Wednesday, May 30, 2007
Credit Crunch!
BBC: UK debt judgments at 10-year-high
The number of County Court Judgments (CCJs) against consumer debtors has reached its highest level in almost 10 years.
Posted by nearly30 @ 08:21 PM (50 views) Add Comment
4 Comments
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1. uncle chris said...
Oh my goodness - 250,000 in just 3 months. That suggests there could be 1,000,000 CCJs issued before the end of the year. This truly is a miracle economy.
2. Pandyhead said...
Is this the tip of a very large credit crunch Iceburge ?
3. Goonboy said...
It's brilliant!!!
With all these people going bust (1 million CCJ's expected this year, 5% of households) there's going to be loads of repossesions and cheap, cheap auction prices.
The muppets who listened to the "property experts" (usually estate agents or mortgage brokers) and then over borrowed or MEW'ed (that's effectively buying your own house off the bank at the overinflated prices) are going to give their houses to the smart people like me!!!
See you all at the auction house, take care!
4. tyrellcorporation said...
'Debtors not complying with the terms of judgements are put on a CCJ register for six years, making it more difficult for them to take out loans or mortgages.'
Oooooh that's really gonna hurt! ...NOT
I still don't think the penalties for effectively stealing money are harsh enough. This government already introduced IVAs because debt is so endemic in the UK a sneaky method of absolvement was needed to keep the spenders spending. I dare say County Courts have been told by government to be especially lenient.