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House Price Crash Forum


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About brickwall

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  1. Co-op bondholders may be hit as shortfalls grow by Tim Wallace May 14, 2013, 3:20am JUNIOR bondholders in the Co-operative Bank could take a hit if the bank struggles to fill its capital hole, analysts at Barclays warned yesterday, heightening the pressure on the mutual to take action. The group is selling its life and general insurance arms which should raise hundreds of millions of pounds to boost the bank, but it may not be enough to plug the gap. The exact size of the hole is not yet known. Analysts at Barclays expect it to be between £800m and £1.8bn, in a stressed case. To fill the hole the Co-op is selling its life and asset management arm for £219m, hopes to raise £500m from its general insurance arm and then fill the rest of the gap by running down its bad loan portfolios. But analysts fear the insurance sale will raise just £240m, leaving a capital shortfall of between £350m and £1.4bn. As the Co-op cannot issue equity – it is owned by members, not shareholders – its options are constrained. Initially further units could be sold, capital could be shuffled around from its parents and more deleveraging could take place. But analysts think it may eventually need to bail in junior bondholders. “Concern regarding potential bondholder burden sharing in Europe is elevated. In the case of Co-Operative Bank, there is £1.3bn of subordinated securities that could be considered as part of a capital raising solution,” said Barclays’ Jonathan Glionna. “While the range of potential outcomes is broad, we believe investors should remain cautious on the subordinated securities.” However the bank itself has been keen to stress it has one of the strongest liquidity positions in the industry and is many steps away from taking any such action. Co-op’s finances were thrown under the spotlight last week by Moody’s decision to downgrade the bank’s debt to junk. Moody’s said debt writedowns and pressure from commercial real estate exposures increased the “moderate potential for systemic support likely to be forthcoming from the UK authorities”.
  2. just before Christmas had a £25000 personal loan over 7 years with coop. asked them if i could turn it into a mortgage that i could make over payments on because it would have been cheaper by about £5000 in the long run with the low interest rates at the moment. they refused me on the basis that i might not be able to make the monthly payments that would have been cheaper than personal loan monthly payments i was really annoyed and felt as if they had me over a barrel.came into some money a month later and asked them to pay loan of with money from my privilege account they said it was done a week or so later i noticed it hadn't been done so phoned again they agreed again and said it would be seen to immediately i left it with them the next thing i get a letter telling me Ive missed the next months payment together with all the small print threats. i phoned to complain, man at bank asked would i make one more monthly payment to make it easier from their end i refused on the basis that i would be loosing another months interest and it was now their problem i told them to take it back to the date i initially asked to pay of loan finally it was done. Ime with the count on this one especially after the feking about Ive been through with them ,if there's a hole in the ship its probably safer to get of at the next port i have,now i feel safe i cant afford to loose money especially with three kids to look after.
  3. i thought daily express was slang for a colonic movement after that cup of tea and a cigarette first thing in the morning
  4. unless you no this area do your home work on this place, i lived in npton for twentyyears until 3 years ago and still go back there to work, grange park is not what it might seem had quite a bit of trouble with gangs of kids in recent years come to think of it npton on the whole is a real shite hole unless your moving from wellingborough,Kettering or corby
  5. mainly with houses that need work or repossessions
  6. just do the magnolia trick sell it as quick as you can on a transferable mortgage to a btl fool and keep repeating you'll end up with money in the pot just got to do each one quick and get quick you can paint cant you BLT landlords don't live in it them selves people like you do and their buying all the houses at the moment.
  7. ignore this stick look for an old wreck that hasn't got a leaky roof okay plumbing and wiring to a fashion, tell the wife too stop spending on makeup, you stop buying x box games for the kids (and yourself) give it a quick coat of magnolia and flog it to some BLT hunt then buy another and do the same really quick and then again its the same as being kicked out by a land lord but your in control of the purse just live by your means ive doen it three times since 2007 got three teenage kids and for the first time the kids have all got their own room just don't be greedy or it wont work.
  8. get an account set up with a builders merchant find some good prices first this prevent any one making money on materials saving you money,get a bricky with labourer both with a good knowledge of ground work get them to bring it up to plate height then chippy to put roof on roofer to felt batten and slate now your in the dry find other relevant trades to take you to the finish line and paint it yourself you'll save your self a sh-t load of money.
  9. is that a council estate i can see through the window
  10. i am not that well educated i am just a builder i spell check every thing i post but i can read and understand your point because what you point out has afected me directly respect to the impaler (like your thread)
  11. shouldn't you be fixing initial entry's on right move,you'll never get all these houses sold.
  12. so could deflation be good as esential items cost less ,if wages were to stay the same
  13. how does all this effect my £25000 personal loan from the coop is it good or bad for me in the long run.
  14. move simple.once you turn against people like this it only gets worse for you unless you're Clint Eastwood (but without the donkey) .think your self lucky you don't own the house you live in then you'd have to worry about selling it before you could move on,you and a number of neighbors would have to make a lot of complaints to police and council to get these people moved on by witch time they may turn against you.we were in the same situation once but we owned our house it was hell on earth.
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