Don t know if ther s something on here, but i like to call out our knockers(ok could have put that better, she not here) and do gooders from higher places looking down with advice. VIRGIN MONEY seems to be in all the farming press just recently, telling us "we (is he a farmer)must learn to live with higher intrest and less support" (where has he being). HOW the H-- can he/they give advice to this industry when they can only just run theirs. Having made £345mil profit, they have setaside £309mil for bad debt. Sounds like they made good buisness decisions?? If your with Virgin money are they going to let you off?? And how much do you/we put aside for our buisness failures? I did nt post this to nit pick me as i m new to this but, just generalise about failing buisnesses telling us what to do helpfully in our press, They appear to make so much money they can cover every loss, BUT then its not their buisness is it realy, how ever high up you go.
virgin money tauting for buisness
- Thread starter mixedfmr
- Start date
It is fair advice though. Just because someone doesn't have their own house in order, doesn't mean they're wrong.
5% base rate is nothing unusual if you look across 25+ years.
BPS is going and most businesses will not get it back even with SFI and stewardship.
A better question perhaps...
Does anyone here bank with Virgin for their farming business? What are they like compared to the usual players (AMC, Lloyds, HSBC, etc.)?
For comparison, Oxbury are new kids on the block and seem pretty good so far.
5% base rate is nothing unusual if you look across 25+ years.
BPS is going and most businesses will not get it back even with SFI and stewardship.
A better question perhaps...
Does anyone here bank with Virgin for their farming business? What are they like compared to the usual players (AMC, Lloyds, HSBC, etc.)?
For comparison, Oxbury are new kids on the block and seem pretty good so far.
So Virgin is tauting for buisness in farming with added impatus, do they think we are a better bet than their normal customers. even though intrest rate rise (for all) and goverment taking away support, are we more resillient in their eyes? Or is it the asset base they can see., although that will possibly disapear if labour gets in with Reeves plans for tax. How many poeple take advise from someone with a leaky roof and someone who has bad debt provision 90% of their profits, when they lent the money in the first place AFTER CAREFUL CONCIDERATION!.
happycows
Member
- Location
- North Devon Cornwall border
Clydesdale pulled out of ag pretty spectacularly after a complete u turn about 2011/12 after heavy recruiting.
We nearly joined them when a realty good NatWest manager moved to them.
They might be fine now but I personally wouldn’t touch them.
We nearly joined them when a realty good NatWest manager moved to them.
They might be fine now but I personally wouldn’t touch them.
rusty
Member
- Location
- Buxton Derbyshire
We moved to Yorkshire/Clydesdale in 2002 when they were aggressively recruiting. They were owned by National Bank of Australia. The business side caught a cold after 2008 recession but as this lumped in with the ag side which was ok they lost interest in it and eventually sold to Virgin money. We took a new big loan out last year and initially thought we would move banks but we did get a good ag manager and a very good offer from them so stayed with Virgin.
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Been with them since 2005 as previous yorkshire bank , no different to any other bank . They keep notes about you , how you conduct business, how you cover your own arse. If your accounts are like a heart beat monitor then like any bank it rings a bell 
- Location
- South Wales UK
Get more customers from this possibly unless tactics here too?
thefarmingforum.co.uk
Nat West Knocking Farmers
https://ukfires.org/industry/food-agriculture/ "Food & Agriculture Food: Agricultural emissions arise primarily from ruminant animals – in particular cows and sheep – which digest grass in the first of their two stomachs in a process that...
thefarmingforum.co.uk
- Location
- Montgomeryshire
Ag is a ‘relatively’ safe bet for lending to, by all banks, purely because it’s normally secured against significant assets (land).
They are less keen to extend as much to tenant farmers obviously, especially those on short term FBTs.
Do you really think they are wrong to advise that we should get used to higher interest rates (not that a base rate of 5.25% is particularly high) and less support? Voting to leave the EU was voting for the latter, whether you think that’s a good thing or not.
suffolksmallholder
Member
- Location
- Suffolk
FFS!
SPELLING
SS
SPELLING
SS
Clydesdale Bank currently have a class action against them in High Court. The Case concerns miss selling of loans. Many businesses, including Farming businesses are involved. Case should conclude before Christmas.
Does Virgin still have an interest? thought Clydesdale bough them out and rebranded as Virgin Money.
I m no keyboard warrior, and would nt deem to come on here and tell people just because they rent or have an FBT they CAN T borrow as much as an owner ocuppier,THEY KNOW! My first and only house mortgage peaked at 15%, and higher is the norm. This relatively long period of low rates would allways come to an end and should have been acounted for by any good buisnessman. I ve sat through enough sleepy meetings, listening to people(big voice) telling me the obvious. As for Brexit , many a turkey voted for christmas, and i do nt have feathers. Bank managers are to be used to our benefit were ever possible, as their main aim is commision, no matter how freindly they may appear. First one TRIED to sell me an endowment mortgage (TRIED). Second one said to decline to pay for property on day of purchase, and demand reduction (nasty B, work it before, not on the day of move. was he going to tell the wife and removers NO GO) NEW Manager visited saying his assistant was passing(29 MLS OUT) and did call , could we sign the account today (no. i went with another bank ) He was due to leave and wanted the commission i found out. YOU MISS THE POINT. We re at the sharp end, and for example, being advised by a roofer with a hole in his roof, and putting aside 90% of his profits to cover his possible bad work, while touting for my work is an insult to my inteligence, no matter the cut of his guillet. VIRGIN have put themselves out there, that does nt mean to say their any diffrent to the rest.
The banks are their for our use, let them think their holding our hands, keep them happy, and know your limits (BECAUSE THEY DO NT). Seen people go down BIG with Bank holding their hand untill the last minute.
- Location
- south norfolk
Speaking to someone a couple weeks ago moved to Virgin a while back.they had so many issues which were very difficult to sort they moved all their business elsewhere
nick…
nick…
The Son
Member
- Location
- Herefordshire
have been with Clydesdale/Virgin since 2012, they would support a diversification project when no one else would. The bank itself is no different to any other, but I have had the same relationship manager for the last 8 years, and he is excellent. He visits once a year and we keep in contact throughout the year, he understands my business, and knows what we are trying to achieve. In my opinion this is what sets the bank above the others I have dealt with.
- Location
- sw scotland
In 10 years of overdraft I never met our relationship manager just by phone. He did have a fair handle on us by then.
Then they changed to a call centre approach and you got whoever was available. Rubbish service having to explain everything again so pleased when the overdraft went along with the expensive arrangement fee
Then they changed to a call centre approach and you got whoever was available. Rubbish service having to explain everything again so pleased when the overdraft went along with the expensive arrangement fee