Northern Rock Crisis Article Discussion

knight681916

I Have A Considrable 3 Figure Sum Invested With A High Street Bank.
Considering The Maximum Compensation Of About 35k Should I Split This Up And Ensure I Only Have 35k With Each Institution?

Searcher2

knight681916 wrote: »

I Have A Considrable 3 Figure Sum Invested With A High Street Bank.
Considering The Maximum Compensation Of About 35k Should I Split This Up And Ensure I Only Have 35k With Each Institution?

If you have a 3 figure sum invested you won't have to worry as you have a maximum of £999 which is covered by the FSA.

If you have more than £35K with an institution you are concerned about you should consider splitting it into £35K chunks with different institutions.

Maybe consider not using capital letters at the start of each word as it makes it harder to read.

knight681916

Searcher sorry 2 mistakes
first with the caps--sorry
2nd and more important
I meant 3 figures in the 1000`s
so my invetsment in excess of £100k
this with a recognised high street bank


but there again isn`t/wasn`t northern rock??

Hogweed_2

Is it true that if you hold a joint account the protected amount applies to both, effectively doubling the protection?

Jendan

Nothing has been mentioned about how 1-5 year Bonds will be affected. Is it worth leaving them in situ or cashing them in with the resultant loss of interest?

latinaid

Surely if you can afford to pay off your mortgage then it makes sense to do that, regardless of whether it's with NR or anyone else?

SharonH_2

Hi... some advise please. I make large overpayments every month on our NR mortgage and then 'draw down' funds if we want anything expensive - hols, work on the house etc. At the moment I have about £5.500 is it worth taking out and putting in an ISA or would this be 'safe' as obviously if the mortgage is taken over - the amount would be our lending less our overpayment? Hope this makes sense? Thanks

littlesaint

On Friday, I posted saying i was going to hang on to my shares in NR - I got them for free and I am in it for the long term. After the events of the weekend, I am reluctantly considering selling. I regret this very much because I feel like I am panicing just as much as the people queuing up outside the branches. But after talk of nationalisation and the latest drops in shares this morning, I think that I should try and salvage something from this.

There seems to be a lot of info for savers but not much for shareholders - despite the fact that many of us a "amatuers" who ac quired share when NR became a bank.

To help me make my decision, I would like to know three things:

1. In the event of NR being nationalised, I'm guessing shareholders would get nothing, right?
2. There's talk about a bidder waiting for further share slumps acquiring NR for a knock down price. Is there any sense in waiting for this to happen? Would I be better selling before this or waiting for the sale?
3. What happens if share dealing is suspended?

Thanks

bazz_iiii

gozomark wrote: »

Hi All

whats the situation with accounts held offshore in Guernsey with NR - I understand there is no deposit protection in Guernsey, but other than that are depositors in the same position as depositors in the UK part of NR ?

I understand NR Guernsey lends its deposits to the parent company - if true, are there assets set aside by the parent company against these ?

I too would like some info regards the protection or lack of it for account holders using the NR Guernsey.It is very worring that we may lose all our savings with no recourse to any claw back.

lw02vah

Hello, I'm new to the forum idea, so hello to you all.

I just have one question. My partner and I have been holding out for the last three months to be able to apply for a Northern Rock first time buyers mortgage (95% of the mortgage amount and a £30,000 unsecured loan)

We are now able to apply for this mortgage, but I would like to know what effect this current crisis will have on our ability to do this? Are Northern Rock still lending? And if so, is it still a good idea to take out this mortgage with the bank in its current state?

Thank you