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TPF provides a news update ... Northern Rock sale cost taxpayer £2bn ~ The early sale of Northern Rock to Virgin Money was the "best way" to protect the taxpayer from greater losses, a report from the spending watchdog has said. Northern Rock Plc was sold last November to Sir Richard Branson's firm in a deal that is expected to rack up a £480 million loss for the taxpayer, said the National Audit Office (NAO). UK Financial Investments (UKFI), the body set up by the Treasury to manage state holdings in bailed-out banks, ran the sales process well, the NAO added. However, the watchdog warned that UKFI had calculated that the former Northern Rock assets that remain in public ownership, under Northern Rock Asset Management, could lead to a net cost to the taxpayer of some £2 billion when taking account of risk and deferred proceeds. UKFI earlier this year said the bank's period of public ownership should generate a straight cash profit of up to £11 billion for the taxpayer over the next 10 to 15 years. Amyas Morse, head of the NAO, said: "A sale of Northern Rock plc at the earliest opportunity was the best option to minimise losses on the £1.4 billion of public money invested in the bank. But most of the former Northern Rock's assets will be in public ownership for many years to come and there could be a net cost for the taxpayer of some £2 billion by the time these assets are finally wound down." The watchdog also hit out at the Treasury in 2009, fronted by the then chancellor Alistair Darling, for failing to look at the full consequences to the taxpayer when it decided to split Northern Rock in two. The NAO said the decision was "reasonable" but based on a business plan prepared by Northern Rock management which events showed to have been "optimistic". However, the NAO said the alternative - selling the deposits and closing down the business - was unlikely to have been significantly better in financial terms. Sir Richard vowed to challenge the banking industry's "big five" when he agreed the £747 million deal for the Newcastle-based business, which boasts 75 branches, one million customers and holds £14 billion of mortgages. Chancellor George Osborne insisted the price was the best available for taxpayers, who have owned the business since the first run on a UK bank in 150 years forced the Rock into public hands in February 2008. Matthew Sinclair, director of the TaxPayers' Alliance pressure group, said: "After taxpayers were lumbered with this dodgy asset, selling the bank was the right decision as there was no guarantee our shares would increase in value. It isn't the Government's business to invest in banks and today we have further evidence of that." ~ MY COMMENTS: like any other corporation that’s going bust ~ the banks and other financial institutions will snap things up at ‘rock’ (pardon the pun) bottom prices and make a ‘killing’ on their marvelous purchase at everyone else’s (the public) expense. Darling knew then, as he still does now, that he was ultimately betraying and deceiving the public by selling to Branson’s Virgin. In time, the truth does leak out, and Darling has already been more than amply compensated for his ultimate betrayal to the public in my opinion!

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All the time we use money no matter who creates it, some evil, manipulative, maniacal, power crazy control freak or organization will use the opportunity to keep the people of the world in slavery which will also keep the people in a darkened ...

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grantyboy Edit postDelete postReport this postReply with quote Re: letter from natwest bankby grantyboy » Thu May 17, 2012 8:56 pm hi all sorry if ive done this a few times i forward a message from nat west bank on a PDF format not knowing if anyone actual

grantyboy Edit postDelete postReport this postReply with quote Re: letter from natwest bank by grantyboy » Thu May 17, 2012 8:56 pm hi all sorry if ive done this a few times i forward a message from nat west bank on a PDF format not knowing if anyone actually got to read it ive know done a hard copy of the reply i got back from nat west bank after i sent them the 3 letters asking them to validate the debt here is there reply any info regarding the reply and what i should do next will be greatly welcomed ×dear sir thank you for your letter dated 23rd march2012 i have been asked to respond as the points you have raised fll under my responsibility i note you request for the provisionof documentary evidence and documents validating what you owe us you refer to validationof the debt you may have gleamed this expression from US web pages giving advice to US consumers based on pratices applying in the US under the fair debt collection practices act 1977 under paragragh 809 of the act a debtor may notify the debt collector that the debt is in dispute which is then expected to provide validation of the debt US law does nor apply in england and your demands for validation of the debt are inappopriate and as such we will not be responding to this request you also refer to promissory note and bill of exchange these are not relevant to your credit card indebteness we wonder if you are erroneously using infomation gleamed from the internet as promissory note is a means of documenting consumer credit in the US you appear to suggest that a credit card agreement could consitute a bill of exchange this is incorrectthe bills of exchange act 1882 s.3(1)sets out that A bill of exchange is an uncondtional order in writing adressed by one person to another signed by the person giving it requring the person to whom it is adressed to pay on demand or a fixed or determinable future time to sum certain in money to or to A credit card clearly does not fall within that description regarding transferring the account to external agents for collection this is covered in the terms and condtions of use and a letter stating this would happen was sent to you on the 7 december 2011 termination notice refCOL350a deed of assinment does not have to be issued as this refers to USA law not UK law as confirmed under the consumer credit act your original letter requesting verification of the claim copy contract and affidavit are all covered under the USA law and does not form any part of the UK law that financial institute's have to comply with please be advised that you have not been discharged from this debt and the balance is due and owing in full our agents will continue to collect on your accont which may result in legal action being taken against you if you fail to make arrangements for repayment with them .......... any advice will be greatly received this is afer i folloed the 3 letter stage

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