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Posted: Tue Aug 05, 2008 7:18 pm
by quark2008
My oath to god, has anyone heard the news about the BOE giving NR another 3bn ? What a effing liberty ? I'll have some please. Paying my taxes to pay off the debt of a bank who are useless at managing a friggin kettle, grrrrrrraaaaaaaaaaaaaaaaaahhhh.
Posted: Tue Aug 05, 2008 7:27 pm
by kallis3
Steady on Quark!!!!!!!!! You'll be doing yourself a mischief if you're not careful!
I heard it on the news and think it is a dreadful liberty as well. At least they have managed to pay back some of the other loan (????!!!!)
I understand that the government can't give them any more money after this because they are nationalised, so they could be going under in the not too distant future.
What about the stamp duty proposal as well? The amount of money people will save will be a drop in the house buying ocean - and they still won't be able to get a mortgage!
Posted: Tue Aug 05, 2008 7:35 pm
by CJ08
Have NR built up enough debts/creditors for an iva?? if so im sure we can all recommend people to them lol!!!!!!
Posted: Tue Aug 05, 2008 7:41 pm
by kallis3
Well touch wood, mines with the Chelsea and I've had no problems at all.
Posted: Tue Aug 05, 2008 9:17 pm
by Kazzy E
***Silly question alert*** - if NR go under, what happens to the IVA's where they are creditors? Kazzy x
Posted: Tue Aug 05, 2008 9:23 pm
by MelanieGiles
Those assets would be transferred to a purchaser of the business.
Posted: Tue Aug 05, 2008 9:26 pm
by Soulgrowth
Sell it Richard Branson and get shot of it!
Debbie
Posted: Tue Aug 05, 2008 9:27 pm
by Kazzy E
Thanks Melanie, thought that was the case. Kazzy x
Posted: Tue Aug 05, 2008 9:34 pm
by loubylou10
My mortgage is with Northern Rock - what does that mean to those of us with bad credit ratings, but have never missed a payment to them? will I need to sell to pay them back???
Posted: Tue Aug 05, 2008 9:56 pm
by Kazzy E
Hi Louby, I would assume that it wouldn't make any difference. You wouldn't have to sell to pay them back, as a debtor, the money you owe to them is classed as assets, so the assets should just get transferred to the purchasers and you would just pay them back instead. Perhaps one of the experts would clarify for you. Kazzy x
Posted: Tue Aug 05, 2008 10:06 pm
by kallis3
I think that's right Kazzy.
No way would they expect you to sell your house to pay back your mortgage - imagine how many houses would be for sale in an already saturated market!
Your debt would just be transferred to another company and you would pay them.
A bit like Cleardebt selling out to DFD - you still pay, but to a different person.
Posted: Tue Aug 05, 2008 10:09 pm
by loubylou10
Thanks guys, once again!!!
Posted: Tue Aug 05, 2008 10:22 pm
by size5
I think you meant Clearstart, not ClearDebt............