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three pint princess

Insolvency Statistics Just Out

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http://www.insolvency.gov.uk/otherinformat...00908/index.htm

STATISTICS RELEASE: INSOLVENCIES IN THE SECOND QUARTER 2009

Statistics showing insolvencies in the second quarter of 2009 are published today (7 August) by the Insolvency Service.

fig2.jpg

Looks bad but the massive rise YoY is damping QoQ figures

Does look pretty bad. I dont expect we are at the peak either. At some stage the government owned banks will have to stop playing softly softly with their creditors, and HMRC will ask to be paid the monies they are 'owed'.

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http://www.insolvency.gov.uk/otherinformat...00908/index.htm

STATISTICS RELEASE: INSOLVENCIES IN THE SECOND QUARTER 2009

Statistics showing insolvencies in the second quarter of 2009 are published today (7 August) by the Insolvency Service.

fig2.jpg

Looks bad but the massive rise YoY is damping QoQ figures

Interesting.

If anyone is way better at sourcing data than I am and can be bothered, I would love to see how the average house price multiple of average household income looks against the numbers (perhaps co-incident and with a 2 year lead and lag). A correlation and r^2 would appeal to the geek in me ......

If we define bankruptcy as the ultimate poverty, it might actually show that rising house prices relative to incomes actually creates poverty rather wealth. This is would be the exact opposite of the commonly heald view.

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wonder how many of the IVAs have worked out.

They only work out for the ripoffs who run them don't they? Or are there some sensible ones out there?

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They only work out for the ripoffs who run them don't they? Or are there some sensible ones out there?

A friend of mine has one, and it seems a fairly sensible arrangement. I dont know how big the fee is that the IVA arranger is taking though.

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30,000 out of 60 odd million?

of course, remove the children and the OAPs and it looks worse.

thats 30,000 per quarter. probably 30,000 FAMILIES affected.

each and every one will mean a further rachet up on defaults to bankers, shops, utilities, landlords so on.

corporate insolvencies are not included.

Edited by Bloo Loo

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30,000 out of 60 odd million?

you're including children, pensioners, prisoners etc.. As a % of the workforce? Still low?

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Guest DissipatedYouthIsValuable
30,000 out of 60 odd million?

You might find the Cartoon Channel a bit less taxing.

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Those are quarterly figures. It's more like 140K YoY. Out of those who actually were solvent - which is probably just the working minority.

Edited by AvidFan

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people of working age (aged 16 to 64 for males and 16 to 59 for females) represent 62 per cent of the total mid-2007 population. Of those people within this age group, 52 per cent were aged below 40, whereas the remaining

48 per cent were aged between 40 and 59/64 years.

http://www.statistics.gov.uk/cci/nugget.asp?ID=6

hmmm 62% of 60 million - about 37 million then

Pretty terrifying that 30,000 of the 37,000,000 were made insolvent.

bush_chicken_little.jpg

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http://www.statistics.gov.uk/cci/nugget.asp?ID=6

hmmm 62% of 60 million - about 37 million then

Pretty terrifying that 30,000 of the 37,000,000 were made insolvent.

It's a bit like unemployment, the system can start to fail if it goes up 500 basis points yet the numbers invovled

may be a 1.5 Million for the entire recession. They get added to the normal background unemployed of a few million

and it's enough to pull others out of jobs.

Same way 120K a year going insolvent isn't just a % of the total population or taxpayers, a small change in numbers

unbalances the total.

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It's a bit like unemployment, the system can start to fail if it goes up 500 basis points yet the numbers invovled

may be a 1.5 Million for the entire recession. They get added to the normal background unemployed of a few million

and it's enough to pull others out of jobs.

Same way 120K a year going insolvent isn't just a % of the total population or taxpayers, a small change in numbers

unbalances the total.

not only that, but those insolvencies represent not only a person out of the credit machine for a year, but for a further 6 after.

and the people who lent to them, they are the ones to suffer.

so we have 1 bankrupt, but maybe 10 victims, and maybe another of those will go bust becuase of non payment.

so 30,000 in a quarter could become 300,000 victims....thats 1.2 million in a year.

and if the average bankruptcy is say 60,000 thats 7.2 billion out of the economy

funny how apparently small amounts begin to add up.

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not only that, but those insolvencies represent not only a person out of the credit machine for a year, but for a further 6 after.

and the people who lent to them, they are the ones to suffer.

so we have 1 bankrupt, but maybe 10 victims, and maybe another of those will go bust becuase of non payment.

so 30,000 in a quarter could become 300,000 victims....thats 1.2 million in a year.

and if the average bankruptcy is say 60,000 thats 7.2 billion out of the economy

funny how apparently small amounts begin to add up.

And as you have previously pointed out, if the main income earner is the one affected then there is potentially a whole family involved. And then there might be the financial drag on the close family members who help them out. It completely snowballs.

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30,000 out of 60 odd million?

Plus 600,000 in 'debt management' plan. How many do think will manage?

Another interesting recent figure is the 400,000 mortgages that are forecast in be in arrears by the end of the year. I should think that probably relates to about 1 million people ......

And by the way, 30,000 is a quarterly figure. Total for 2009 is estimated to be between 120,000 and 150,000.

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Plus 600,000 in 'debt management' plan. How many do think will manage?

Another interesting recent figure is the 400,000 mortgages that are forecast in be in arrears by the end of the year. I should think that probably relates to about 1 million people ......

And by the way, 30,000 is a quarterly figure. Total for 2009 is estimated to be between 120,000 and 150,000.

in view of the savilles argument that everyone will need to be a millionaire to buy an asset, the rug appears to be being pulled from under that argument

how can people on a minimum salary support an economy that needs millionaires just ot find a space to live in.

do a million people on the street buy enough to support wages of £300,000?

Edited by Bloo Loo

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