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Solvent Celt

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Posts posted by Solvent Celt

  1. the UK's leading professional body for estate agency personnel, representing the interests of over 10,000 members who practice across all aspects of property services both in the UK and overseas.

    Enough said. NAEA don't give a stuff about what's in the interests of FTB's the economy or the country. They just want a situation in which their members can continue to earn easy money. :angry:

  2. lololol, wouldn't happened to have been in this area would it?


    Lovely 2 bedroom, close to the thames valley and a steal at 25k :D I like how its advertised with the "view toward The Solent and Portdown Hill" as its selling point :)

    Or perhaps it was part of the well known beauty spot of Nimrod Drive..


    Personally, looks to me like a picture straight from war torn Afghanistan ;)

    And I'm sure you were one of the exceptions to the rule Sledge :) Hampshire is a very pleasant area for scenery(except Gosport obviously), just a pity the ppl in general tend to be arrogant sh*ts.

    £31,995 for Nimrod Drive!!! *chokes on coffee*

    £15k at Auction more like...


    Thats what it went for! Another went for £18k.

  3. Any renogotiation of the CAP will effect farm land prices (though presumably far less here than in say France).

    Small plots of pasture land/woodland with no obvious development potential consistantly go for far in excess of the (inflated) guide price at my local Auctions.

    Mind you they are often sold as "speculative investments" :D

  4. By and large I support immigration as an economic liberal, but in extreme cases the ebb and flow can change the character of a country rapidly. The Netherlands, listed high on your link, now finds that within the next 20 years or so, muslims will make up the majority of their cities and account for over half of new births. In 5 years 50% of the population under 30 will be muslim.

    This is a massive demographic and cultural change within a generation and not one that many Dutch a generation ago would have liked to have seen, or like seeing now.

    You have to distinguish between small scale temporary immigration which might allow say an eminant heart surgeon to teach in a UK university for a limited period. To the unprecedented mass permanent migration Western Europe is experiencing.

    On current trends the indigenous population of the UK will become a minority within 50 -100 years.

  5. yes, i sort of understand and agree with what you say, but businesses run america and the same will happen here, however much the goverment thinks they are in control.  They will call the shots and they do not like you to default on them, and if they carn't get their money off you, expect some sort of retribution.

    I agree that if bad debt becomes such a problem that the banks start to put pressure on government to make bankruptcy harder then they might reconsider. Of course the alternative wouold be for lenders to lend responsibly in the first place.

    I note that America has stepped away from their previously more liberal stance with the bill signed by Bush recently.

    That said any new legislation brought in the UK would not be retrospective so I expect people will continue to take advantage of the current legislation. Indeed any proposed change in legistlation might prompt people to take advantage of the current laws while they are still there.

  6. Worst case scenario I can purchase my properties (or similar ones) back for what I sold them for.

    In the meantime Equity saved and invested with returns well above HPI.

    Got an excelent rental deal on a lovely property in a rural location from a property speculator who simply can't get planning permission to knock the house down and replace it with 5 "starter homes" which no FTBer could afford. Pocketing a massive difference between the old mortgage and current rental. He cannot afford to sell as he paid above market rate with the redevelopment in mind.

    So worst case scenario is suiting me very well indeed.

    Sorry if that sound smug :D




    Cashking I hear what you're saying but that would fly in the face of the governments attempts to to eliminate the stigma of Bankruptcy. It really would require a complete 180 by nu labour.

    Lets face it most employers don't even bother to check the references, qualifications or right to work of employees. They are hardly going to start checking employees financial back ground for most jobs. Besides even credit reference agency records only go back so far.

  8. If, but, if, but, if, but...............

    It's all if's & buts to you lot. I've been at this forum for a year now & it's all I've heard.......

    It's about risk perception and market confidence.

    Also one swallow does not a summer make you'd need to look at a much larger sample of properties to draw any meaningful conclusions.

    Are any figures available on historical price trends in this area?

  9. Very interesting read: http://www.insolvency.gov.uk/

    I am considering bankruptcy...(link)

    A Guide to bankruptcy!

    Solvent Celt, what is a breakdown of reasons people are filing for bankruptcy and are there any shifts recently?  Most intereting is how mortgage is panning out there...

    As I understand it the majority of new cases are personal bankrupctcy cases which are rising dramatically. As I said the impression I get is that the Official Receivers are being overrun.


    Bankruptcies up 27% in Q1 2005.

    Of course the real fun will happen when the number of compulsory liquidiations and trading bankrupts rise with the the knock on bankruptcies caused by people losing their jobs.

    In regards to properties the Enterprise Act forces trustees to deal with properties of bankrupts far more rapidly than was spreviously the case which could mean the effect on the housing market is felt more quickly.

  10. I should point out that if the Official Receiver judges that you have run up your debts 'recklessly' or without intention to repay they can make a bankruptcy order last for 15 years. This would make everyday life a living hell.


    Correct although if you look at the number of prosecutions they are falling... at a time when bankruptcies are soaring. The chances of getting caught are relatively low - particularly for your "consumer bankrupt" - the prosecutions tend to concentrate on traders and company directors.

    A bankruptcy restriction order of 3 years would only put you back to where the regular bankruptcy used to be.

    In order for a 15 year BRO to be imposed the offence would have to be massive. That said if you don't plan to obtain credit again... so what?

    It would be interest to see the stats in relation BRO's... I will make some enquiries.

  11. Can somebody explain the downside of declaring bankrupcy?

    I'd say bring back debtors prison, but unless you can get them making enough number plates we'd be paying for that aswell!


    If you have a house with equity exceeding £5k it will be sold though you will have a reasonable time to move out.

    You will lose any other investments shares, bonds etc

    Your bank accounts will be closed and you may find it difficult to open another bank account (this is down to the individual bank manager).

    You may be subject to an Income Payment Order if your income is significantly higher than your out goings. FOr a period of 3 years.

    If you inherit (or win the lottery) within 3 yrs of being declared bankrupt you will lose the "windfall" (up to the limit of your debt.)

    Your ability to get credit is restricted.

    You bankruptcy is advertised publically.

    Paperwork - there is a fair amount of repetitive paperwork.

    Interview - most interviews are now conducted over the phone


    All your debts are effectively cancelled.

    Bankruptcy only lasts 1 year potentially less.

    You get to keep all your personal belongings, furniture, reasonable vehicle etc etc

    For people with a large debt burden and no assets it's a no-brainer IMHO.

  12. My brother has a car which the administrators had thier sights on. All he said was they had to have a car to take thier Baby to clinics, toddler groups etc.

    This asset was therefore ring - fenced and creidtors couldnt touch.

    Providing it wasn't anything too flash it will be treated as an "exempt asset" this is standard.

    Things such as normal house hold furniture and tools of trade also fall under this catagory.

    They might get a bit ticked off if you ordered a 52" Plasma screen on credit from Currys the week before declaringyourself bankrupt and claim it as household furniture.

    I have seen an Official Receiver take a newish MPV from a family of 7 as they lived on a bus route. :blink: If they do judge your vehicle as too flash they will sell it and give you money to buy a cheaper replacement. It's fairly rare however.

  13. There was a discussion on here the other day about deliberately going bankrupt, and someone (can't remember who) suggested something like this...


    Say you've got more than enough cash to buy a place (e.g been saving hard or STRed), and you give it all to someone else to look after or you hide it somehow (tell the authorities that you lost it in a bet, or whatever). I'm not too sure how you'd get away with this bit.


    You go on a debt-fuelled year or two of craziness, knowing full-well that you intend never to pay it back.

    3) When the sh!t hits the fan you file for bankruptcy.

    4) After the 1 year of being bankrupt, you dig out your previously stashed cash and buy yourself a house (at a better price than now), and carry on with your life like nothing happened (as long as you don't need credit).

    As a general concept could this work, or are there things in place to prevent it?

    Hi GB and to the forum in General.

    I'll start off by saying that I work in this field and have many years experience in both private practice and working for the DTI.

    1) What you are proposing is an offence as you are obliged to make a full and frank disclosure to the Official Receiver.

    Monies given away to 3rd Parties can be recovered HOWEVER the chances of the authorities finding out are very very low if you are clever about it.

    Gambling or "Rash and Hazardous speculation" used to be an offence if it made a material contribution to the bankruptcy (and took place within 2 years of the bankruptcy petition) however the Enterprise Act has repealed this though it is still frowned upon and can be considered grounds for a BANKRUPTCY RESTRICTION ORDER.

    2) Incurring debts with the knowledge that you cannot pay them back is also and offence but in practice proving it and obtaining a prosecutuion is very difficult.

    3)Don't forget to leave enough cash on a credit card to pay for the court fees!!! :D Withdraw it in cash... as suprisingly the courts won't accept a cheque for a bankruptcy petition ;)

    4)Have a good explanation as to how you came by your newfound wealth. Chances are nobody will ever ask... however do you trust you wife not to go running to the authorities if you fall out??? I've seen it so many times.

    BTW although the standard term for bankruptcy is now 1 year the Official Receiver can file a notice under section 279 of the Insolvency Act the effect of which is you are discharged far sooner. Shortest I've seen so far is 4 months then discharged!!!

    The supposed trade off for this is that Bankrupts who have acted irresponsibly are be subject to a Bankruptcy Restriction Order (extending the period of bankruptcy to 3 - 15 years) however these are rather thin on the ground.

    The Official Receiver's are effectively over run by the massive increase in numbers. The first thing that gets cut back on is investigation and enforcement work.

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