From the Evening News website :- [quote]Norwich Union has bowed to public pressure and said it will not write off £2m owed by Ipswich Town. Talks between the insurance giant and Norwich City''s rival club over its debts have ground to a halt, it has emerged. As revealed by the Evening News, NU bosses were working with Ipswich on resolving its £33m debt, £25m of which is owed to Morley Fund Management, owned by NU parent group Aviva. The firm had been in talks over whether to sell the debt to another firm at a fraction of its value - effectively writing off up to £20m. The news sparked fury from Norwich City fans and NU staff because the firm had always refused to help bankroll its local club.It recently shed 850 jobs in Norwich and offered the left an annual salary rise of just 3pc. It is believed that senior figures from Ipswich and NU could not agree on a figure to be written off. A source close to Ipswich Town said: “I think it is a case of the club thinking they could get the lenders to write off a significant sum but the lenders weren''t prepared to write off that amount. “There was also a lot of people unhappy with the news and I don''t think that helped. They will have to come to some sort of agreement because the lenders are not getting their money back and Ipswich is not able to get out of its rut. I don''t think the agreement will be near the amounts the club would like.” Canary fan Mark Thorndyke, who ran the Worthy Out campaign to oust former Canaries boss Nigel Worthington, said: “It sounds like they realised that people were not happy about this. A lot of fans I know were really angry.” Fellow fan Alex Warren, of Waveney Yellows, said: “It really shocked me that Norwich Union might do this. I have policies with them and was seriously considering whether to renew.” Ipswich Town borrowed the cash six years ago but after relegation from the Premiership in 2002 and a plunge into administration in 2003, struggled with the repayment terms. The debt was rescheduled and NU owns a 15 per cent stake in the club in return for agreeing a three-year interest “holiday”. A statement on behalf of Ipswich chief executive Derek Bowden said: “Conversations with our lenders are on going.” Morley Fund Management said that its discussions with Ipswich were confidential. [/quote]I''m glad they''ve reconsidered!