The new management team at Northern Rock is looking into whether they can take legal action against the previous board that led the bank into such difficulties last year.
At the moment the matter is in the hands of lawyers acting on behalf of Northern Rock who are in the process of looking into the situation to determine what can be done. Only after their analysis is complete will there be any decision made on pursuing the matter through the courts.
Elsewhere at Northern Rock the bank is aiming to increase the debt collection part of its business by well over 100 percent as they plan for the financial difficulties that may face their customers in the future. There are currently around 170 people in this particular department though that number will be closer to 450 after the extra staff have been brought on board.
Research carried out by the Alliance and Leicester has found that around 38 percent of small business organisations are run by the owner with the support of their partner.
Partners can be found in a variety of roles around the business, especially administration and operations. This enables them to have an overall understanding of the business whilst being fully supportive of their managing partner. The Alliance and Leicester research also revealed that around 35 percent of couples share the decisions on finance in the business.
An Alliance and Leicester spokesman felt that this approach to business showed how committed both partners were to making their organisation successful. He felt that this approach enabled them to share some of the stresses, making them easier to deal with, and also the highs, bringing a sense of achievement for both of them.
A recent study carried out by the Abbey National has found that over 80 percent of people in the UK are changing their lifestyles to manage the effects of the credit crunch.
Looking at rising costs of living and less access to lending consumers in the UK are spending less, selling unwanted items to raise money and some are also taking on additional work to increase their income. With considered planning and the will to stick to it most people in the UK can feel a little better about how they will be able to manage in the future say the Abbey National.
Lifestyles do not have to change drastically in order to make a big change, rather it comes down to selecting the best options when spending money. It may be choosing an alternative provider to save money or perhaps cutting back a little on non-essential spending. As the Abbey National study also highlighted increasing income is another great way of balancing the personal balance sheet.
