Bank of England declared bankrupt - Martial Law imposed

**DS23** · 7 October 2008, 10:06

what happens to our mortgages if it all goes down the toilet?

**rootsnall** · 7 October 2008, 10:09

Originally posted by DS23 View Post

what happens to our mortgages if it all goes down the toilet?

Cancelled, surely, in DPs words 'it's only fair' !

**expat** · 7 October 2008, 10:10

Originally posted by DS23 View Post

what happens to our mortgages if it all goes down the toilet?

You keep the mortgage but your house is nationalised.

**FSM with Cheddar** · 7 October 2008, 10:10

I was in the air cadets when I was 13, so I think than makes me higher ranking than you civvies in a time of martial law.

**HairyArsedBloke** · 7 October 2008, 10:11

Originally posted by rootsnall View Post

Cancelled, surely, in DPs words 'it's only fair' !

No, you'll still owe the government the money, but they will have taken your house from you too.

Edit: Damn you expat,

got there first!

**Bagpuss** · 7 October 2008, 10:13

Originally posted by DS23 View Post

what happens to our mortgages if it all goes down the toilet?

The banks insurance company pays the administrators and then chases you for the debt

**BlasterBates** · 7 October 2008, 10:13

The deposits won't disappear, you'll probably be given an IOU by the British Government. The mortgages will be sold to a shark who will impose 15% interest rates.

**Peoplesoft bloke** · 7 October 2008, 10:22

Originally posted by BlasterBates View Post

The deposits won't disappear, you'll probably be given an IOU by the British Government. The mortgages will be sold to a shark who will impose 15% interest rates.

so really it's just like late 1979, 1989-90 and 1992 again?

**VectraMan** · 7 October 2008, 11:12

Don't worry, Scotland will bail us out.

Bank of England declared bankrupt - Martial Law imposed