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laurejon

Browns Bankrupt Britain. 5% Of The Working Population Predicted

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A pitiful and truly tragic expos'e of how Gordon Brown and the Labour Party have yet again dragged hard working families over the edge and into poverty. Bankruptcies are now at a record high for members of the public, but no bailouts or help from the Government.

Unlike the Bankers the taxpayer is expendable in the world of the Labour Party.

http://business.timesonline.co.uk/tol/busi...icle6350144.ece

Bankrupt Britain figures rise to 1mIain Dey

ALMOST a million Britons will be technically insolvent by the end of the year, according to a study that threatens to reveal the true state of the nation’s household finances.

More than 700,000 cash-strapped customers have been declared technically insolvent by their banks without showing up on any government statistics, the figures reveal.

The thousands of “hidden debtors” have been signed up to a debt-management plan with their lenders, rather than forced into formal insolvency proceedings.

The study, conducted by R3, the trade body for insolvency practitioners, suggests that the true number of people in severe financial difficulty is about 450% higher than government statistics indicate.

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Peter Sergeant, president of R3, said: “By the end of this year almost 1m people will be technically insolvent. The official insolvency statistics are only the tip of the iceberg. The rest of the iceberg is made up by these 700,000 hidden debtors that have been signed up to debt-management plans.

“If the government wants to record the true state of the nation’s finances, these plans should be officially recorded.”

A debt-management plan is an official agreement between an individual in financial difficulty and creditors. Anyone signed up for such a plan is technically insolvent, according to the R3 report.

It is seen as an alternative to bankruptcy or an individual voluntary arrangement (IVA) – a softer form of bankruptcy linked to a repayment plan.

Although the terms of an IVA are set at the start of the agreement, the interest rates and repayments on a debt-man-agement plan can be adjusted over time.

The study claims that 64% of individuals who have signed up to these schemes have been asked to increase their monthly repayments since agreeing to the original deal.

The figures also show that the number of “hidden debtors” soared 17% in only seven months.

Sergeant added: “Every day I come across young people in their early twenties who are earning maybe £15,000 in an office job but have racked up debts of £25,000 on credit cards.

“At the other end of the spectrum, I recently met a couple in their seventies who had borrowed more money on their home and the man of the house had spent his share of the cash buying cars and living the high life. We have a huge debt problem in this country.”

Edited by laurejon

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A pitiful and truly tragic expos'e of how Gordon Brown and the Labour Party have yet again dragged hard working families over the edge and into poverty. Bankruptcies are now at a record high for members of the public, but no bailouts or help from the Government.

To be fair Gordon Brown didn't force these idiots to rack up huge personal debts, they did that to themselves.

The bailouts were/are a scandal, I agree. But they're a scandal because they should never have been bailed out in the first place, not because individual debtors aren't being handed taxpayer cash to protect them from the consequences of their own stupidity and greed.

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To be fair Gordon Brown didn't force these idiots to rack up huge personal debts, they did that to themselves.

The bailouts were/are a scandal, I agree. But they're a scandal because they should never have been bailed out in the first place, not because individual debtors aren't being handed taxpayer cash to protect them from the consequences of their own stupidity and greed.

On that point I would argue that under Labour the cost of living has been pushed up, we had 400% inflation on house prices in most areas. In addition council tax has gone up over and above the rate of inflation since they took office.

The myth perpetrated by the press via Number 10 is that every drive has an X5 parked outside, and a plasma TV and that is where the debt went.

The reality is that many people in serious debt have had to use credit to get by paying their council tax, road tax, petrol tax, and food tax under the Labour Party Extremists.

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Socialism cannot co-exist with capitalism.

Our British experiment in democracy has failed.

Either we oust the establishment through insurrection or we will simply revert back to feudalism, as more and more of us are falling into financial servitude and penury. We aren't that far off now, as our MP's are acting like Emperor Gordon's bloody vassals.

This is Britain. Same as it ever was.

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On that point I would argue that under Labour the cost of living has been pushed up, we had 400% inflation on house prices in most areas. In addition council tax has gone up over and above the rate of inflation since they took office.

The myth perpetrated by the press via Number 10 is that every drive has an X5 parked outside, and a plasma TV and that is where the debt went.

The reality is that many people in serious debt have had to use credit to get by paying their council tax, road tax, petrol tax, and food tax under the Labour Party Extremists.

Yes. Something is fundamentally wrong if people are borrowing money on interest to pay their taxes, especially when the taxman offers a much lower interest rate for late payment.

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Yes. Something is fundamentally wrong if people are borrowing money on interest to pay their taxes, especially when the taxman offers a much lower interest rate for late payment.

Yes. They've spent the money on X5s, plasma TVs, tabs 'n' booze ;)

Seriously, no-one needs to borrow money on interest to pay their taxes unless they've got themselves into serious debt in the first place. Most people choose not to do that.

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On that point I would argue that under Labour the cost of living has been pushed up, we had 400% inflation on house prices in most areas. In addition council tax has gone up over and above the rate of inflation since they took office.

I can't argue with you there. The level of theft that this government has engaged in against the productive section of society to enlarge its client base is criminal.

However, and I don't have statistics to go on, just my own experience, a lot of people I know lived beyond their means over much of this decade, with lavish holidays and new TV's and furniture bought on credit cards and finance agreements. I think a lot of younger people especially just assumed that, if someone was willing to lend them that money, it must be alright to take it.

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A pitiful and truly tragic expos'e of how Gordon Brown and the Labour Party have yet again dragged hard working families over the edge and into poverty. Bankruptcies are now at a record high for members of the public, but no bailouts or help from the Government.

Unlike the Bankers the taxpayer is expendable in the world of the Labour Party.

http://business.timesonline.co.uk/tol/busi...icle6350144.ece

Bankrupt Britain figures rise to 1mIain Dey

ALMOST a million Britons will be technically insolvent by the end of the year, according to a study that threatens to reveal the true state of the nation’s household finances.

More than 700,000 cash-strapped customers have been declared technically insolvent by their banks without showing up on any government statistics, the figures reveal.

The thousands of “hidden debtors” have been signed up to a debt-management plan with their lenders, rather than forced into formal insolvency proceedings.

......snip

You could say the same about the banks or in fact the UK as a whole. This is a bit of a non-story IMHO

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A pitiful and truly tragic expos'e of how Gordon Brown and the Labour Party have yet again dragged hard working families over the edge and into poverty. Bankruptcies are now at a record high for members of the public, but no bailouts or help from the Government.

Ahh the "hard working families". Did you think of that cliche yourself or did you get an adult to help you?

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Ahh the "hard working families". Did you think of that cliche yourself or did you get an adult to help you?

I thought of that one myself. Maybe in a year or two it will go out of fashion as hard working families find themselves taking on the status of unemployed non working families, or in Labour speak................Scroungers.

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I thought of that one myself. Maybe in a year or two it will go out of fashion as hard working families find themselves taking on the status of unemployed non working families, or in Labour speak................Scroungers.

Well done. You should be working in PR or something. I like your 'scrongers' one too. It could catch on...

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Well done. You should be working in PR or something. I like your 'scrongers' one too. It could catch on...

Its the right thing to do for Britains Hard Working families.

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The myth perpetrated by the press via Number 10 is that every drive has an X5 parked outside, and a plasma TV and that is where the debt went.

Perhaps blaming the individual, for falling the government spin of the last few years. :blink:

Of course there are going to be a few people who overspent on a fashion item car.

I think most people are having a tough time, and don't waste money.

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