Branson plans to buy N ROCK!

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jpj

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Post by jpj » Fri Oct 12, 2007 7:52 pm
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I see Richard Bransons Virgin Group is leading a consortium to buy Northern Rock!!

Maybe the nice Mr Branson will be as considerate to IVA applicants as he is to his airline customers!!

heres hoping!![:D]
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Adam Davies

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Post by Adam Davies » Fri Oct 12, 2007 8:47 pm
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Hi
I think that it may be a good move and could help those contemplating an IVA who have NR as a majority creditor.I think MBNA are the main finance company behind Virgin and although they seem to have a 40p dividend hurdle rate they are positive when dealing with IVA proposals
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Andy Davie
IVA.co.uk Spokesperson

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Andam Davies
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Storm

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Post by Storm » Fri Oct 12, 2007 9:24 pm
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Branson is trying to raise the funds in the city at the moment. It won't be MBNA providing any of the lending.
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Adam Davies

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Post by Adam Davies » Sat Oct 13, 2007 9:39 am
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Hi
Yes,was reading abut it this morning.Don't know where I got MBNA from,do the back the Virgin credit card ?
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Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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Andrew Graveson

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Post by Andrew Graveson » Sat Oct 13, 2007 11:17 am
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They've announced that if succesful there will be new senior management in place. Scope for changes in philosophy?

Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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Adam Davies

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Post by Adam Davies » Sat Oct 13, 2007 12:09 pm
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Hi
Let's hope so.
You are correct in that they will not want negative publicity and can see them being more supportive of the IVA procedure.
I wonder if we will see another surge in publicity when the new buyer looks at the "books" and all the unsecured loans that are part of the together product,some well in excess of the property value ?
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Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
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Andam Davies
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ray_a

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Post by ray_a » Sat Oct 13, 2007 12:39 pm
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I suspect they will not like the figures and have to take some decisions.

Personally I think Northern Rock is the tip of a very nasty ice berg!
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tracy.h

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Post by tracy.h » Sat Oct 13, 2007 1:06 pm
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Lets hope the new consortium melt some of that ice if they are successfull.

Tracy
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Skippy

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Post by Skippy » Sun Oct 14, 2007 4:37 pm
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Yes Andy, MBNA are associated with the Virgin credit card - they didn't even vote at my creditor's meeting!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/
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Adam Davies

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Post by Adam Davies » Sun Oct 14, 2007 8:35 pm
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Thanks Skippy,thought i may have dreamt it !!
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Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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