What happened with Northern Rock?

What happened with Northern Rock?

In 2008 the Northern Rock bank was nationalised by the British government, due to financial problems caused by the subprime mortgage crisis. In 2010 the bank was split into two parts (assets and banking) to aid the eventual sale of the bank back to the private sector.

Does Virgin Money own Northern Rock?

The combined business now operates under the Virgin Money brand. On 12 October 2012 Northern Rock plc was renamed Virgin Money plc, and Virgin Money Limited was renamed Northern Rock Limited. By this time the Northern Rock website had effectively become a ‘soft redirect’ to Virgin Money’s website.

Who took over from Northern Rock?

Instead, the Treasury took over. After nationalisation, Northern Rock was split into two parts, the “good bank”, which was eventually bought by Virgin Money, and the “bad bank” called NRAM, full of risky loans. The Government has been selling off assets that it bought during the crisis for years.

When was the bank run on Northern Rock?

September 2007
The U.K. bank Northern Rock became the first high-profile casualty of the global financial crisis of 2007-2008 when it suffered its depositor run in September 2007.

Did people lose money when Northern Rock closed?

But September 14 was the moment that Northern Rock would leap off the City pages and become a name synonymous with bad business. Over the next few years nearly 4,000 people at the bank would lose their jobs.

Is Northern Rock still trading?

Yes. Northern Rock is writing to customers about the sale but stresses that it will be “business as usual” for all customers for the foreseeable future.

How do I contact Nram?

If you have any general queries regarding your live or redeemed loan, call us on 0330 159 9626* Monday to Friday from 8:30am to 6pm. If you are having difficulty making your payments, please call our dedicated team on 0330 159 4850*.

Can I still claim PPI from Northern Rock?

Can I still make a Northern Rock PPI Claim? Despite the bank being bought out, it is still possible for you to make a PPI claim.

How can I contact Northern Rock?

Does Portman building society still exist?

What has actually happened to Portman then? It has been absorbed by the bigger mutual. The merged building society is called Nationwide, Portman branches have been closed or rebranded, and the Portman website address now redirects to the Nationwide site.

Is PPI coming back?

The reclaim deadline has now passed, but there may be some exceptions. The PPI deadline passed on 29 August 2019, so most people can no longer reclaim, be that direct to a bank, using our free reclaim tool, or via a claims firm.

Does the Woolwich still exist?

In June 2006, Barclays announced that Woolwich branches would be either closed or re-branded as Barclays. Woolwich accounts were transferred to Barclays in the first half of 2007. The Woolwich is now a trading name of Barclays Bank PLC.

What happened to Cheltenham and Gloucester Building Society?

C&G was closed to new mortgage and savings business on 9 September 2013. The branch network of Cheltenham & Gloucester was transferred to the newly established TSB Bank plc in September 2013, as part of a divestment of a significant portion of the Lloyds TSB business by Lloyds Banking Group.