescued it in February 2008) use the "set off" rules to grab any savings I had towards the debt I owe?
I'm not looking to save a large amount here, only say £100.00 to £250.00, for Emergencies in a passbook-type account.
Thanks in advance
I have a loan (about £3,000.00) with Northern Rock Asset Management (previously Northern Rock) which I am repaying on a DMP with CCCS.
If I opened a savings account with Northern Rock plc (profitable bit of old the old Northern Rock - now a separate legal entity), could Northern Rock Asset Management (the "toxic debt" bit of the old Northern Rock hived off when HM Govt rescued it in February 2008) use the "set off" rules to grab any savings I had towards the debt I owe?
I'm not looking to save a large amount here, only say £100.00 to £250.00, for Emergencies in a passbook-type account.
Thanks in advance
DFW'er - Lightbulb moment : 31st July 2009 - £18,499
28th October 2019 - £13,505 - 27% paid off.
Demolishing my House of Debt.. one brick at a time!!
Thinking of spending???..YNAB says "NO!!!!"
28th October 2019 - £13,505 - 27% paid off.
Demolishing my House of Debt.. one brick at a time!!
Thinking of spending???..YNAB says "NO!!!!"
0
Comments
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Hmm, I don't have the definitive answer, but why even risk it? There are loads of institutes out there that you could choose to save with that are not linked to NRAS... :]"I once grumbled at having no boots - until I met a man with no feet" Anon
Total personal debt of [STRIKE]£7850[/STRIKE] [STRIKE] £5977.74[/STRIKE] £5635.17
Total household debt [STRIKE]£35092.42[/STRIKE] £22557.550 -
No right of set-off as technically 2 separate legal entities.0
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Thanks Thrugelmir and MrsTUS.
Will have a think about setting up account as they have a passbook account which pays a reasonable rate of interest DFW'er - Lightbulb moment : 31st July 2009 - £18,499
28th October 2019 - £13,505 - 27% paid off.
Demolishing my House of Debt.. one brick at a time!!
Thinking of spending???..YNAB says "NO!!!!"0
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