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Today I was busy closing down my Lloyds TSB business account, I’m not too happy with them and (after advice) was moving the account to the co’op bank.
I did talk to the manager for a while, he wasn’t too happy about losing the account, its been a bad week for the poor soul.
When I ask him why the bank had lost so much cash in the last few months, he blame university students running up 40k of debt and then going bankrupt.
I know I’m not a financial genus, but lending some 18 year old student 40k doesn’t seen like a good idea to me, but I’m not a banker.
What really does p is s me off about this lot is,
“If they would have given the university students grants, not loans and a overdrafts , we would/could have save about 500 billion and not build’t peoples life’s on debts “
Anyway its nice to know that after our tax injection into the banks, we now have politicians sitting on all the banks boards, watching our money……..
How much does a city lunch cost now?
The same bank that the government will loan money to on proviso that they’ll help small businesses :?
Yesssss……..
But helping out small business could mean anything from handing out free pens to loaning out more money at 30% interest.
But staying in business for longer than a week without asking for tax payers money would be a start.
Maybe there going to help out small business with money advice and how not to get in to debts?
no its part of the governments conditions if you like, they have to look at different ways to help people rather than just repossess their houses and provide small business loans where applicable
And the bosses cant take a bonus for a whole year.
How about no bonus until the banks pay back all the money they have been given, plus 11% interest sounds about right to me.My ex was a mature student and got a HSBC student account with a £15,000 overdraft even though she had no income. nedless to say she ended up going bankrupt.
Another banks also gave my a £6500 loan when i had no job or income. The women said it goes by my past record and because i got a could credit rating its not a problem.
I would not give anyone money if they had no way of paying it back, its not rocket science .Interesting though you mentoined the CO-OP becuase they dont seemed to have been dragged into this problem. I know they only invest in what they reguard as ethical products. Maybe the banks should not of invested in dodgy places like Nigera and North Korea.
Well the Bank of Scotland fella me lad gets a £580,000 pension (thast a year btw not a one off payment)
@pete wrote:
Well the Bank of Scotland fella me lad gets a £580,000 pension (thast a year btw not a one off payment)
£11,000 a week and he will still get a winter fuel allowance because he’s an OAP :roll:
Well pete….
Its funny you should talk about small business loans and overdrafts…..
I know of at least 5 small business that lost there bank overdrafts this week. There a few that have been turn down for bank loans too.
If your in trouble with your mortgage, the banks will help you by running up has many charges as they can and then take your home away.
What does surprise me is why the government feels banks will be more “willing” to lend out cash to hight risk small businesses after losing billions on similar loans?
The problem we all face on a personal level is if our banks fail over nite.
You could’ve woken up on pay day and found your bank was bankrupt.
This means your wages are locked up for the next 6 months until you can get your claim paper work sorted out.
The only cash you have in the house is a few penny’s in the kids piggy bank.
You can’t fill up your car, your debit card is void, but don’t worry your car insurance is void too. ( Your direct debit didn’t get paid this month.)
Your company don’t have a working account any more, there bank closed too. (So you cant get paid next month has well).
The only food you have in the house is a tin of bake beans, (but don’t worry your gas, water and electric direct debit didn’t get paid too so you can’t cook anyway).
You could ask your wifey for a small loan, but she’s in the same boat too.
You can’t go down the dole office and ask for “help” because of the government benefit rules.
And don’t worry if the house burns down, its not insured any more and worthless anyway.
I know what your thinking……. all that money you saved in your high interest account will save you. Wrong under the government rules its 50k compensation per bank, not account. With only a few banking groups, the chances are your account in the building sociality is part of the same banking group.
So within 28 days of your bank going bankrupt, your sitting in a dark cold room eating cold bake beans.
Feels me with confidantes just thinking about it…………….
Running up huge debts is a mugs game whichever way you look at it. I agree DOA, the loans instead of grants situation was just another money spinner that showed appalling lack of common sense by the decision makers. Just because somone gets a degree does not entitle them automatically to a job with a huge salary.
Lots of students ended up with degrees and huge debts and no chance of paying that money back. The sensible thing to do under those circumstances is to go bankrupt.
Some deliberately used the system and ran up the debts knowing that they could declare themselves bankrupt and 2 years down the line they would be credit worthy again. They obviously learnt something at Uni then! I guess its called using the system. What staggers me is that the government didn’t see that one coming!
As far as the current situation is concerned, our type of economy depends on consistent growth, but there is alway going to be a cut off point where growth cannot happen anymore. So you get recessions, at regular intervals. Then after a slump the economy finds a level and starts growing again. If everyone sits tight and doesn’t panic, all will be back to normal before you know it.
mims I have 12 men and 4 office staff looking at me to keep them all in work. They may not own the company, they may not have there names on the paper work but they do have family’s and Christmas is only 2 months away.
That’s why I’d a sleepless nite after hearing the news our main business bank was in trouble and was in a meeting at 8am with the company accountants, not out working.
I maybe able to work them to death, moan at them endlessly, but I can’t take risks with there life’s.
I will take the safe option, move money, accounts and spread the risk.
Today I have invested in a fire proof safe, hopefully keeping 50k in cash should cover us all if the worst happens.
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