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The Masked Tulip

Cab's £6 Million Debt Mountain

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http://www.thisissouthwales.co.uk/news/CAB...il/article.html

A RISING tide of debt is sweeping Llanelli as the human cost of the economic slump is felt.

Worried Citizens Advice Bureau chiefs in the town say they have dealt with a £6 million debt mountain in the past year.

Manager Richard Thomas said the full impact of the recession was now being felt by people of all ages.

"You can see a year-on-year increase, and it will probably continue to get worse.

"We are seeing a broad age range of people with debt problems, from people in their early 20s through to their 70s.

"There are people in their 70s still paying off their mortgages."

Mr Thomas revealed that younger people were suffering severe debt problems. "We do find that people in their early 20s to mid-30s have sizeable debts considering they are relatively young," he said.

"Llanelli is badly hit because it has a particularly bad unemployment situation.

"It is only going to get worse."

The situation has become so bad that on Monday mornings queues of people form outside the CAB office in Murray Street.

"It's getting reminiscent of the soup kitchens of the 1930s," said Mr Thomas.

What lies ahead for Wales.

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it's all ok! our chancellor is pushing the banks to get more people into more debt - that should solve the problem, surely...

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it's all ok! our chancellor is pushing the banks to get more people into more debt - that should solve the problem, surely...

That's OK then - the Welsh will lead Brown's recovery! :blink:

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queues outside the CAB... insane, and very sad

i hope our political pigmen enjoy their jolly. it must be hard deciding which garden to sip Pimms in. i do feel sorry for them. lets hope none of them kill themselves eh, what on earth would we do without their vision and integrity...

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bloddy ell, they are wealthy in wales, how else could they have afforded all that debt.

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this is a valley of debt, not a mountain......

yeah. debt valley - thats usable.

or to put it another way

y-cyon-sh llyannetherigg c-ycrum ydd....

masdrigg. llyannetherigg cyon-sh. y-llannelllog mewar-yrdd.

Edited by right_freds_dead

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It's OK, all the BofE needs to do is put a negative base rate in place and Wales will be rich again. Enough people on trackers could make a serious wedge on their mortgages at say -5.0%. Who needs productive enterprise when you've got the bank of england and the national assembly.

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"There are people in their 70s still paying off their mortgages."

No sympathy here if any mewing was involved.

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According to Wikipedia (http://en.wikipedia.org/wiki/Llanelli) there are 46,358 people living in Llanelli so:

£6,000,000 / 46,356 = £129.43

which doesn't sound that much to me. I know some people will have savings and some will have huge debt but is it really that bad?

That's the people in difficulties - even with ZIRP - who've actually gone to the CAB.

Like spotting a rat in the garden - he's not alone.

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"There are people in their 70s still paying off their mortgages."

And to resolve debt problems folks in their 70's and 80's are filing for bankruptcy.

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Oldham CAB has been operating on first come first served and only see 6 people a day - they are seriously overloaded with cases and can't cope. I know someone who they've written letters for to ask for final offer statements but no company have replied so the woman's closed his case file... his IVA is dissolved (but what a ripoff those companies are) and the debt companies aren't chasing him as far as I know.

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According to Wikipedia (http://en.wikipedia.org/wiki/Llanelli) there are 46,358 people living in Llanelli so:

£6,000,000 / 46,356 = £129.43

which doesn't sound that much to me. I know some people will have savings and some will have huge debt but is it really that bad?

Spot on if EVERYBODY in Llanelli; man woman and child and babe in arms had debt and went to the CAB then the average debt per person would be £129.43

HOWEVER as we know children and babe in arms cannot get credit. In addition there will be a large proportion of the population of Llanelli who will not be in debt and will have savings and will not be calling on the CAB

Also there will be those in debt who will not go the CAB.

Aside from the above your calculation is mathematically correct but it is just the logic behind your calculation that is wrong

Edited by numpty

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