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Interesting Torygraph Personal Finance Mail

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Unemployment would lead almost two-thirds of borrowers to default on personal loans and credit card balances within three months of losing their income.

An authoritative survey also finds that more than 40 per cent would default on their mortgages.

The research, by Combined Insurance, the specialist acci-dent and health insurer, highlights that a spiralling of bad debt problems remains linked to conditions in the jobs market.

Meanwhile, Citizens Advice has disclosed that up to three- quarters of the people with debt problems it has seen in the past couple of months are being recommended to declare themselves bankrupt by its advisers because of the huge size of their debts.

The charity said it is seeing dozens of cases each week where people have debts of more than £100,000. It handled more than 1 million consumer debt cases in 2003/4 and said new figures due next month would show a significant increase.

Sue Edwards, the organisation's senior social policy officer, said: "It is going to get worse before it gets better. Our bureaux are seeing more and more cases of bad debt every week - many with huge debts built up from several creditors. Levels of debt over £100,000 are not uncommon any more."

Combined Insurance asked 2,000 people which financial commitments they would not be able to keep up for more than three months should they lose their income through illness or injury.

One in two first-time buyers would not be able to afford their mortgage payments after three months of unemployment. As many as 41 per cent of all borrowers would be unable to pay their utility bills, while 38 per cent said they would not have enough money to put food on the table. Last week similar research by Alliance & Leicester, the bank, of almost 2,300 consumers showed that 6m people have less than £500 to call on in an emergency.

Combined Insurance said one in three people it surveyed admitted that they would be forced to borrow to cover their shortfall. But Citizens Advice warned that the majority of people with debt problems have attempted to get out of trouble by increasing their borrowing.

"Robbing Peter to pay Paul is a risky strategy," said Edwards. "We see it all the time."

So far this year banks have made provisions of £3 billion to cover possible bad debts, while last week Bradford & Bingley, the mortgage lender, revealed the number of homes it repossessed in the past year had increased threefold.

Ten days ago the Department of Trade and Industry said the number of people declaring themselves insolvent hit a record high during the second quarter of this year.

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The sad and unfortunate side of the economic mess we are in.

When it all goes wrong it will not be the banks/economists/estate agency or property developers that take the hit - it will be average joe bloggs.

:angry:

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Why say 'Tory graph' in such a derogatory way? The 'Tories' are the party who will GET RID OF the party that's caused all the problems you post about! We need to SUPPORT this party not jump on it like you're Ben Elton.

Too right.

D

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Why say 'Tory graph' in such a derogatory way? The 'Tories' are the party who will GET RID OF the party that's caused all the problems you post about! We need to SUPPORT this party not jump on it like you're Ben Elton.

Has it been a long week?

It was a humourous reference to a newspaper. I too look forward to an outcome that means an end to Blairism.

As for comparisons to Ben Elton you are nearly on ignore!

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Putting out a Fire with Petrol! :blink:

Correct. Its all those ads on the TV--smiling bimbos offering an easy way to get out of debt--just borrow more from them! Consolidate all your debts into one and then you have "control" over your life and can enjoy that long overdue yacht holiday on the Caribbean--anyone see that ad? Makes you want to execute a rainbow yawn.

Is everyone getting the feeling that the House Market is getting closer to the edge and that personal debt failures will be the trigger? How many more banks will allow MEW when they know the market is no longer going up up and away?

2006 will be an interesting year.

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Why say 'Tory graph' in such a derogatory way? The 'Tories' are the party who will GET RID OF the party that's caused all the problems you post about! We need to SUPPORT this party not jump on it like you're Ben Elton.

I admittedly voted Labour in '97 and in less than 12 months knew it was all going to go horribly wrong. I personally have never felt so betrayed, and that was just on issues such as student loans, before we even get to things like the Iraq war or increasing Statism.

But don't be under any illusions about David Camerons Tory Party though - Theres a damn good chance that all DC amounts to is the reflection Blair see's in the mirror every morning.

One of the greatest problems we face, is the pace of change in our globalised society and the fact that traditional political ideologies are just not capable of keeping up. Combine that with with the "short terminism" of both government and big business and a lot of us are in for a rough road over the coming decades.

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I admittedly voted Labour in '97 and in less than 12 months knew it was all going to go horribly wrong. I personally have never felt so betrayed, and that was just on issues such as student loans, before we even get to things like the Iraq war or increasing Statism.

But don't be under any illusions about David Camerons Tory Party though - Theres a damn good chance that all DC amounts to is the reflection Blair see's in the mirror every morning.

One of the greatest problems we face, is the pace of change in our globalised society and the fact that traditional political ideologies are just not capable of keeping up. Combine that with with the "short terminism" of both government and big business and a lot of us are in for a rough road over the coming decades.

The key is to keep political parties turned over. 3 terms is too much for any party--they get arrogant and complacent. Gordon is believing his own "miracle" and is delusional--not unlike any leader who has been at the helm too long. Tony hopefully knows when its time to go--maybe after he has sold his whitelephant that he bought at the top of the market.

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Yeah, the tories would have got tough with the banks and introduced new credit legislation to stop loose lending practices and tackle real inflation. As if.

That's the root cause of the misery. All the tories would have done is had more 'Law and Order' makejobs instead of 'diversity workshop coordinator' makejobs.

With the exception of Ken Clarke, Cameron's rag bag of nasty old farts were even for the War in Iraq. Heck, even the Lib Dems could see through that NuLab swindle, and their leader was pissed throughout!

Can't wait for the next election.

Edited by CrashedOutAndBurned

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http://uk.news.yahoo.com/06012006/325/blai...reat-grows.html

Looks like Tony is staying after all!! Won't go until next election:

Blair vows to stay as Conservative threat grows Friday January 6, 05:40 PM

"I am not going anywhere," he said. "I am here and I am going to see the whole programme through."
"He told the Sun newspaper that he was determined to remain for the
bulk
of his third term in office"

Could it be that Tony sees Gordon as a liability as the economic miracle (HPI) comes to an end?

Edited by Realistbear

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http://uk.news.yahoo.com/06012006/325/blai...reat-grows.html

Looks like Tony is staying after all!! Won't go until next election:

Blair vows to stay as Conservative threat growsFriday January 6, 05:40 PM

"I am not going anywhere," he said. "I am here and I am going to see the whole programme through."
He told the Sun newspaper that he was determined to remain for the
bulk
of his third term in office

he may be pushed out like charles kennedy

also will he call an early election?

could go to the country after 3 years

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he may be pushed out like charles kennedy

also will he call an early election?

could go to the country after 3 years

He could leave the country any time he likes , I live in hope.

Dames :)

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Correct. Its all those ads on the TV--smiling bimbos offering an easy way to get out of debt--just borrow more from them! Consolidate all your debts into one and then you have "control" over your life and can enjoy that long overdue yacht holiday on the Caribbean--anyone see that ad? Makes you want to execute a rainbow yawn.

I've been ill and off work for the past couple of days and therefore had the misfortune to see some of these sordid ads on daytime telly - tellingly targeted at the unemployed, student, housespouse, pensioner whoever... or maybe it's because the advertising space costs less.

Anyway, I saw one today with Phil Tufnell on it. He's gone a long way down in my estimation as a result. Why are all my heroes so tainted? First Carol V, now this!! :blink::(;)

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http://uk.news.yahoo.com/06012006/325/blai...reat-grows.html

Looks like Tony is staying after all!! Won't go until next election:

Blair vows to stay as Conservative threat grows Friday January 6, 05:40 PM

"I am not going anywhere," he said. "I am here and I am going to see the whole programme through."
"He told the Sun newspaper that he was determined to remain for the
bulk
of his third term in office"

Could it be that Tony sees Gordon as a liability as the economic miracle (HPI) comes to an end?

Blair drunk on power? <_<

Tony will stay for as long as necessary to ensure Brown can never take over. When Blair's own house tumbles in value even he can claim to be a victim of Crash Gordon, the one that fooled us all and kept his secret uncontrolled spending habits from everyone!

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Yeah, the tories would have got tough with the banks and introduced new credit legislation to stop loose lending practices and tackle real inflation. As if.

agreed

i'm more right wing than left wing but the rot set in under heath's government of the early 1970's :angry:

they removed a lot of the controls on credit and the rest as they say, is history.

charlie the tramp could tell us all about the "barber boom". :)

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Too right.

D

EXACTLY! What really f*cks me off is when my parents complain about Tories when they were lucky enough to have them running the country when they were working and bringing up a family.

Yes things are better under labour. If you're

a. retired

b. public sector

c. a minority/immigrant

but fack anyone who actually works for a living

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The Government is the shadow the Corporations cast over society. The essence of Corporate propaganda is to

direct the peoples anger towards the shadow rather than towards the Substance. - N. Chomsky

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  • 338 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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