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Nationwide


Calcutta
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No details sorry, but I walk past the local one at 9am every Saturday and there's never a queue. Today there was a good dozen people waiting for the doors to open. For a glorious moment I thought it might have collapsed.

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TheCountOfNowhere
3 minutes ago, Calcutta said:

No details sorry, but I walk past the local one at 9am every Saturday and there's never a queue. Today there was a good dozen people waiting for the doors to open. For a glorious moment I thought it might have collapsed.

Anything is possible. 

 

Has there been an official denial? 

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I moved 25k out of my isa with them last week to an ii S&S isa and have decided to do the same with the remaining 50k now.  So hopefully they wont go bust for a little while longer !!

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Bedrag Justesen

They have been rammed since interest rates announcement with coughing spluttering oldies complaining they can't access their online accounts.

Screens removed in refit.

For a lot of them it's the first time they have tried to log in since you need a card reader or a texted code.

They mostly want to ask about ISA rates.

A lot of them only come into town Saturday mornings as they get lifts in, no buses.

The queue is out the door.

Not taking money out so far as I know.  

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Castlevania
9 hours ago, Calcutta said:

No details sorry, but I walk past the local one at 9am every Saturday and there's never a queue. Today there was a good dozen people waiting for the doors to open. For a glorious moment I thought it might have collapsed.

People desperate to get approved for a mortgage? 

Joking aside how old were these people? Younger people would invariably use online banking. So if all very old you could be onto something.

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11 hours ago, Castlevania said:

People desperate to get approved for a mortgage? 

Joking aside how old were these people? Younger people would invariably use online banking. So if all very old you could be onto something.

Nothing seems to have come of it, I can imagine the natives having some insider knowledge the rest of the country is unaware of. Shame. I've left £4 in the nationwide for a decade now, waiting to join the fun trying to get it back when the pricks collapse.

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I have a CC with them that I'm planning to use to purchase physical silver and gold. After I'm done with the purchase they can go bust... maybe administrators will cancel my balance? #helicoptermoney

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NogintheNog

I cancelled all my accounts with this BS when I saw what the directors were treating themselves to. No wonder their rates are so low!

If you had any meaningful amounts of savings you would have been better off in Premium bonds!

The sooner this lot collapses the better!

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On 15/03/2020 at 10:56, NogintheNog said:

I cancelled all my accounts with this BS when I saw what the directors were treating themselves to. No wonder their rates are so low!

If you had any meaningful amounts of savings you would have been better off in Premium bonds!

The sooner this lot collapses the better!

How dare you!

NW directors ar the y bets of he very best.

Evert risk and outcome is carefully planned and accounted for.

NW are are like a fine tuned F1 car.

Nationwide pulls tracker mortgages after historic base rate cut 

Mortgage products tracking base rate vanish as ‘the numbers no longer stack up’ 

https://www.ft.com/content/17a658eb-ef49-49a0-9e7a-f853f9779450

Failing to cap their loan rates was the basic fucking mistake banks made in 2010.

To make the same mistake, 10 years later, requires a special kind of fucking idiot.

 

 

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  • 3 weeks later...

https://www.dailymail.co.uk/news/article-8189919/Nationwide-boss-Joe-Garner-volunteers-huge-pay-cut-coronavirus-crisis.html

The boss of Britain's biggest building society is taking a huge pay cut to show solidarity with staff and customers in the pandemic.

Joe Garner, who is chief executive of the Nationwide, is sacrificing around £1.2million in pay, pension and bonus.

He is the first boss of a major financial institution to volunteer for a pay cut after the Bank of England wrote to chief executives of all the big banks - including RBS, Barclays, HSBC and Lloyds - on Tuesday telling them to axe their dividends and rein in top pay.

Nationwide does not pay dividends because it is a mutual building society owned by its 16million members and it is not listed on the stock market. However, Mr Garner has responded rapidly to the letter last week from senior Bank official Sam Woods.

Nationwide are very expised to both IO BTL and HTB.

NW are very limited in raising capital, not that youd guess from that 1.2m pay for what is in effect a very simple bank.

 

 

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  • 1 month later...

Kitchen sinking.

Virus that did it.

https://www.standard.co.uk/business/tionwide-building-society-warns-of-100m-hit-from-covid-a4453906.html

Britain's biggest building society, the Nationwide, today said profits crashed 40% last year to £469 million as it booked a charged of more than £100 million for losses expected from the coronavirus.

The mutual earlier this week said it would suspend repossessions of its mortgage customers in arrears for 12 months as part of its support measures for covid-affected members. Like all banks, it expects to see a surge in the numbers of people unable to make their interest payments.

Continued big PPI claims in the first half of the year also hit profits in the year to the end of March, which included the early stages of covid in the UK.

Chief executive Joe Garner said: "While the coronavirus impacted our profitability in the last few weeks of the year, there was pressure on margins even before it hit. Notwithstanding that, we achieved a great deal during 2019-20."

Nationwide is a major player in the UK mortgage market, which has been hugely competitive in recent years, hitting profit margins of its main players.

Figures today showed while Nationwide stil had a 11.4% share of residential mortgages, that had fallen from 13.4% this time last year. In monetary terms, residential lending fell from £36.4 billion to £30.9 billion in the year. Its average loan-to-value ratio - a key measure of its risk appetite, rose from 71 to 72.

Since launching a new strategy three years ago, Nationwide has added 1 million new members, £15 billion in retail deposits and £18 billion in mortgage balances.

Garner said profitability was already being stretched at the Nationwide by the cutthroat mortgage market before covid hit. The Bank of England's interest rate cut following the pandemic's hit then impacted further on profitability as, like all banks, it squeezed the profit Nationwide could make on the difference between the rates at what it borrows and lends. This so-called net interest margin fell by £105 million to £2.8 billion in the year, not helped by competition in the home loans sector.

Those super-low interest rates forced him to U-turn on a plan to move into business banking which was a key factor in administrative overheads rising £58 million during the year.

The surge in PPI charges before last year's deadline on claims triggered a surge in the conduct provisions charge from £15 million to £56 million.

A worked example of negative interest rates = no bank lending.

CEO was o nthe radio. Said something really strange about wanting to know if a mortgage holder had suspended payments.

Suspending repos for 12months just means there will be more to repo in 24months.

NW mortgage lending has dropped 20%. They are running away from the mortgage market.

NW were a small BS who only lent to plush Southerners. Its less that NW lending has grown and more that others lending has shrunk.

As the years go by the low risk mortgages of the early 2000s will be maturing, leaving NW with a junkier book of post 2008.

The retreat from business banking is where the money was lost. And doesnt make any sense.

 

 

 

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TheCountOfNowhere

See my...they will stop a nothing....thread.

 

NW saying no REPOs for 12 months.  They must be hoping for the recovery to have kicked in by then.


This company, IMHO, is insolvent when house prices fall.  They refuse to accept the reality and real world valuations.

Edited by TheCountOfNowhere
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On 14/03/2020 at 10:34, Calcutta said:

No details sorry, but I walk past the local one at 9am every Saturday and there's never a queue. Today there was a good dozen people waiting for the doors to open. For a glorious moment I thought it might have collapsed.

People fed up with their shit ads.

 

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On 14/03/2020 at 11:26, Iamcynical said:

I moved 25k out of my isa with them last week to an ii S&S isa and have decided to do the same with the remaining 50k now.  So hopefully they wont go bust for a little while longer !!

I've got my ISA book from when I had it with them. It's got a nice number in it. Am so tempted to take it in and ask for an interest update and then cry when they tell me it's for 5 quid in it. I can stand there and ask them who stole my money! 

 

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leonardratso

any fucking financial or other ad, and on websites how they are helping you. Lies, pure bullshit, those teams ones get my goat as well, id love someone to go postal on a teams meeting.

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Happy Renting
On 29/05/2020 at 11:18, TheCountOfNowhere said:

See my...they will stop a nothing....thread.

 

NW saying no REPOs for 12 months.  They must be hoping for the recovery to have kicked in by then.


This company, IMHO, is insolvent when house prices fall.  They refuse to accept the reality and real world valuations.

Company? It's a mutual.

This is why I find it hard to understand their involvement in PPI. Banks screwed their customers to profit their shareholders. Mutuals screwed their customers to profit their.... customers???

The only rational explanation is that the Directors were on some sort of kickback.

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