Northern Rock goes belly up?

[fudge34]

which also does beg the question why it is that NR are turning away from DMP's - as my DMP agency said you will be paying back this debt for almost 15 years and you can be sure that they are getting more than the loan was originally worth in interest alone - I do think that they think by doing this and making IVA's almost impossible to get that somehow people will magically get the money that they owe them and pay up straightaway. My experience with them was awful - out of all the creditors I had (around they were definately the worse to deal with!

[WhenInAHole]

Well maybe we now know the truth of why NR are so averse to IVAs and DMPs - they need the cash themselves now and can't afford to wait for it over a longer term!

I was wondering if the Bank of England would advance me a rescue package, my short term solvency is also a bit wobbly but seems no worse than NR's!!

[mikebdomain]

WhenInAHole you never know why not give them a ring [:D]

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[jane.l]

I do hope that N Rock will be paying back this HUGE loan they have borrowed with an ENORMOUS amount of interest added on top!

They thought nothing of adding on £11,000 in interest charges,on top of my £20,000 loan as I had been late in paying it!

[zoe]

I couldn't let the day go by without commenting on this!
I am sorry to say i had a smile on my face when i read BBC news website this morning!
I know that that is childish but i did!
Perhaps if they cannot afford to pay their loans in the future they could go for a CVA - that is if their creditors do not reject them with no apparent logic
!!!!!

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[keh]

Hi all

Just wondering.....

Does NR qualify to join our cosy little party on this forum?

After all they do need help

To refuse an iva and end up in trouble is not good business... Its about time they had a major shake up in the boardroom and ALL took a 75% pay cut i'm sure they can manage on £250,000 a year.

12 boardmembers=pay cut= 12x£750,000 = £9,000,000 SAVED a year and no more trouble


Keith

The long and winding road will straighten out eventually....keep the faith

[jue]

ooooooooh this as made my day!

I wonder what they would say next time they ring or write to me demanding the arrears on my account with them,if i turned round and said to them"oh im having a bit of financial difficulty at the moment im just waiting to hear form the bank of england regarding a loan that i have applied for to get me out of this mess im in"

Do you think they would see the funny side?[;)]

jue.x

[Endsmeet]

Do you know the funny thing about this is?
EVERYTHING [;)]
I can really understand the little giggles that must be happening...its only human nature after all

But seriously I reckon this could be just the start, if N.R. operate the same way some of my creditors did during my IVA process no wonder they are experiencing financial difficulties.

Do you know that I am still receiving statements of interest on my overdraft 6 wks after my IVA had been accepted?
They are my main creditors as well (voted yes) so they should know about my IVA acceptance but they still continue to send me statements/demands, I even got my latest Debit/cheque/Visa card last wk off them.[:0]

My I.P. just said that its a pointless exercise on their behalf which is just costing them money....

Ok, my statements/letters/etc are just a drop in the ocean but if they are doing this the all the folks who are in an IVA/DMP or applying for one, the drops in the oceans will soon add up and become an ocean as N.R. have just found out.

But I've just realised, it will be OUR fault then wouldn't it?[;)]

59 and counting as of 21 August 2007

[jpj]

At the end of the day, sadly NR will probably not loose a penny from this mess...they will probably just pass all the costs of its problems on to us..the consumer,and maybe even make money from its situation...as its a good excuse to bump up the interest using the Bank of England as a reason!!
As a member of this site I thank the lord I never stumbled accross NR in my days of borrowing..and I have total sympathy for those of you who did!

[katy]

Went into Leicester today and people were queuing round the block outside Northern Rock. Seems people are ignoring appeals for calm. I have read so many tales of misery from people on here that have had IVA's disallowed because of them that it serves them right, I know it's childish but it's peoples lives and they would have got more money back if they had agreed to them. Grrr rant over

Katy

[jpj]

Maybe someone should set up a" NR appreciation society" website ..every time the letters NR are mentioned on this site responses flood in..!! mind you the site would probably overload the server and crash!! lol[:D]

[sonyse2t5]

NR value as a company is half of what they used to be worth. Shares are now £6 a piece - they used to be £12.However, they are far far from being insolvent - their practice of using the US $ to loan to UK home buyers is why they are in this debacle. The big five use over 85% of UK money to lend to UK borrowers.

NR are ruthless compared with other lenders - wha would happen if all Banks operated on their IVA principles?

[mikebdomain]

sonyse2t5 their shares were published on a site I use at 4.88p this morning

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[Adam Davies]

Hi
I have a feeling that NR will be even less receptive to IVAs now,preferring to keep debts on the book rather than the full write off from an IVA or Bankrupcy.The last thing that they need now is an announcement of an increased bad debt provision to drive their shares even lower.
regards

Andy Davie
IVA.co.uk Spokesperson

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

[mikebdomain]

Andy, That sort of reasoning from NR would be totally against the FSA Treating Customers Fairly initiative and lead to a massive slap on the wrist (and a large fine), so if they did decide that would be the route to take, they would never admit to it.

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Specialising in adverse credit.

see feedback and testimonials at:
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Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
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