Northen Rock [Merged Threads]

littlesaint

nilrem wrote: »

Some of the comments made by the 'merchants of doom' in this thread are absolutely ridiculous over the top and just helping people to panic, if the BOE had refused to help NR then there might be room for some concern but the BOE are backing NR How on earth could people's money be any safer!

...which is why I took my savings elsewhere after demutualisation. I now have just shares with NR, but I'm keeping them until I need the money.

KTF

irnbru wrote: »

What doesn't work like that?

That the BoE can just sit there and print as much money as they want.

[Deleted User]

ramborai1987 wrote: »

ive just invested 300 pound in northern rock at 440p with the idea of investing another 300 on monday.

do you guys think that was a good idea?

i mean their value is extremely low and i cant see them going bankrupt.

even if they fall again i wouldnt mind, but i would like to see them making good increases in the long term.

You might as well be putting your 300 quid on black :rotfl:

dippy

Now, who's been queueing up and starting fights up north?

http://investing.reuters.co.uk/news/articleinvesting.aspx?type=allBreakingNews&storyID=2007-09-14T134926Z_01_L14847348_RTRIDST_0_NORTHERNROCK-FUNDING-UPDATE-6.XML

" In Britain's biggest casualty of a global financial crisis sparked by U.S. mortgage defaults, queues stretched out onto the streets as customers waited to withdraw savings from Northern Rock branches, with some reports of fighting in its north-east England home town of Newcastle."

harryhound

MSE_Dan wrote: »

As this question has come up in the last few pages a couple of times, i thought i'd wade in and let you know what the FSCS people have told us.

Hi Dan,
I'm still hoping for an answer to my question:
Is a mortgage still legally "repayable on demand" as a notice in the Abbey National used to say?

Cheers,

Harry.

[Deleted User]

yes it is harry, but i dont think a bank would ever do this to all its customers

dippy

Yant1 wrote: »

yes it is harry, but i dont think a bank would ever do this to all its customers

And what if the bank goes bankrupt and the administrators take control?

purch

As far as im aware it creates it as a promise.

Clearly you are less aware than you think !!

The Bank of England didn't fill up a wheelbarrow with freshly printed Banknotes, and wheeled it around to Northern Rock :eek:

........ anyone with even a tiny amount of knowledge on the subject would know that money is not just 'created' by printing more notes !!!

littlesaint

Never mind my shares, I just hope it sorts itself out for the sake of the staff. The north east has had enough unemployment over the years and the people there deserved a success story. The Northern Rock Foundation is the biggest charitable donor in the region after the national lottery. Let's hope things start stabilise after the weekend.

Mr._Nice

Yant1 wrote: »

yes it is harry, but i dont think a bank would ever do this to all its customers

Well according to the T&C's on my mortgage (not Northern Rock), it is not arbitrarily payable on demand, but essentially only if I lied on the application, fail to comply with the terms (inc payment), declared bankcrupt or someone else acquires an interest in the property.