Northern Rock gets bank bail out

Tbh I would take my money out, better in your hand then some company, I mean NR got greedy and its come back to haunt them taking on subprime and giving out loans like they where going out of fashion, its time when loans/credit cards are banned from people with mortgages, they have a house so let them take money out on the house and not loans/credit cards, I think if people knew could only take money out on there house they would think twice.

When you see people are getting £30k wiped of debt like this guy, you have to wonder where the money has gone.

Don't know what I can count. I've reduced my debt from £61,345 to £30,788 through the IVA process but I've only actually paid off £1807.68.
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We've just had an agreement in principle from NR and are going house hunting this weekend! They're not the only mortgage company I'm looking at though so that's not too bad. We also have a couple of ISAs with NR as well and we are using them for our deposit. We were taking them out shortly but this has made up my mind to remove the money sooner.
 
Yeah probably because of all the people who don't understand what is going on trying to take their money out.

It is quite funny how the media can turn something which isn't even that bad into something which is by making the people panic.
 
It happens to all banks and most of them always allow a budget for "bad debt" and debt they have to write-off each year.
It's just as people have said - NR were giving their money away to everyone and anyone and probably just didn't budget enough for write-offs.

When I lost my father 5 months ago we had to of course go through all of his accounts.
His estate was very small at the end of it all - however he still had a very large uninsured loan with NR.
We wrote to them explaining that my father had died, they wrote back asking for the money from his estate, we told them there wasn't anything in his estate so they had no option but to write the loan off.

I know that the only reason my dad would have gone with NR would have been if they rates were slightly lower.
If you're going to market lead, lower your prices you have to expect an increase in customers and thus budget for more people defaulting.
 
carvegio said:
It is quite funny how the media can turn something which isn't even that bad into something which is by making the people panic.
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Trust the BBC to almost wipe out a bank overnight.
They'll have an special report next week no why there are fewer UK call centres.
 
Its people who don't really understand what is going on causing a frenzy... and the media is stirring it... Utterly ridiculous.
 
Working class people put there hard earned money into these banks and all these banks can do is invest make billions then tell people not to panic when there cash is sitting in there account, maybe these fat cat directors on £1 million wages should come on tv and explain what they did wrong.
 
For all it's worth, I was overwhelmed by the size of the queue outside NR when I passed by this dinner time. :eek:

I have to admit, I'd probably be in the same queue if I had a load of money in a NR account.
 
I bet the BBC's "Are you a NR customer? Leave your comment" mod team are sitting around playing Minesweeper today as all the NR customers are in queue outside the NR banks :p.
 
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