The Nationwide Building Society

[Hullabaloo82]

8 minutes ago, PaulTW said:

Why should people not be concerned by the banks' motives? As I say, 2007/2008 lives short in the memories of many people.

Nationwide pulling 5-10% mortgages (granted this was industry wide) and then the whole BoMaD stuff recently, it would make many question what is going on in the background.

Just as a non-banking firm would lay off contractors to shore themselves up, why wouldn't Nationwide potentially do something similar.

I think we've already established that laying off contractors isn't unusual in a recession (it was in my first post on the thread)? Nor is it unusual for banks, suffering with low margins in retail, to make redundancies. 

That's the point; as ever, the Count has picked up some bog standard information, added 2 and 2 together and got 12 and now things he's blowing the whistle. 

My question was more around the write offs (I notice you've studiously ignored thst point too). If we are supposed to be angry or upset about this, can we at least have an explanation of what we're meant to be angry and upset about rather than just "something something debt junkies mumble"? 

[PaulTW]

3 minutes ago, Hullabaloo82 said:

My question was more around the write offs (I notice you've studiously ignored thst point too). If we are supposed to be angry or upset about this, can we at least have an explanation of what we're meant to be angry and upset about rather than just "something something debt junkies mumble"? 

Why is that an acceptable thing to do? Was mentioned on previous page - regulators would be all over that. Another precedent being set for all the wrong reasons.

I'd say OP is doing what this forum was probably created to do - I'm sure we've all added 2 and 2 together and came up with the irrelevant answer at some point but it gets debate going, if folk are proved wrong so be it, at least we question things and don't peddle the general MSM narrative.

[TheCountOfNowhere]

3 hours ago, Wayward said:

The OP is committed to calling out and fighting the injustice of high house price inflation and deserves our respect.

Thanks Wayward, that is why I am here and I really appreciate your support.

I know what I've been told, it's from a very reliable source and it's a very worrying development.  

I'm not 100% sure what it means generally to us all but it seems a very very odd thing to start doing right now as house prices are about to fall. 

Government intervention perhaps, no idea.

Believe it or don't believe it, I care not, but it will be shown to be true.

Regarding respect, I care not if the trolls respect me, believe me or not.  They must be properly messed up people, living off the young, demanding more and more bailouts from society, living in fear that their "empires" will collapse etc etc etc.

Any newbies can check this...

When everyone was saying IRs will never rise in the U.S., TCON called it spot on.  When they said the UK would never follow, they raised 0.5%. 

Everyone was worried about house prices rising but TCON pointed out they were falling against other assets.

TCON repeatedly said "house prices are the least of peoples worries".  Not sure anyojne can disagree with this now.

This miracle economic model is not a new paradigm it is mathematically doomed to failure. 1+1 does not make 300,000.

You can believe the trolls who have their best interests at heart or you can believe the people who are actually going out on a limb on a daily basis to get the word out there and make people aware of this insanity.

More and more people on twitter (HousePriceMania) are agreeing with TCONs message and there's even been a couple of reporters get in touch recently.

TPTB have brought back Term Funding and lowered IRs, cut stamp duty, there is a good chance this will mean MORE price rises in the short term ( I've said as much ) but this is it, we're at or near the top and it's a very very very long way down.  70% falls in some of the asking prices I see would still make the houses look expensive to 90% of the country.  More and more immigration is going to cause massive social unrest.  More and more anti-racism oppression is going to cause more racism. The UK is about to go down a very dark hole right now. 

HOUSE PRICES ARE THE LEAST OF YOUR WORRIES RIGHT NOW.

 

[TheCountOfNowhere]

9 minutes ago, PaulTW said:

Why is that an acceptable thing to do? Was mentioned on previous page - regulators would be all over that. Another precedent being set for all the wrong reasons.

I'd say OP is doing what this forum was probably created to do - I'm sure we've all added 2 and 2 together and came up with the irrelevant answer at some point but it gets debate going, if folk are proved wrong so be it, at least we question things and don't peddle the general MSM narrative.

Cheers PaulTW.  your 100% right there.  I get the same trolls attacking no matter what I say, they've never liked me because they know ultimately that I am right, I only need to be right once and they are ruined.  

I've confident I'll be proved right on this, it's straight from the horses mouth as it were.

I'm more interested in what it means for the NW, mutual members and this grotesque house price mania the UK is in the grip of.

Edited August 4, 2020 by TheCountOfNowhere

[Wise Old Elf]

I suspect that if debts are to be "written off" it will just mean they will no longer be on the books as an asset & so a one off hit to profits. This will make no difference to the debts being pursued.

 

[Hullabaloo82]

14 minutes ago, PaulTW said:

Why is that an acceptable thing to do? Was mentioned on previous page - regulators would be all over that. Another precedent being set for all the wrong reasons.

I'd say OP is doing what this forum was probably created to do - I'm sure we've all added 2 and 2 together and came up with the irrelevant answer at some point but it gets debate going, if folk are proved wrong so be it, at least we question things and don't peddle the general MSM narrative.

Sorry, but you're going to have to do better than that. 

Banks both provide for and write off loans routinely, usually in cases where they have exhausted all other avenues of collection and probably applied for a charge/judgment on the debtor. 

You might not like that, but what else can they do in a case where an individual has no assets or cannot be traced? Really struggling to see how this has anything to do with house prices. 

The kind of person who winds up owing money to a bank to the point where it's 100% provided for and written off would likely have had their credit score ruined and been unable to remortgaged to anything but a punitive rate unless they were able to get a ten year fix (and even then, there would likely be a charge on the property obtained). 

This is just yet more hysteria and another great example from this forum of how a little knowledge is a dangerous thing. 

[PaulTW]

10 minutes ago, Hullabaloo82 said:

Banks both provide for and write off loans routinely, usually in cases where they have exhausted all other avenues of collection and probably applied for a charge/judgment on the debtor. 

You might not like that, but what else can they do in a case where an individual has no assets or cannot be traced? Really struggling to see how this has anything to do with house prices. 

I agree with that but what if the 'good' debt starts descending into 'bad' debt on a bigger than expected scale. I.e the realisation in 2007 that the US sub-prime mortgage market was full of crap? Confidence goes and along with it the faith in the market - particularly housing.

Nationwide are anticipating an increase in loan write-offs no doubt about that, not a sustainable business model and they are acting on it.

[rantnrave]

Did somebody say bank run???

[highcontrast]

32 minutes ago, rantnrave said:

Did somebody say bank run???

Lol...from small acorns and all that... I love it when rumours spiral out of control 

@rantnrave called it (i.e. created it)

[Hullabaloo82]

35 minutes ago, PaulTW said:

I agree with that but what if the 'good' debt starts descending into 'bad' debt on a bigger than expected scale. I.e the realisation in 2007 that the US sub-prime mortgage market was full of crap? Confidence goes and along with it the faith in the market - particularly housing.

Nationwide are anticipating an increase in loan write-offs no doubt about that, not a sustainable business model and they are acting on it.

Paul, you've just described the reason for banks making a provision in the first place. 

Of course the banks are revising their expected credit loss model and cutting costs where they can. IT'S A RECESSION. That's what happens. 

What justifies the breathless post from the Count? Where's the conspiracy? 

If anything you should be jumping for joy given this is a tacit admission from a major lender that they expect people to struggle to make repayments yet, as usual, the Count presents this as some kind of conspiracy to prop up house prices simply because "the banksters did it". 

[24gray24]

4 hours ago, Wayward said:

The OP is committed to calling out and fighting the injustice of high house price inflation and deserves our respect.

We would all have described as impossible  lunacy the situation the country now finds itself in, a few years back, yet here we are. 

On the Nationwide issue, I'd go with this being normal procedure in a recession. 

Plus they may as well lump as many losses as they can into one quarter, in the hope of making the next quarter's look better. 

[winkie]

Those that they would love to lend to don't want to borrow it...... therefore more debt will be riskier debt.....more risky debt means more debt defaults......?

[locky82]

Do banks generally write money off and let the debter off Scott free? I thought they'd usually sell the debt to debt recovery thugs for penny's. Meaning the indebted are still liable for the money for 7 years. 

Unless there's a wonga situation and nw have been leading money to the destitute this is ridiculous thread. 

[dances with sheeple]

7 hours ago, highcontrast said:

Maybe it's just me but I'm not seeing the relationship between 300 employees being made redundant and the jump to Nationwide preparing to write off bad debts to anyone who can't pay? It just seems to me that conclusion is a big jump IMO?

Yes jobs/economy are going to be decimated, banks included, and I'm sure that wage bill would have quite a healthy one, but a mere drop in the ocean in terms of nationwides bad debts?

@TheCountOfNowhere please correct if I'm wrong, but I always got the impression you were a full on bear, have you taken a more neutral stance recently?

There doesn`t need to be a connection, it is two separate pieces of information, but an obvious connection could be a big MF of a recession banging at the door?

[dances with sheeple]

4 hours ago, Dreamcasting said:

Posting statements on the internet from information that has been provided by a friend of a friend is hardly credible at all.

Probably more credible than all the B.S the banks and people like B.J feed us though?

[dances with sheeple]

36 minutes ago, locky82 said:

Do banks generally write money off and let the debter off Scott free? I thought they'd usually sell the debt to debt recovery thugs for penny's. Meaning the indebted are still liable for the money for 7 years. 

Unless there's a wonga situation and nw have been leading money to the destitute this is ridiculous thread. 

On CC`s in the past, once you reached the stage of default and they stopped the card they used to allow you the option of paying off a third or thereabout as a lump sum, and the debt being recorded as a partial payment on your credit file, this was after you had agreed monthly payment terms by showing them your outgoings/bills etc. or continuing with the monthly payments (frequent phone calls encouraging you to increase it or part pay a lump sum though) until the debt was fully paid, and then it would appear on your credit file as "debt paid in full" or something like that, giving you a higher credit rating. Somebody can maybe explain the banking/accounting process for how they dealt with the outstanding debt unpaid?

I once ran up about 30k of debt on two or three cards and ended up paying it all off at 500 p.m just to get a clean, or cleaner, credit record, certainly wouldn`t have bothered doing that if I had know how the banks would get into trouble and bailed out a few years later!

[moonriver]

5 hours ago, PaulTW said:

I'd say OP is doing what this forum was probably created to do - I'm sure we've all added 2 and 2 together and came up with the irrelevant answer at some point but it gets debate going, if folk are proved wrong so be it, at least we question things and don't peddle the general MSM narrative.

I agree with you Paul.

[Tulip_mania]

6 hours ago, Wise Old Elf said:

I suspect that if debts are to be "written off" it will just mean they will no longer be on the books as an asset & so a one off hit to profits. This will make no difference to the debts being pursued.

 

This sounds a lot more plausible, red ink on the accounts is acceptable this year, so write everything vaguely dubious down this year, then if 50% of if comes in over the next 5 years that's a win. Rather than let the crap lending come to light over the 5 year period. They will still chase people to pay their mortgage, loan or credit card.

What does confuse me about the Nationwide is, they don't want savings, hence the 0.25% or less rates offered, but they also no longer seem to want to lend, 90% lending to unicorns and 85% lending rates have gone up about 0.3% in the last 3 months. I understood the low savings rates during lockdown when no-one was borrowing, they simply had nothing to do with the cash, but now?

[user not found]

I've just emptied out my house deposit from nationwide and stuck it in NS&I. Better rate and possibly safer.

[rantnrave]

35 minutes ago, Sausage said:

I've just emptied out my house deposit from nationwide and stuck it in NS&I. Better rate and possibly safer.

Just tried to log into my new NS&I account...

Sorry for the delay

 

We’re holding you in a queue before we connect you to our secure website. When you reach the front of the queue, you’ll have 10 minutes to continue.
 

Started out as number 212 in the queue

Edited August 5, 2020 by rantnrave

[sammersmith]

14 minutes ago, rantnrave said:

Just tried to log into my new NS&I account...

Sorry for the delay

 

We’re holding you in a queue before we connect you to our secure website. When you reach the front of the queue, you’ll have 10 minutes to continue.
 

Started out as number 212 in the queue

NS&I are slow. Up until recently their logged in account management interface looked like a Windows95 clone. They've got better in recent years on the user experience side, however i bought income bonds on 26th July and it's still stuck in 'Pending Transactions' which is much longer than usual. 

The queue-it system is a particular annoyance of post-Covid. Most companies seem to have removed these now except NS&I. There's a way to hack it by blocking the JavaScript calls in addBlocker, but for NS&I it seems if you just use an incognito browser in responsive mobile dimensions then this bypasses QueueIt. I actually don't even bother doing this anymore as queuing seems to be < 3 mins nowadays. 

[rantnrave]

22 minutes ago, sammersmith said:

NS&I are slow. Up until recently their logged in account management interface looked like a Windows95 clone. They've got better in recent years on the user experience side, however i bought income bonds on 26th July and it's still stuck in 'Pending Transactions' which is much longer than usual. 

The queue-it system is a particular annoyance of post-Covid. Most companies seem to have removed these now except NS&I. There's a way to hack it by blocking the JavaScript calls in addBlocker, but for NS&I it seems if you just use an incognito browser in responsive mobile dimensions then this bypasses QueueIt. I actually don't even bother doing this anymore as queuing seems to be < 3 mins nowadays. 

That's a very technical insight...

I took the delay to mean they had been swamped by new applications

[shlomo]

1 minute ago, rantnrave said:

That's a very technical insight...

I took the delay to mean they had been swamped by new applications

People like me, i am thinking of opening an account.

[rantnrave]

17 minutes ago, shlomo said:

People like me, i am thinking of opening an account.

No brainer - best of a poor set of interest rates by far, and much better security of funds

[Locke]

17 hours ago, rantnrave said:

Did somebody say bank run???

It's happening, most people just don't know it yet.