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Insolvency Statistics Released

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Whats a debt relief order?

Is it an order to relieve you from debt?

If it is, it is as aptly named as the "West Midland Serious Crime Squad" was. This branch of the Police committed many serious crimes in the West Midlands.

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What is a debt relief order

A debt relief order is an order you can apply for if you can't afford to pay off your debts. It's granted by the Insolvency Service and is a cheaper option than going bankrupt.

You must have debts of less than £15,000 and a low income.

A debt relief order usually lasts for a year and during that time, none of the people you owe money to (your creditors) will be able to take action aginst you to get their money back. At the end of the year, you'll be free of all the debts listed in the order.

You can't apply for a debt relief order if you:

own things of value or have savings of over £300

own a vehicle worth more than £1,000.

http://www.adviceguide.org.uk/index/life/debt/debt_relief_orders.htm

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Every unsecured debt ought to be defaulted.

What the rising trend from 2001 shows is that people are waking up to the bankster criminality and are gradually realising they don't owe anything at all in the first place.

When everyone has gone insolvent then we'll be getting somewhere.

http://www.bbc.co.uk/news/business-13307751

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Edited by Red Karma

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Down on last year? Well, if you ignore the debt relief orders maybe.

image004.gif

130,000 personal insolvencies a year, and barely a repo in sight.. it's like magic!

Edited by libspero

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Every unsecured debt ought to be defaulted.

What the rising trend from 2001 shows is that people are waking up to the bankster criminality and are gradually realising they don't owe anything at all in the first place.

That's fine.. as long as they release back to the market the assets they bought with the money that wasn't theirs borrowed from people who should never have been allowed to lend it.

No need to differentiate between secured/ non-secured though.. ;)

Edited by libspero

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130,000 personal insolvencies a year, and barely a repo in sight.. it's like magic!

+1

From an HPC perspective insolvency's just not that significant (evidenced by the way they've increased at the same time as house prices have increased), what counts is repossessions.

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  • 284 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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