Northern Rock - implications?

Discussion in 'ARCHIVE FORUM: Support discussions' started by Tender Face, Sep 15, 2007.

  1. Tender Face

    Tender Face Account Closed

    Mar 14, 2006
    5,379
    NW England
    As an ex-banker I am refusing to panic!!!! Unless there is a run on the Bank of England itself :eek: .... no worries ..... BUT ....

    My mother's deeds to her house are lodged with them .... (a token fee tied into buildings insurance which means their safe-keeping) ... How safe are they? If the 'run' on the bank continues ...... and God forbid, I am suddenly faced with having to:

    1) make a claim against her insurance or

    2) sell her house at short notice

    ... do I not need to make different arrangements????

    Do I wait and see if the 'dust settles'? If it were my deeds and my insurance I would probably play the 'wait and see' game - but as EPA feel an additonal responsibility .....

    Any thoughts?

    Karen, x
     
  2. jenniferpa

    jenniferpa Volunteer Moderator

    Jun 27, 2006
    39,439
    I wish I had an answer for you Karen. Would not the insurance have been passed over to another company? I mean, do BS actually act as their own underwriters? I would imagine that the deeds are quite safe though.

    I must confess to a a sense of relief that my own mother didn't have any deposits with the company in question: I would have no way of removing them until probate is finished. :eek:
     
  3. noelphobic

    noelphobic Registered User

    Feb 24, 2006
    3,452
    Liverpool
    I don't know what the implications are re house deeds, insurance etc. However, unless someone has a large amount of assets with Northern Rock then they should be safe.

    They would be covered by the Financial Services Compensation Scheme which means that they would get the first £2000 back, plus 90% of the next £33000. Obviously it is to be hoped that it won't come to that as I would hate to see this panic spreading to other financial institutions - especially given the fact that I work for one (not Northern Rock)!
     
  4. Lucille

    Lucille Registered User

    Sep 10, 2005
    542
  5. jenniferpa

    jenniferpa Volunteer Moderator

    Jun 27, 2006
    39,439
    Karen, I don't know whether this offers any reassurance

    According to their legal page

    "Household insurance policies are underwritten by AXA Insurance UK plc and payment protection policies are underwritten by Pinnacle Insurance plc."
     
  6. DickG

    DickG Registered User

    Feb 26, 2006
    558
    Stow-on-the-Wold
    Karen

    My instinct is the same as yours, do not panic. As yet Northern Rock have not called upon assistance from the Central Bank and the arrangement has been made just in case.

    I am sure that if you act in a reasonable way, and in my opinion you are, you are discharging your responsibilities effectively. Are the deeds not also held by the Land Registry?

    Don't panic Captain Mainwaring!!

    Love

    Dick
     
  7. Helena

    Helena Registered User

    May 24, 2006
    715
    Its the press who have hyped all the N Rock problems up to frenzy level ......its crazy they are perfectly safe

    What everyone forgets to mention is Barclays Bank went to Bank of England for same thing twice in August

    N Rock has one of the best saving rates going at 6.7% for silver savers

    The only other Society offering this is Birmingham Midshires but dealing with them is an absolute nightmare and a half ..........i will never ever deal with them again no matter how good their savings rate is
     
  8. Brucie

    Brucie Registered User

    Jan 31, 2004
    12,413
    near London
    I've moved this thread to Tea Room as it seems a more appropriate place for it to be.
     
  9. Tender Face

    Tender Face Account Closed

    Mar 14, 2006
    5,379
    NW England
    Well, I have to say I am disappointed this thread has been moved. :(

    It was not simply a comment on current affairs but a genuine concern about how best to act responsibly as an EPA.

    I agree there is much hype and panic - but it has certainly lead me to re-evaluate the situation on a personal level - not least - I am STILL wading through paperwork generated by registering mum's EPA nearly 12 months ago and this type of situation just makes me wonder how much more to come if I don't 'shift' all of mum's affairs to the 'big boys' and not continue with some of the smaller institutions she favoured in the past????? (Not that I particularly like dealing with the 'big guns' on a service level - but the security of mum's money/policies is paramount). Huge difference taking on responsibility for someone else and being accountable than dealing with our own affairs ......

    British Gas Trading and British Gas Service are the ones currently giving me the 'runaround ...but that's another tale ........ :( Hint for anyone else - subsidiary /partner companies do not actually communicate with each other!!!!!!! :mad:

    Karen, x
     
  10. Brucie

    Brucie Registered User

    Jan 31, 2004
    12,413
    near London
    #10 Brucie, Sep 17, 2007
    Last edited: Sep 17, 2007
    Point taken, Karen.

    I moved it because it appeared to be starting to be hijacked into less relevant areas, and thus become more Tea Room material.

    I'll move it back.

    By the way, I am checking with AS just what we can and cannot put in this forum about companies - banks, shops etc. It is a grey area and some people believe no mention at all should be made, others that it helps to know which ones are helpful.

    I'll return to this naming topic, probably elsewhere, later.
     
  11. sue38

    sue38 Registered User

    Mar 6, 2007
    10,856
    Wigan, Lancs
    Karen,

    Is your mum's house registered at the Land Registry? If so you can sell the house without the deeds. There may be documents the NR has which may be needed, such as the lease if the property is leasehold, but again you can often get a copy from the Land Registry. You can check whether the house is registered on the Land Registry's web site at http://www.landregistry.gov.uk/ and go to Land Register On Line.

    If the house is not registered at the Land Registry (it will depend where it is and when it was bought) you will need the deeds to sell, but these should be perfectly safe with the NR.
     
  12. Tender Face

    Tender Face Account Closed

    Mar 14, 2006
    5,379
    NW England
    Thanks Sue. That's brill. :) Hope I am a long way off having to 'sell up' on mum's behalf but I have one of those little demons which tells me just at the time I do I'm gonna hit some big problem!!!!! Would never have envisaged something like this!!!!!

    I really feel for people concerned about their savings (or share prices) but have found next to nothing in the news about how any borrowers, or in mum's case ex-borrowers, may be affected even just from an administrative point of view.

    I appreciate the 'grey areas', Brucie - but it is so clear from the number of different posts on TP about EPA just how many grey areas there are for attorneys. I hope there can be some place on TP (without either advertising or libelling!!!:rolleyes: ) that we can share common experiences or concerns.

    Karen
     
  13. Brucie

    Brucie Registered User

    Jan 31, 2004
    12,413
    near London
    believe it or not, I'm 100% on your side.

    We simply have to protect the AS from any comeback, and to do that we need to understand what they will permit us to say.

    So we're trying to find some caveats we can use.

    For one, I do not know at present, and we are simply carifying.
     
  14. Brucie

    Brucie Registered User

    Jan 31, 2004
    12,413
    near London
    Hi Karen, I'm back!

    As promised, I sought clarification on the issue of naming companies.

    It was never going to be entirely satisfactory for everyone, because there are only two options that are black and white:

    #1 no mention can be made of these companies

    #2 anything can be said about these companies

    The safest route is #1, clearly, and also the easiest to moderate: you mention a company - it gets edited out.

    However, I reckon most of us would agree that it may be helpful to members to know what the experience of others has been.

    So, this is how we will try it:

    If we think that a post that mentions a company has gone over the top then we will modify it or remove it. "Gone over the top" is a relative term and members need to know that moderator discretion will be used, on a case-by-case basis.

    Likewise if someone contacts the moderators and gives us good enough reason to modify or remove a reference, even if we would not have off our own bat, then the same thing happens.

    Where there is any doubt on a particular instance among the moderators, I will seek advice from AS.

    There need to be some basic guidelines:

    #1 if you have had bad experience with a company, bank etc, then just say that. No going overboard. Most companies have branches, departments and all are populated. People have bad days - customers as well as employees. Experience you have with one bank for instance, may not be echoed in the experience of the very next customer in the same bank, or in a customer at a different branch.

    #2 if you have good experience, by all means say that, but don't attempt to beatify ["To exalt above all others."] the place. The next customer may have dreadful experience.

    #3 if you have any involvement with the place as an employee or relative of an employee, please don't make a contribution at all. You, or your relative may be a paragon of virtue, while another employeee may be a demon.


    As always, if a member sees something in the suggestion above they think should be modified, please let me know and I will consider it.:)
     
  15. Tender Face

    Tender Face Account Closed

    Mar 14, 2006
    5,379
    NW England
    Sounds fair enough! Although #3 does rather seem to preclude anyone being able to get hold of 'inside information'!!!! :rolleyes: (Sometimes just knowing the right department to contact in a major corporate can be a help!!!!)

    Thanks for that, Karen
     
  16. Brucie

    Brucie Registered User

    Jan 31, 2004
    12,413
    near London
    Hi Karen
    I put that one in primarily to stop an employee of The United Bank of Scammers from posting and saying what a brilliant place it is, not to prevent an employee of said bank posting to say they are launching a new service but please don't agree to give them you existing pin number for a genuine bank.

    Nothing in this world is ever going to be water tight, but we can try.... ;)
     

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