If anyone's interested - absolute carnage on stock exchanges today.

[Chicken Runner61]

Just a quick question on finance...............

Is the "guarantee" from the Government for up to £50,000 in savings at a bank, include the money you may have in a current account...?

Pretty sure its everything and they don't deduct what you might owe them on a loan either.

Biggest joke is asking the staff at the bank whats covered - they do not have a clue!

I asked the manager at one bank if company accounts were covered to the same as personal and was told they were but she didn't sound too sure.

She then went on to tell me that they were ok and won't go bust!

Yeah right, like she would tell me if they were about to go bust!

 

[seagullsovergrimsby]

Yes it does. we have two months to go on the mortgage and will hopefully pay it off at the end of the month.

To be honest, we are not looking to move so the value of the house is immaterial to us...laura will be looking for a property when she qualifies next year, therefor the more priices fall, the better off she is, so to a degree we are in a win win......obviously depending on my company who cover all the major financial instititions and could be hit big time. ( time to keep your head down!!)

My mum, took out a financial " agreement" to pay something whereby this reputable insurance company who can "quote you happy" FUCKERS! gave her £50 k which she didnt have to pay back, but the interest changed would be added to the "loan" but she was told that as the price of her house would go up the value would be in excess of what she was being charged in interest.
Well, I said when I found out that this was HORSESHIT and sure enough, we calculate that in the next few years the value of the "loan" will be not that far off the value of the house. I hope to Christ my mum doesnt become ill and we need to put her in a home, as we will have nothing left from the capital in her home to pay for it!!!!

The problem with these loans is that its all worked out on the value of the house rising leaps and bounds , if the market is static or falls the interest still racks up leaving no equity. If your Mum has to go into a home at least they cant take the lot , local government funding takes care of providing for her. My mates mother in law went into a home a couple of years ago as she suffered from dementia (Alzheimers) and the house was sold for £120k and after deductions all the money went straight to the council.

 

[Dave the OAP]

I just wish she would go to a solicitor...I am sure it was mis-sold to her

 

[Lush]

I just wish she would go to a solicitor...I am sure it was mis-sold to her

Might be worth a quick shufty at this Dave ...

Making a complaint : FSA Money made clear—guides

 

[El Presidente]

It's £50,000 for each account that is covered by a licence, and this is where the fun begins. LloydsTSB has taken over HBOS, but the combined entity will only have one licence, so if you have money in both you are only covered up to £50k.

On the other hand Alliance and Leicester has been taken over by Abbey (Santander), and they have two licences, so if you have money in both banks you are effectively covered up to £100k.

If you have a joint account, then each person is covered up to £50k individually.

From a practical perspective, there is no way that the government is going to let a UK bank go bust, so in reality your savings are fully covered, but I always advise people in my newspaper column to spread their savings about.

 

[nail-Z]

American indices down another 5% this evening, so I expect the FTSE to follow suit tomorrow.

 

[Dave the OAP]

Might be worth a quick shufty at this Dave ...

Making a complaint : FSA Money made clear—guides

thanks kay