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West Bromwich debt deal

The West Bromwich Building Society
BBC Radio 4's Money Box
Saturday, 13 June 2009 at 1204 BST On Radio 4 and Online

The West Bromwich Building Society has reached an agreement with debt holders after weeks of speculation about its future.

The society had announced an annual pre tax loss of £48.8m due to its involvement in the poorly-performing commercial property and buy-to-let markets.

There were fears this would lead to the society being broken up or taken over.

But the institutions it owes money to have now effectively been made shareholders in a controversial debt-for-equity deal.

We speak to West Bromwich Chief Executive Robert Sharpe about the agreement.

Further information:


Debt collection

Mike Thompson, Money Box listener
Mike Thompson was chased for a debt that was not his

What can you do if a debt collection agency wrongly identifies you as someone who owes their client money?

It can be a deeply unpleasant experience with the innocent party complaining of harassment and problems subsequently getting credit.

But now one Money Box listener has found an effective way to seek redress. Bob Howard reports.

Further information:


Presbyterian Mutual Society

A 10 note and coins
A run on the society caused its collapse last November

Nearly 10,000 savers at the Presbyterian Mutual Society have still not got any of their money back, seven months after it collapsed.

The society ran into trouble in 2008 when the government announced a guarantee scheme it was not covered by.

Worried savers withdrew their money and the society was put into administration in November.

We speak to PMS member Ian McGimpsey and Jeffrey Donaldson MP, MLA Junior Minister in the First Minister's Office about the outlook for savers.

Further information:


Keydata Investment Services

Ten pound notes
Eighty five thousand people face uncertainty over their investments

Administrators for structured investment products company Keydata Investment Services are giving investors a strong hint that their money is safe.

Keydata Investment Services collapsed after it could not pay an unexpected tax bill.

Dan Schwarzmann of PricewaterhouseCoopers, administrator for Keydata Investment Services, tells us he is confident a buyer will be found within days.

Further information:


Mortgage rates

A row of terraced houses in London
Lenders are pushing up their fixed rate mortgage deals

The cost of fixed rate mortgages is going up as lenders pass on a rise in wholesale funding costs - or swap rates.

Already Britain's biggest building society, Nationwide, has increased all its fixed rate mortgage deals.

Some borrowers will see their loan rates jump by up to 0.86%.

Other lenders such as Yorkshire Building Society and the state owned Northern Rock have also re-priced some of their fixed rate deals upwards.

We speak to David Hollingworth about the latest developments.

Further information:


BBC Radio 4's Money Box will be broadcast on Saturday, 13 June at 1204 BST.

The programme will be repeated on Sunday, 14 June at 2102 BST.



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12 Jun 09 |  Moneybox


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