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Halifax


Guest JoanneHattersley

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Guest JoanneHattersley

Thanks Joe. MIL here in Oz and getting worried as she was hearing "news". Mother - thanks for the vote of confidence!!!! LOL!

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hi Joanne , i have just checked the news here online and can't find anything about the halifax going bust!

if i hear any news i will let you know,

bye for now, gail x

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Guest Petra & Dave

HBOS Halifax's parent company has just been bought by Lloyd's TSB as HBOS has large debts to pay off in the 1st quarter of next year which it doesn't have the funds to pay but cant get the loan needed because of the state of the money markets so the government pressurized Lloyd's into buying them

 

Dave

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I believe that Halifax/HBOS had a run on it (it happens when too many investors in the bank withdraw their money at one time) so the UK Government has brokered a deal in where Lloyds’s TSB will buy Halifax/HBOS for £12BN. This has happened due to Halifax having too many eggs in one basket namely housing mortgages (It was the single largest mortgager in the UK), their investors have lost confidence that Halifax will be able to generate the returns (due to the state of the housing market) and have gone elsewhere leaving Halifax/HBOS in the Poo! So now Lloyds TSB will be the biggest mortgage lender in the UK with a Market share of over 30%. The competitions board will not be able to touch them for the moment as the have the Governments blessing, so there is a chance that Lloyds may use this unfair advantage to drive mortgage prices up!

 

Just one thing though to take account of, if you have money in the Halifax and are worried, the Government guarantees your money in a single institution up to £35000 for a single person! If you have more than £35000 in a single institution then it would be best to put the difference in another institution to afford your money the greatest protection

 

All this info comes from listening to Radio 4 over the last few days, so don’t jump off of a building without checking the state of the market for yourself :twitcy:

 

An for the ones that are :SLEEP:it is time to wake up now !!

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Guest JoanneHattersley

Cheers guys. MIL here on hols and heard about it and was worried as she obviously cant do anything from here. Will let her know!

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