Royal Bank of Scotland agrees to 6 month delay in repossessions
In a sign that maybe we are seeing a softening of the relationship between the government and the UK banking sector, it has been announced that Royal Bank of Scotland will give those in mortgage arrears at least six months to sort out their finances. This is actually double the time period which was requested by the government and bodes well for those in financial difficulty at the moment.
However, the fact that the government is now the majority shareholder in the Royal Bank of Scotland may well have something to do with their extended protection plan for homeowners. There are now hopes that the rest of the banking sector will follow suit in the short term and try to alleviate the ever-increasing number of homes being repossessed in the UK.
The Royal Bank of Scotland and its NatWest Bank division are major players in UK mortgage sector and this new relaxed strategy is sure to benefit many people in the country. Finally it looks as though the UK government has broken the back of the banking sector's resistance to change in this particular area of finance. Quite what happens after the six-month period is over remains to be seen.
Share this..
Related stories
What are the tell-tale signs of a scam?
Scams in the UK seem to come in all shapes, sizes and attack very different areas of the UK population with alarming success. In simple terms, if something you are introduced to without requesting information, an appointment or a phone call looks too good to be true then it probably is! You should never give out your banking details, personal details or other information which could be pieced t...
Read MoreWhat Other Tools Do The MPC Have At Their Disposal?
While many countries around the world have a number of tools at their disposal with regards to kick starting an economy, the UK way has always been to use the stick of interest rates to beat life into or slow down the economy. But what other options do they have at their disposal?
Aside from interest rates the main tool the Bank of England has is the ability to increase and reduce...
Will 2010 see major changes in the UK pension industry?
There is no doubt that the last few years have been a disaster for the UK pension industry with the value of personal pensions under pressure, final salary pension schemes reporting massive deficits and many of those taking retirement receiving significantly lower incomes than they had expected only a few years ago. All in all there needs to be a major change in the structure and make-up of the UK...
Read MoreMichael Martin under pressure as MPs expenses fiasco continues
Michael Martin, the Speaker of the House of Commons, is today under renewed pressure to relinquish his post after a disastrous showing in Parliament yesterday. While the Speaker of the House is traditionally impartial he launched a very public and very bitter attack on two MPs with regards to MPs expenses. Citing their "press coverage" he ridiculed those who disagree with his handling of the expen...
Read MoreRyanair pulls out of deal with Boeing
Budget airline Ryanair has today revealed it has pulled out of talks with aircraft giant Boeing after the pair were in discussions about a potential 200 aircraft order. While the company has suggested talks ended because the pricing or contractual terms conditions were not to its liking, it is common knowledge that the UK industry is struggling and literally every penny will count in the weeks and...
Read More