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Bankruptcies Hit 40-year High

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Im hoping alot of news like this is released, ive chucked alot of money (by my standards) into a perticular debt management company, in the hopes that in 6 months i will be rich , rich i tell ya , rich!

Nah seriously though by my recogning it will get alot worse before it gets better.

"The company said it had recently advised someone who had run up £312,000 of debt on 63 credit cards. " :o

Edited by theChuz

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ZZ, you may recall I predicted this a while ago and was slapped down by posters saying I didnt live in the real world. They argued Bankcruptcy was a serious stigma so people wouldnt enter into it lightly.

I argued the new relaxed rules would in fact be a real magnet for those looking for a way out.

I might not have graphs, charts and links but this once again shows I do at least have my ear to the ground.

I also have my ear to the ground when it comes to the real level of earnings and I assure all of you out there, real average earnings are far higher than official figures would have you believe. Again I get a lot of ridicule for these beliefs but I am certain I am right on this.

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ZZ, you may recall I predicted this a while ago and was slapped down by posters saying I didnt live in the real world. They argued Bankcruptcy was a serious stigma so people wouldnt enter into it lightly.

I argued the new relaxed rules

Dogbox, a 40-year record doesn't come about just because they have tweaked the rules slightly.

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I also have my ear to the ground when it comes to the real level of earnings and I assure all of you out there, real average earnings are far higher than official figures would have you believe. Again I get a lot of ridicule for these beliefs but I am certain I am right on this.

Official figures are based on what the govenment receives in taxes and NI, are you suggesting the majority of the UK are somehow tax dodgers, how else can you explain the differance in your experience and official figures.

Most of my friends are in the 40K/70K income bracket but I wouldn't for one moment take this as the norm.

Edited by Dicky

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ZZ, you may recall I predicted this a while ago and was slapped down by posters saying I didnt live in the real world. They argued Bankcruptcy was a serious stigma so people wouldnt enter into it lightly.

I argued the new relaxed rules would in fact be a real magnet for those looking for a way out.

I might not have graphs, charts and links but this once again shows I do at least have my ear to the ground.

I also have my ear to the ground when it comes to the real level of earnings and I assure all of you out there, real average earnings are far higher than official figures would have you believe. Again I get a lot of ridicule for these beliefs but I am certain I am right on this.

Average earnings to me are lower, i think though that it has alot to do with the area your in and who you consider your peers. I _think_ the average wage is supposed to be at about £26k , its no way near that where i live. 18K is more like it.

So i do think its localised.

I do remember you saying about bancruptcy's (ies?) but hell even a broken clock is right twice a day :lol: (joking btw)

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Official figures are based on what the govenment receives in taxes and NI, are you suggesting the majority of the UK are somehow tax dodgers,

Builder ownes £500000 home, never paid Tax

Market stallS owner £1.5m home, declares £20k income

One man band Ltd Co, splits income 50/50 with wife, therefore £200k shows as £100k each, yet wife never worked

Fireman, ownes window cleaning round, earns several hundred per week undeclared

Fireman ownes pool maintenace firm (v high profits), almost none of which declared

Busy static carwash owned by 2 immigrants, nothing declared

Indian restaurant owner - lets out his council home for £650 cash per month (obviously council think he resides)

Retired policeman, general computer fixer - undeclared

Mum, works 2 bubs, gets £200 p week undeclared

Debt collector - overpays staff (but still below Taxable annual limits) and each staff member gives him back a % in cash

Window installer - nets £1000 p week, yet taxable income under £15k, even though hardly any business expenses

E/A - lets rooms above his and next door shops. £70.00 per week per room to about 15 people I think, all undeclared

MANY LANDLORDS - let to men evading the CSA who cant show much earnings (or CSA will take more), so LL gets paid in cash by tenant

And on, and on ,and on.

Please dont tell me its just my area, Im not a fool

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Builder ownes £500000 home, never paid Tax

Market stallS owner £1.5m home, declares £20k income

One man band Ltd Co, splits income 50/50 with wife, therefore £200k shows as £100k each, yet wife never worked

Fireman, ownes window cleaning round, earns several hundred per week undeclared

Fireman ownes pool maintenace firm (v high profits), almost none of which declared

Busy static carwash owned by 2 immigrants, nothing declared

Indian restaurant owner - lets out his council home for £650 cash per month (obviously council think he resides)

Retired policeman, general computer fixer - undeclared

Mum, works 2 bubs, gets £200 p week undeclared

Debt collector - overpays staff (but still below Taxable annual limits) and each staff member gives him back a % in cash

Window installer - nets £1000 p week, yet taxable income under £15k, even though hardly any business expenses

E/A - lets rooms above his and next door shops. £70.00 per week per room to about 15 people I think, all undeclared

MANY LANDLORDS - let to men evading the CSA who cant show much earnings (or CSA will take more), so LL gets paid in cash by tenant

And on, and on ,and on.

Please dont tell me its just my area, Im not a fool

I foget 3:

Computer consultant, paid offshore yet works and resides in UK (always has) - not sure how this is done but its increasing

Some Airline crew - 50% of salary shown on a searate p60 as tips to reduce tax bill (effect is less income shows on official stats)

Waiters - in some outlets tips are very high, yet all is undeclared

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Builder ownes £500000 home, never paid Tax

Market stallS owner £1.5m home, declares £20k income

One man band Ltd Co, splits income 50/50 with wife, therefore £200k shows as £100k each, yet wife never worked

Fireman, ownes window cleaning round, earns several hundred per week undeclared

Fireman ownes pool maintenace firm (v high profits), almost none of which declared

Busy static carwash owned by 2 immigrants, nothing declared

....

I think this is happening in every area, but is by far a very small minority. The majority of working people work basic PAYE jobs and don't have any capacity to fiddle the figures.

True, these big value exceptions would skew the mean average income calculation, but that would make it even LESS representative of typical income, not more. For example, if for every 100 people accurately recorded on £20k a year PAYE jobs there is one undeclared and unreported builder taking £100k a year cash in hand, then if you WERE to include him in the stats the mean average would increase and become less representative of what typical people are earning.

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Forgot one, a bloke down the pub sells copied DVDs rakes in about £2.50 extra. :lol::lol::lol::lol:

This fraud is just getting out of control something has to be done.

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I think this is happening in every area, but is by far a very small minority.

..........................

RG, I disagree, people always make your argument.

Look, almost every tradesman Ive ever dealt with has expressed a preferance for cash.

I have know a few guys over the years, builders, plumbers, brickies and without exception they all take a faily significant portion of thier income as undeclared cash.

Trades make up a very significant proportion of the population.

With respect, you really should open your eyes. Think about all the trades people, restaurant owners, business owners, LLs (many I know take cash only). I assure you we are not talking minorities here.

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I think this is happening in every area, but is by far a very small minority.

..........................

RG, I disagree, people always make your argument.

Look, almost every tradesman Ive ever dealt with has expressed a preferance for cash.

I have know a few guys over the years, builders, plumbers, brickies and without exception they all take a faily significant portion of thier income as undeclared cash.

Trades make up a very significant proportion of the population.

With respect, you really should open your eyes. Think about all the trades people, restaurant owners, business owners, LLs (many I know take cash only). I assure you we are not talking minorities here.

If this black market is as rife as you make out they why hasn't inflation been ramping out of control as folks have more money in their back pocket to spend, the money must be going somewhere.

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Builder ownes £500000 home, never paid Tax

Market stallS owner £1.5m home, declares £20k income

One man band Ltd Co, splits income 50/50 with wife, therefore £200k shows as £100k each, yet wife never worked

Fireman, ownes window cleaning round, earns several hundred per week undeclared

Fireman ownes pool maintenace firm (v high profits), almost none of which declared

Busy static carwash owned by 2 immigrants, nothing declared

Indian restaurant owner - lets out his council home for £650 cash per month (obviously council think he resides)

Retired policeman, general computer fixer - undeclared

Mum, works 2 bubs, gets £200 p week undeclared

Debt collector - overpays staff (but still below Taxable annual limits) and each staff member gives him back a % in cash

Window installer - nets £1000 p week, yet taxable income under £15k, even though hardly any business expenses

E/A - lets rooms above his and next door shops. £70.00 per week per room to about 15 people I think, all undeclared

MANY LANDLORDS - let to men evading the CSA who cant show much earnings (or CSA will take more), so LL gets paid in cash by tenant

And on, and on ,and on.

Please dont tell me its just my area, Im not a fool

I don't dispute any of these to be true, however, people dodging tax is nothing new, it isn't a recent phenomenon or directly related to the boom times.

Nor is it true of all of the people (don't know what % of people, but surely the majority) who trudge to work every day from 9 til 5 (these days, probably 8 til 5.30) to take home a set wage nowhere near this.

Dodging tax is a great income booster but potentially catastophic if it all goes wrong and you get caught. Risk vs reward :)

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Fireman, ownes window cleaning round, earns several hundred per week undeclared

Small beer.

Fireman ownes pool maintenace firm (v high profits

I wouldn't have thought there was much demand for swimming pool maintenance in the UK.

Retired policeman, general computer fixer - undeclared

Again, not going to be a huge amount of money. PC's are so cheap nowadays it costs less to buy a new one than get your old one fixed.

Mum, works 2 bubs, gets £200 p week undeclared

Again, small amounts of money.

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being self employed in the building game i can tell you, sure there are a few perks, the odd cash job in the back pocket.

The main reason for this is to make a decent living the prices have to be at a price people will pay, if we all paid everything due then its time we stuck the prices up for the customers.

The trouble is what most customers see, they always assume your making fortunes and the reason is that there very dumb.

this is the common thing i get said from customers

"jeezus yer making 200 a day"

first think i have to explain is no, im taking in 200 day theres a big diffrence, out of this comes my van/tool/adverts ect

out of this comes my 4 week holiday pay that you get from who you work for

out of this comes my pension contributions that you get paid for you

i dont get paid when work slows down (and it does occasionally)

i dont get sick pay

i dont get paid when the weather is too bad to work.

i get bumped the odd time from a customer through no fault of my own

ehile your job i took a income of 200 day on you dont see the jobs that end up taking a lot longer or more materials

you dont see the jobs i actually lose money on and in effect work for nothing

you also dont offer me extra money when it does take longer than planned, but at the same time moan about the price if i do it quicker and ask for a discount.

i charge 200 day for my work, but lucky if i have a take home of 400 week after adding all this in.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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