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Council estate capitalist

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Everything posted by Council estate capitalist

  1. "Football Index is a UK-licensed and regulated Ponzi scheme" - Wikipedia. I've read the news, and the wikipedia page but I don't get how this is a legitimate business, or why it's been allowed to operate for several years Where do the "dividends" come from?. Football index are running the market, and are also the issuer of "shares" - how is that allowed? You can trade shares in players in the secondary market but that would only account for "matched volume" i.e where the buy side of the order book matched the sell side. This isn't even gambling because bets have to have some end date by which you win/lose.
  2. Gupta furloughs steel workers, death spiral? https://www.theguardian.com/business/2021/mar/12/gupta-steel-firms-told-to-retain-cash-as-debt-deal-sought
  3. Solicitors can take almost a month post-completion to put the application into the land registry, which then goes to the back of the current backlog. some solicitors take much longer. Then after about 5/6 weeks (the current disclosed backlog for simple house sales) the data will be captured when someone at the land registry deals with the case and decices whether it's standard/additional price paid (there is a difference). The price paid data is published monthly. The current data release (January 2021) contains sales that mostly completed in October/November/December. TL:DR about 3 months+ out of date.
  4. Yes. 2nd charge behind the main mortgage in priority. Eligibility seems to have no wages for 9 months (atleast with UC). The actual registering of a charge on the property is relatively straight forward. It'd be keeping track of how much is owing, collecting repayments & allowing the borrower to redeem the charge that would be hard for the DWP. + the 1st charge lenders all agree to the charges for SMI (afaik) but if it was a charge that secured benefits paid to the claimant they might feel differently.
  5. Lets run the numbers So the rate of UC for a couple >25 is £594.04 Child 1 attracts £281.25 of UC Child 2 attracts £235.83 of UC (They are obviously assuming some economies of scale) So a total of £1111.12 UC entitlement before deductions. Now lets say they took the "advance loan" which is basically a loan of your estimated months money on day 1 that is then repaid over 12 months. this would be a monthly repayment of £92.59 That leaves you £1018.53. So for them to receive only £54 a month means that £964.53 is being deducted from the benefit likely for earnings. Every £1 earned (above any work allowance) reduces UC by 63p so we can take the deductions of £964.53 and divide it by 0.63 you get £1531, add to that their "work allowance" (amount you can earn before UC is reduced) of £512 and we can assume they had £2043 of after-tax wages in the month.
  6. Yeah I laughed at that bit. many of those will have exchanged long after it was a known issue to the normies. I.e mid-March The logistics of such a scheme would also be impracticle, how do you seperate those who simply changed their mind/got cold feet from those who genuinely couldn't complete even after hitting up BOMAD, personal loans, friends, fools and bridging lenders to try and make it.
  7. Sad if true, I'm always skepticle of situations where people claim they "had" to do something, or were forced to do something. Often it is only partially true. "I had to quit my job because I couldn't organise child care for 1 day" "I had to buy a new £60/m phone because mine broke" "I couldn't take that job because the bus doesn't go there" (fails to consider walking 0.25 miles from the nearest bus stop) Whether there was any way of salvaging the deal/delaying rather than blowing them up by pulling out who knows.
  8. I think that only applies if the council has served an improvement/prohibition notice on the landlord.
  9. There's a similar thread on Rightsnet (A forum for welfare rights advisers) that describes all kinds of problems with the system. Mostly from perspective of supporting tenants/housing associations 1) Deduction of rent arrears from benefits being stopped without warning. 2) Forms getting "lost"/not processed 3) DWP continuing to pay the tenant the rent in error. 4) If the tenant earns more than their "work allowance" for 3 months in a row then the direct payment of rents stop. seemingly without warning/notification. 5) Random amounts being deducted/money going to wrong landlords/without reference numbers etc. Seems the property118 boys are facing the same issues. I heard a landlord describe UC tenants as "the new blue chip" the other day
  10. P/E boys have already pretty much completely done that. With the pension liabilities in the background I don't think anyone wants to get into a "Philip Green/Dominic Chapell" situation again.
  11. https://news.sky.com/story/coronavirus-debenhams-owners-draw-up-plan-for-department-store-chains-liquidation-12049794 Hilco Capital lined up to liquidate Debenhams. 14,000 possibly at risk They are specialists in winding-down bust retailers, Ever notice the 50% off signs always look the same? They've had a hand in most of the major liquidation sales. Debenhams options seem to be. A ) Have Hilco wind the stores down, Sack everyone, Sell the assets, IP etc. B ) Have the existing owner pump more money in. C ) Sell to a third party D ) Do some kind of CVA where they exit sites, secure rent cuts, and maybe creditors get 15p in the pound 5 years from now
  12. Next years going to be ugly when the repayments kick in. Good time to be an insolvency practitioner. Average loan size is £30k with an interest rate of 2.5% after the first year. That's monthly payments of £532. I can't see them writing loans off but I can see them extending the term, giving everone a repayment "holiday" or allowing businesses to just pay the interest. "Equity support" makes me laugh, As if there should be investors lining up to take equity in a bankrupt {Nail bar|restaurant|pub|coffee shop|estate agents}.
  13. Not sure if I've posted this before but West Midlands, Entry level job at a council <£20k. 130 applications. My linkedin also has tales of redundancy, There's an accountants facebook group that I'm on. some have been sacked themselves and many more have been tasked with calculating redundancy payouts for staff. Management of many companies must be conducting similar exercises.
  14. I'm pretty sure they find out about most cases because of the tax on the interest. They data match the banks tax sumbissions and can infer how much you have. I.e if you earn more than say £60 interest it's probably that you have more than £6k (Given current crap rates)
  15. I've been following this story for quite some time. Alleged debts of £4.1m but I think the bankruptcy hearings have been strung out as long as possible. The "mansion" is being sold off. I'm suprised (given the debt) that it doesn't have charging orders against it. Or maybe it does.
  16. for UC It's £4.35 per month reduction in benefits for each £250 over £6k. up to £16k at which point those benefits will stop in any event. for housing benefit it's £1 per £250. (again between £6 and £16k at which point benefit stops)
  17. There are a few exeptions to what is counted as "savings" for benefit purposes helpfully published in the "advice for decision makers" DWP manuals. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/899061/admh2.pdf Other than setting up a business that owns some business assets that hold most of there value, buying a house for disabled relatives, or buying a dilapidated house HUTH style your options are pretty limited. I'm having the same thoughts right now with regard to my job. I'd have a reasonable amount of notice but not quite enough to disgorge myself of savings confortably. My preference would be the business assets exemption as it would be legitimately used & fairly easy to execute. I'm not sure where prepayments of bills/rent sit, I think you'd be ok as long as you don't take the micky. In terms of deprevation of assets this is a complicated area of benefits law but as I understand it the depravation has be done with the "operative purpose" of gaining access to benefits. So if you spend all your money on gambling/drugs you can claim no problem, There's no hard and fast rule about it. Provided there is a compelling narrative as to why you spent the money and provided it is "in character" with your (new post-Covid) normal spending then I think it wouldn't be classed as depravation.
  18. I love the phrasing. I did think it would end in a similar situation to what's been happening to FE colleges these past few years (forced to merge into larger and larger units) & closing campuses or scrapping certain courses. I've read that some unis might be forced as a condition of any bailout to scrap any "unprofitable" courses. I.e courses where graduate earnings are not that much higher than non-graduate earnings.
  19. It is possible that the mortgages were just being overpaid which is the default and easiest option. This is what happened in a relatives case. He paid the normal mortgage repayment by direct debit so the extra DWP SMI money was just overpaying the mortage. When they sent out the yearly mortgage statement his monthly direct debit would go down a bit.
  20. It's likely. People get hung up on the singular "credit score" given out by Experian/Equifax and don't think beyond that. The banks would be irresponsible not to take into account the presence of mortgage holidays or pay-day loans etc in making a lending decision.
  21. I try to avoid them as much as possible! Leave them in peace to clean their PCP cars https://www.gov.uk/government/publications/conversion-of-support-for-mortgage-interest-smi-from-a-benefit-into-a-loan Found the statistics, when it was changed from a benefit to a loan there were 103,000 SMI claimants. Only 21,000 of those decided to take the loan.
  22. Take up really dropped off a cliff after they turned it in to a loan even though the interest on the DWP loan is only 1.3% I think the drop in take up is engineered by the DWP. You can only get it under certain cases & the people that are likely to get it have small mortgages so it wouldn't be that much money anyway....
  23. I get the feeling retailers and "national pride industries" like steelworks or making cars don't mind the press because it fits their narrative either to get deep rent discounts or a government bailout. There will be an awful lot that do as you describe, Or use office closure/relocation to get rid. If people quit of their own accord it isn't a redundancy. Many more will not replace people who leave or just not expand. It's much harder to quantify.
  24. Like a low-rise Enron tower John Lewis Grand central will be empty for quite a while. I'd be curious how the lease is structured, properties like that are usually on very long leases but maybe John Lewis were shrewed enough/Owners gullible enough to have a break clause. The key issue is for every news article announcing 1000s laid off at the big employers there will be far more jobs lost at small shops, small employers that don't make the news.
  25. £1000 grant per trainee you take up to 10 (Per employer). Plenty of time to get ducks in a row to capitalise on this. I've got a few ideas starting to form already. The English and Maths thing is I think partially parents not reading to their children as much, and a result of the gamesmanship that happens with school league tables. If you can't get the student an 'A-C' grade it's pointless putting effort into getting them a 'D' grade because that doesn't count so they end up at college disillusioned at which point the colleges try and select those that will get a 'C' grade with extra teaching. The quality of the advice on CV's that I've seen is generally piss poor, Other than structure the advice seems to be to include various statements that are either cliché, boilerplate or show lack of understanding "Experienced in Excel" Yet they don't know any Excel functions. "Can work individually or part of a team". I'm convinced that as a whole providing CV advice doesn't actually do anything. Everyone having an identically good CV doesn't create more jobs it just makes it harder to seperate the right candidates from the hoards that have been goaded into filling it in.
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