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badger7579
17th September 2008, 07:32
Anybody know the legal position for business bank accounts? I know the government guarantees the first 35£k for personal accounts but what protection do you get on a business bank account. If my business bank goes tits up what happens to cash in the account?? :eyes

DimPrawn
17th September 2008, 07:33
Yep, mines still under the mattress. Thanks for asking.

SandyDown
17th September 2008, 08:00
oh - that reminds me I have and a Halifax IF ISA, may be I should withdraw the money?

Moscow Mule
17th September 2008, 08:12
oh - that reminds me I have and a Halifax IF ISA, may be I should withdraw the money?

No, you should not. Under £35k it's protected.

SandyDown
17th September 2008, 08:14
No, you should not. Under £35k it's protected.

yeh protected - but will I be able to get it out when I need it?

DimPrawn
17th September 2008, 08:17
No, you should not. Under £35k it's protected.


No one even knows if this £35K protection would actually pay out in reality if 10,000,000 savers all demand £35,000 in hard cash tomorrow, and how many years down the line you would receive your compensation. My guess it would take 50 yrs to get the payout.

Moscow Mule
17th September 2008, 08:17
yeh protected - but will I be able to get it out when I need it?

Well, you haven't needed until now - what's the rush? And yes, that's the general idea of your money being protected, you can get it when you want it.

It's folk like you that brought down NR the last time.

SandyDown
17th September 2008, 08:42
Well, you haven't needed until now - what's the rush? And yes, that's the general idea of your money being protected, you can get it when you want it.

It's folk like you that brought down NR the last time.

Actually my accountant told me many of his clients were not able to get their ISAs money out and suffered - at the time I didn't ask hiem about which ISAs/companies he is talking about cuz I didn't feel the Halifax was in any danger.

ContractIn
17th September 2008, 08:59
No one even knows if this £35K protection would actually pay out in reality if 10,000,000 savers all demand £35,000 in hard cash tomorrow, and how many years down the line you would receive your compensation. My guess it would take 50 yrs to get the payout.

Where are people who have large 6 figures savings, even 7 figure sums keeping their money? I would be papping myself with the current crisis and only being protected for 35k.

bobhope
17th September 2008, 09:01
national savings

make sure all accounts < 35k

gold + silver (of course)

SandyDown
17th September 2008, 09:02
Where are people who have large 6 figures savings, even 7 figure sums keeping their money? I would be papping myself with the current crisis and only being protected for 35k.

ever heard of Private Wealth Management ?!

bobhope
17th September 2008, 09:06
Oh-oh

just had a thought. Hargreaves Lansdown hold their sipp pension client money with HBOS.

I can't be the only one here who has a load in cash with them.........

Anyone know anything about this?

googling now.

badger7579
17th September 2008, 09:06
Anybody know the legal position for business bank accounts? I know the government guarantees the first 35£k for personal accounts but what protection do you get on a business bank account. If my business bank goes tits up what happens to cash in the account?? :eyes

ok so back to the question in hand...

ContractIn
17th September 2008, 09:16
ever heard of Private Wealth Management ?!

Yep, but how are these immune from the current crisis?

dang65
17th September 2008, 09:20
More importantly (though irrelevant to most people here, I know), what happens to your mortgage if the bank you have it with goes tits up?

Bob Dalek
17th September 2008, 09:22
More importantly (though irrelevant to most people here, I know), what happens to your mortgage if the bank you have it with goes tits up?

Buy a shotgun and go down with both barrels blazing when the bailiffs turn up. Take a few of 'em with you, that's my advice.

SandyDown
17th September 2008, 09:26
Yep, but how are these immune from the current crisis?


If one chooses to trade with their money, there is an associated risk, the question is how risky you want to go....

I doubt many high earners are just keeping their money into gauranteed returns (very low risk ) I would think most are investing in various businesses/properties etc...

SandyDown
17th September 2008, 09:27
More importantly (though irrelevant to most people here, I know), what happens to your mortgage if the bank you have it with goes tits up?

May be it means one wouldn't have to repay the mortgage and one could have the house for free :eyes :eyes

Likely
17th September 2008, 09:41
May be it means one wouldn't have to repay the mortgage and one could have the house for free :eyes :eyes

Sorry babe , but there is only one thing one can have for free and this is not a house.

SandyDown
17th September 2008, 10:01
Sorry babe , but there is only one thing one can have for free and this is not a house.

What is it then?? a free car?? free meal?? go on tell us :D

dang65
17th September 2008, 10:57
May be it means one wouldn't have to repay the mortgage and one could have the house for free :eyes :eyes
The people with mortgages should just have to switch their payments to the people with savings/business accounts. But somehow I don't suppose it would work like that. Instead, the people with savings would lose the lot, and the people with mortgages would be repossessed. The actual cash would never be seen again.

TykeMerc
17th September 2008, 13:00
May be it means one wouldn't have to repay the mortgage and one could have the house for free :eyes :eyes

Mortgages are tradable assets (yes I know some aren't really assets especially the sub primes) so they would be sold on by the liquidators to meet the companies liabilities. They could conceivably be called in but that wouldn't be worth it since only a tiny minority of mortgagees could repay in one hit.

Jubber
17th September 2008, 13:23
More importantly (though irrelevant to most people here, I know), what happens to your mortgage if the bank you have it with goes tits up?
The debt would be sold on - just like any other debt that you have. A mortgage is a sodding great loan/debt just like any other loan/debt, and the best bit is, when your house can only fetch two thirds of what you owe, you'll still owe them all of it. Fun huh :)

Bagpuss
17th September 2008, 19:39
Those who had Northern Rock loans didn't get a free house, but that was a special case, they owe the government and were transfered to uncompetitive deals.

If people try to default, the mortgage indemnity premium that the mortgagee took out on behalf of the bank would refund the administrator/liquidator/bank purchaser and the insurance company would then seek the outstanding amount from the mortgagee.

expat
18th September 2008, 10:14
national savingsOh, the guys who did the Post War Credits?