Safe Speed Forums

Is this a good thing?

Or is it just lining up the next domino for a fall! (And this time a real biggie!)

My Mother has a large deposit in Lloyds. I am wondering if she should find somewhere else to put it!

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"The road to a police state is paved with public safety legislation"

All of my money is with The Halifax - is this a bad idea now?

I've started saving cash at home in a safe as a real paranoid measure

Is any other bank likely to be safer?

You could split it over a few though, I think there is some kind of protection for deposits below £30K (check the amount not certain).

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Driving fast is for a particular time and place, I can do it I just only do it occasionally because I am a gentleman.
- James May

You are covered up to 35K by the Gov. This new amount was set after the recent Northern Rock problem up from 30K.

The advice from my personal advisor is to split it between different banks at less than that figure, if you are lucky enough to have such amounts.

Maybe I can get back on the housing market again soon, at long last. One man's loss is another man's gain..

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The views expressed in this post are personal opinions and do not necessarily represent the views of Safe Speed.
You will be branded a threat to society by going over a speed limit where it is safe to do so, and suffer the consequences of your actions in a way criminals do not, more so than someone who is a real threat to our society.

Be careful splitting between banks. Some banks are treated as an individual entity, others as part of a group. If you choose two or more banks that are in one group the cover max's out at the £35k. Groups are treated as a single entity.

Sorry, yes, of course. Good point

Not sure sure who owns what lately.

My savings are all with West Bromwich. (I don't like shareholders sponging off me). It doesn't exceed the limit anyway, unfortunately.

My nest egg is more like a blob of congealed albumin.

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The views expressed in this post are personal opinions and do not necessarily represent the views of Safe Speed.
You will be branded a threat to society by going over a speed limit where it is safe to do so, and suffer the consequences of your actions in a way criminals do not, more so than someone who is a real threat to our society.

If you had money in Halifax, you would get up to £35,000 back by Govt. Guarantee.
Same applies to Llyods TSB.

However if the new entity went tits up, and you had £35,000 in each, you would now only get £35,000 back - so it is important that you know which bank is part of which group, and if you have more than £35,000 in any GROUP, put the excess in another bank!

Dont confuse Bank of Scotland with Royal Bank of Scotland!!

HBOS's problems seem to stem from a simple lack of confidence, their lending seems to be responsible on the whole - I know when I changed my mortgage with them a while ago, they were very cautious.
Most banks lend to and borrow from each other. Lately, this has slowed, as they get cautios with each other, and this is the problem. Once confidence picks up, they will revert back to the status quo and many of the problems will go away.
The collapse of BIG institutions should act as a warning of what will happen if they dont co-operate with each other, as when Northern Rock were in bother!

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Time to take responsibility for our actions.. and don't be afraid of speaking out!

No matter what place you have your money stashed, it is never a good idea to have it all in one place, you need a bit of spread, a bit here, a bit there. If you are really concerned I'll "look after" it for you

I don't think that savers or investors have anything to worry about with this merger.

You have to feel for those people at Lehman bros, some of them will be down to their last Ferrari as they run off to their tropical island and wait for all the mayhem that they have caused to settle. Not the poor buggers that just work there obviously, but poxy bankers that pissing about with money in a way that would have the likes of us before the bankrupcy courts.

s'my plan. well, s'long as work doesn't dry up and I can earn/save some money, the old be carefull what you wish for...

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Fear is a weapon of mass distraction

I'm the only person I know who has bought two houses and lost on both! I've worked hard my entire adult life but somehow???

The first, my marital home. 1981. £12,000. Lost it in divorce.

The second: A council flat, (Thanks to the first, all I could hope to get). I was told: "It's like trading 50 pences for pounds". Yeah right!

Sold at loss to go work in America because the CSA and British life had ripped me off so much I felt like posting my worthless nads to Her Majesty herself!

Don't get me wrong. I'm not bitter...

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The views expressed in this post are personal opinions and do not necessarily represent the views of Safe Speed.
You will be branded a threat to society by going over a speed limit where it is safe to do so, and suffer the consequences of your actions in a way criminals do not, more so than someone who is a real threat to our society.

Our mortgage is with HBOS (or a subsiduary of it anyway)! If it does go belly-up, does that mean I'll only owe then £35k?! I think that's only fair - I could guarantee to pay off the first £35k of what I owe them, if they're going to only give me back the first £35k of what they owe me!

It's worse than you think.

If you have a £200k mortgage and 30k of savings in the same bank and it goes bust then (I'm told) they will pay off 30k of your mortgage with your savings and you'll still owe 170k to whoever they sell you to.

If I had a lot of savings I would be asking some questions.

If you don't get the answers you are looking for I'm told some of the larger mutuals are very well placed right now.

That 90's rush to become banks isn't looking such a clever idea any more.

Right then, it's either "Gold Bricks"... or ... "stuff the matress" for me!

Isn't inflation about to start getting stupid once again, due to food and fuel prices?

Not such a good idea to use this saving method with that about to happen.

Not trying to be pedantic ,but - the bank in question is HBOS ( Halifax /Bank of Scotland ) -there is a Royal Bank Of Sctland - I believe tied in with Nat West . Totally different items - HBOS usually trades in Scotland under BOS ,in England under Halifax . RBOS trades in both as ,well Royal Bank of Scotland . Confusion over ?

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lets bring sanity back to speed limits.
Drivers are like donkeys -they respond best to a carrot, not a stick .Road safety experts are like Asses - best kept covered up ,or sat on

Removed duplicate post

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lets bring sanity back to speed limits.
Drivers are like donkeys -they respond best to a carrot, not a stick .Road safety experts are like Asses - best kept covered up ,or sat on

Right then Lum!(message understood) ... Got me gold bricks.....where do I bury 'em?

Sorry for the confusion ( )

However, I understand RBOS has its own problems with dodgy mortgages involving large numbers of "Self Certified" loans (Where the lender basically took your word for how much you earn) where the borrowers over egged the pudding somewhat!

Not without some considerable encouragement to do so by the broking agents I might add! Back In 99 I was strongly encourged to take out a loan far larger than my notional income would normally have permited by basically "Thinking of an appropriate number" to put on the application form. The broker (Who I imagine would have got a nice fat commission ) said quite openly "What a lot of people in your position (Self employed) is buy a bigger house than you actually need and let out rooms to help pay the mortgage"

What he didnt point out that this was fraud!

Needless to say I was not drawn (I hate borrowing money!)

Added to this, The penatly for "Self certification" is a higher than standard interest rate. I imagine there will be a lot of RBOS mortgagees out there who are going to struggle a bit! Whethert his comes back to bite RBOS in a big way or not remains to be seen!

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"The road to a police state is paved with public safety legislation"

You're right and that's a recent problem which I never understood. I heard of people borrowing up to six times their income at one point.

The rule of thumb when I bought my first house 27 years ago was, (from memory), we could borrow three times my income plus one of my wife’s. And for good reason - I am not going to live to be 150 years old, we need to remain solvent and the lenders want paying back.

That was the limit and back in those days if the interest rate went up by a fraction the extra £30 a month we had to pay made the difference between enough to eat or going hungry. No exaggeration!

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The views expressed in this post are personal opinions and do not necessarily represent the views of Safe Speed.
You will be branded a threat to society by going over a speed limit where it is safe to do so, and suffer the consequences of your actions in a way criminals do not, more so than someone who is a real threat to our society.

Don't say things like that, I increased my holding this week