Problems cashing in Northern Rock bond.

[eastern]

A few years ago a member of my family invested a sum of money in a Northern Rock Fixed Rate Bond, at the time the money wasn't needed so this was a safe place to invest it. Now circumstances have changed dramatically and we now need the money to pay for care home fees. We have contacted Northern Rock who have been extremely reticent to cash in the bond, they maintain that the only way to contact them is by post, nobody in the branch will enter into a discussion about the matter, refering us to head office. My family member does not use e mail and is therfore conducting this by post. We feel that under the circumstances we should be able to get the money back, we also realise there will be penalties but we just want the capital sum back. The bond is due to mature in 2015. Anyone have any input on this situation.

[factor-fiction]

Do the terms and conditions say anything about early closure. Some larger bonds don't allow it- the bonds may have been issued in order to raise a set amount of money for a fixed period.
If it was a branch account the branch should be able to advise and should at least point you in the right direction even if it was a Postal account; but bear in mind that the bond, although arranged through Northern Rock, may actually be with another financial provider, thus requiring you to go through head office.

[dzug2]

You say 'we' but unless you have power of attorney Northern Rock should refuse to discuss the matter with you and certainly not act without the authority of your relative. Maybe that's why they say deal with Head office in writing

[eastern]

When I say we I meant the Bond holder. They have contacted Northern Rock but are getting no where. What "we" need to know is can they hold our money irrespective of us needing it urgently. We have heard from other Northern Rock account holders that they are very difficult to deal with and will not attempt to answer any queries in their branches.

[factor-fiction]

Was it a condition of the bond? A fixed term may be just that