Chat & Social > The Bar - General Chat

Northern Rock Crumbles...

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The Smiths:
My view on this is that if you owe them money then it is not too bad - you can move the debt.

If you have savings then these are at risk.

Hopefully I'm OK - only got debt and no savings :?

thermidorthelobster:
The way I read this is that this is just a cash flow problem.  Northern Rock have plenty of money (they are more than adequately solvent);  ie their assets are greater than their liabilities.

However, because they can't easily borrow money on the international markets at the moment, they can't raise the CASH they need to keep on doing the normal everyday lending etc they do.

It's like somebody owning their own £500K house, but not having enough cash in their wallet to pay for a round of drinks, so they have to borrow a tenner off a friend.

This is my understanding, anyway.  The trouble is, most of the media don't have a scooby about anything financial, so they don't report it properly, and the ones who do, aren't articulate enough to actually explain it.  Maybe if people actually understood properly what was going on, they wouldn't be so worried about their money, but I can't blame people for getting jittery if nobody can clearly explain the real situation.

I feel sorry for NR actually.  They're an ex-customer of mine and they were one of the nicest customers I ever dealt with.  I'd hate to seem them come a cropper unnecessarily.

P16LET:
I was a former customer of NR....heavy emphasis on the FORMER.

Over a period of 7 months they stole nearly £750 in bank charges...charging for unauthorized overdrafts, even when the bank account was showing a four figure balance (...in the black I hasten to add)...charging for returned direct debits, again when the account was healthy enough to adequatly cover them...the list is endless.  :cry:

....and the reason I didn't pick up on this stealth robbery earlier?...despite inumerable complaints and phonecalls about the lack of statements, they didn't send me one for over 6 months.  :shock:

When I tried to discuss the matter with my branch manager, I was told there was no such thing and no-one would speak to me...Head office was the same, being passed from pillar to post only to find someone hanging up on me.  :evil:

The outcome......£750 out of pocket and my business moved elsewhere...(...leaving a £450 overdraft I have never been chased for...oddly enough!)  :wink:

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