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House Price Crash Forum


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Posts posted by nicebuyer

  1. How can an "endless/unlimited" scheme only provide enough funds for 50% of anything, that's an oxymoron. Your statement isn't very credible and whilst I concede my knowledge may be out of date, you're going to have to do better than that if you want people on this forum from perpetuating this `myth` as you put it.

    As you keep telling us you have done the maths, then why don't you put your figures here for scrutiny?

    I would urge people to treat this as a `myth` until some proof is provided.

    Plonker. The onus is on you to provide evidence as to why a guaranteed FSCS scheme is not valid. Until you can you are talking crap. Ultimately my evidence is the documentation from the FSCS, Statements from the Treasury, my own experience and knowledge (I work in the banking sector) and what many independent experts say.

    It's up to you to provide the proof, not me. But as I'm here, I'll start:

    Official: http://www.fscs.org.uk/

    Unofficial: http://www.moneysavingexpert.com/savings/safe-savings

    So come on Mulder, show us the evidence of this great conspiracy.....

  2. If you had to wait 30 years would that be ok if in the meantime inflation ravaged every penny of it away?

    Where did you get this magical 30 year figure from? :) What if I said you would get your money back within 14 minutes, 34 seconds after the bank went down? Would my guess be any more or less accurate than yours?

    Just remember, people here read this forum and trust what others say. Things that you or I type out might influence another person in some way. This might cost them £500 or £5m. Either way we should make sure that we don't make things up because it's fun or because it's what we 'believe'.

  3. so ... which is it ?

    is my money (~50k) in ING and capitol one safe , should either or both of these banks go bust ? (even if i have to wait o get my money back)

    CO is safe. ING is slightly different because although registered, they are part of a passport scheme. This means that only part of your money is covered by the UK scheme. Personally, and this is just my opinion, I would take my money out of ING and put it in Kaupthing or IF. In any case, ING, historically, have been pains in the *** with their rate chasing. However ING are huge, will they go bust? Maybe, is it likely, probably not.

    Maybe, if you want to be really safe you should limit your exposure. Put your £50k in 10 different banks. 20 if you like. Whatever makes you feel safe.

  4. You might well have your 35k still sat there but the timetable for getting it wouldn't be of your choice.

    You'd also lose anything over that amount and they also deduct off any debts you have.

    Of course, getting your money back in good time is certainly a consideration but that's very different to not getting it back at all. Yes, if you have a debt with that institution then they will deduct, but that's only fair.

  5. The scheme is a fiction, he is right, there is no money in the pot to use. If a bank the size of HBOS goes you can forget any payment there won't be any. That's why a couple of months ago Darling tried to get the banks to put into a real scheme as he knows there are no funds. The banks of course told him to f**k off.


    The banking sector has warned against over-zealous measures to protect depositors, either through a large increase in the sum covered by the depositor protection plan or a switch to banks funding the scheme upfront. Banks are concerned that upfront funding would put further strain on their funds when many are already strapped for cash.

    The British Bankers' Association said: "We consider that the focus should be on simpler rules and faster payouts rather than other changes. It is essential to reflect the fact that banking problems are extremely rare in the UK, that these proposals are designed to make the system even safer, and that there would be considerable costs in setting up any new arrangement which would be unlikely ever to be needed."

    The Treasury likes the idea of a pre-funded scheme because it would reassure consumers that the money was there. But it also acknowledges that tying up billions of pounds for an unlikely event might not be the best solution.

    You're talking rubbish as well. Jesus, why do people like you insist on putting out messages that are completely false? Please do your research first because the things you write might just cause one person to do something on the basis of what you type.

    You keep talking of a pot, there's no such thing as a 'pot'. Even describing it as a pot i misleading. Yes other schemes are being looked at, not because the current one does not work but because others would be more effective in getting money out more quickly and having liquidity in the scheme upon commencement.

    If HBOS goes down anyone that has £35k will be protected. End of story. If you have a link to an expert that says otherwise please give it to us. Otherwise stop worrying people for no reason.

  6. No, unfortunately he's not. Do the maths & it quickly becomes clear.

    I know the maths, he is talking nonsense. It seems as if you haven't done the maths. The Govt may not have the resource to bail out a larger bank (although with a multi that task might be taken up by others) but the £35k guarantee is safe. There's no problem there, the pot of money for the guarantee is, to all intents and purposes, endless, it's unlimited, it's high enough to pay for 50% of the banks to go bust. Don't forget, the pot is levied amongst other financial institutions eg insurance. The worst case is that the money levied is borrowed.

    I wish people would stop spreading scare stories like this.

  7. I did wonder whether it's because the landlord is actually looking to sell at some point and therefore wants the ability to move us out quickly. However the rest of the agreement does specify that there is an initial 6 month term so I doubt it's that. Maybe this particular EA just uses non house act agreements because that's the way they work. Is this common?

  8. I reckon £20 a week is a bit cheap.

    I remember selling my first ever flat in London. It was in a grand old Victorian house, apart from this one house that was split into flats the rest of the street was lined with £3m+ properties. It was a lovely little property and being naive I decided to get Foxtons in to sell it. I found out rather quickly that they had no interest at all in selling my poxy £200k flat, they just wanted a board up on this particular road for advertising purposes. They couldn't care less about selling it, indeed the longer they had it on the books the better;. After all, free advertising on a premium London road? Good job!

    So I caught then out lying about showing people around. They lied on a number of occasions. I told them I wanted to leave them but they insisted they had a contract for another 8 weeks and they said they would not take the board down from outside the house. The company I worked for gave us company lawyers to use for legal matters, the one I got was a funny guy, we decided we'd teach them a lesson. We sent a letter to the Foxton's office detailing how, for over 4 weeks they had breached the terms of the contract. We included an invoice for advertising outside of my house, I think it was for about £6k and also requesting damages, loss of earnings, basically anything we could hit them with. The total was for about £20k. Guess what? The sign was down two days after the letter was sent and not a squeak from the agent ever again.

  9. Why would an agent want to use a non housing act tenancy agreement? I understand that they would then be free from protecting the deposit unlike if they had an AST. But what other reasons are there and as a tenant, are there any major issues or things to look out for when faced with a non housing act tenancy agreement?

    EDIT* This is all assuming that one would qualify for an AST, i.e not a company let, rent under £25k etc etc.

  10. both RBA and RBNZ will cut, both by 0.25% IMHO

    NZD/JPY on a downward path for sure, maybe a collapse at some point if we can get global risk aversion ...

    can see a 4 fig figure move in a day or so if the carry traders get nervous...

    EUR's a safe bet but I wouldn't empty my coffers of those yankee $ just yet, they'll continue to get stronger :)

    I'm interested to see by midweek if your NZD prediction is correct. Betcha a pip it's not ;)

  11. Knight Frank :) I'd like to ask them how many properties they've sold in Wimbledon over the past two months. Can I have a guess?0 :) LOL I can see a lot of their super rich property sitting unsold at the moment. It certainly is detached from the slump, prices are steady because no one is buying it :) This one for example: http://www.rightmove.co.uk/viewdetails-18188084.rsp

    Good luck selling that.

  12. Yes, they are covered and it's recent results showed a strong position. You'll also get your £16k + £9k back pretty quickly and earning interest, in any case, we're only talking about £25k, it's not exactly earning a fortune is it? No matter where you put your money it's at risk of losing interest whilst you're waiting to get it back. Indeed I'd rather have my money with KE than with RBS!!!! Wouldn't you?

  13. Okay thanks for the replies. I did go into town, but I did not take my money out RBS yet. I noticed the post office are offering 6%. I wonder how long it takes to set up an account with them. I don't want to tie my money though. Can you still get over 6% with instant access.

    And I only have £25,000 to move. I don't suppose that is enough to get me fast track treatment.

    If you have £25k get on the interweb and open a Kaupthing Edge account: http://www.kaupthingedge.co.uk/

    7.15% for a 12 month and 6.5% for short term.

  14. Someone's already replied.

    You're going to be sat on your cash though as no one will open one anywhere near instantly. From my experience it's at least a month to set up, sometimes two if the account if really popular.

    No, depends on how much you have. If you have enough and have a premier account at HSBC they will send someone to escort you to the bank and open an account there and then. But yes, in general terms it takes a little while, my wife's Kaupthin account just took a week to open. Capital One are pretty slow at the moment too.

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