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Realistbear

Debt Helpline Swamped By Anxious Callers

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http://portal.telegraph.co.uk/money/main.j.../ixcitytop.html

The National Debtline, set up by the Government to assist people in financial trouble, is being overwhelmed by record numbers of callers who fear they could go bankrupt in the aftermath of Christmas.
The advisory service says that two-thirds of calls in the past fortnight were not answered because of the unprecedented demand. It has received more than 12,000 inquiries since January 3, putting it on course for its busiest month since its foundation in 1987.
The experience of debt helplines contradicts other evidence of a "soft landing" by consumers
after a decade-long borrowing binge. It will also ring alarm bells in the City, where investors are preparing for the reporting season of the major banks, which begins in two weeks time.
Credit Suisse First Boston, the investment bank, warns clients that increasing evidence of debt defaulting is "ominous" for banks.
It has downgraded its share price targets for Alliance & Leicester and Barclays.
There has also been
an explosion in Individual Voluntary Arrangements
(IVAs),
A Citizens Advice spokesman said:
"More and more people are coming to us to ask whether bankruptcy is an option for them,
and in more and more cases our advisers are encouraging them to go down that path."

VI gets downgraded!!!!!

Gordon's policies of inflating house prices and permitting easy credit is causing significant problems. The foundation of the "Miracle Economy" appears to be just shifting sand.

Edited by Realistbear

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Guest consa

..........................and the best bit is................

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The CCCS says it is receiving "several hundred" more calls a day than at this time last year.

The experience of debt helplines contradicts other evidence of a "soft landing" by consumers after a decade-long borrowing binge.

:lol::lol::lol:

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And of course next we get the articles about how poor vulnerable people were helpless in the onslaught of marketing material from banks offering to lend them money. Some unfortunates have no choice through circumstance but to use their credit cards etc, but most people in trouble have simply surrendered to greed and ditched common sense and self-control.

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Guest magnoliawalls

And of course next we get the articles about how poor vulnerable people were helpless in the onslaught of marketing material from banks offering to lend them money. Some unfortunates have no choice through circumstance but to use their credit cards etc, but most people in trouble have simply surrendered to greed and ditched common sense and self-control.

I think an erosion of moral values and peer pressure have a lot to do with debt problems. People are insecure with what they have and have somehow been persuaded that if they wear the right clothes, decorate their homes in the right way and go to the right pubs and clubs they will be accepted.

Was fashion always so important? Whatever the latest trend is (e.g. jeans that show butt cleavage), everyone seems to wear it regardless of how unflattering it is. It means that the fashion conscious must invest in a new wardrobe each year.

It applies to houses too - how many people stretched their finances to buy a conservatory that is freezing in winter and roasting in summer, just because the magazines and television programmes gush about them?

And how many over extended themselves to get on the property ladder because their peers had managed it?

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I think an erosion of moral values and peer pressure have a lot to do with debt problems. People are insecure with what they have and have somehow been persuaded that if they wear the right clothes, decorate their homes in the right way and go to the right pubs and clubs they will be accepted.

Was fashion always so important? Whatever the latest trend is (e.g. jeans that show butt cleavage), everyone seems to wear it regardless of how unflattering it is. It means that the fashion conscious must invest in a new wardrobe each year.

It applies to houses too - how many people stretched their finances to buy a conservatory that is freezing in winter and roasting in summer, just because the magazines and television programmes gush about them?

And how many over extended themselves to get on the property ladder because their peers had managed it?

Indeed. We are all at the mercy of the marketing people. They dictate how they want us to live our lives - which co-incidentally revolves around spending money to line their coffers.

People have always followed fashion, not much has changed there, but I think the whole thing about must having a new car, nice new kitchen, nice new sofa, nice new this and that, is sad.

And when everyone has been there, and done that like they have been doing in the last few years, kaput.

Spending will drop off.

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Indeed. We are all at the mercy of the marketing people. They dictate how they want us to live our lives - which co-incidentally revolves around spending money to line their coffers.

People have always followed fashion, not much has changed there, but I think the whole thing about must having a new car, nice new kitchen, nice new sofa, nice new this and that, is sad.

And when everyone has been there, and done that like they have been doing in the last few years, kaput.

Spending will drop off.

I work in an ad agency more in the technical/print side but regularly hear the conversations of those trying to get inside the head of the paying public, needless to say I have to keep my cynical thoughts under wraps and go along with the whole sorry charade.

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I work in an ad agency more in the technical/print side but regularly hear the conversations of those trying to get inside the head of the paying public, needless to say I have to keep my cynical thoughts under wraps and go along with the whole sorry charade.

That must be hard if you dont morally agree with it all?

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A bit, yes - most of it is ok as its tourism based but when we do stuff to do with loans it grates a bit, and I'm not the only one who feels that way.

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And of course next we get the articles about how poor vulnerable people were helpless in the onslaught of marketing material from banks offering to lend them money. Some unfortunates have no choice through circumstance but to use their credit cards etc, but most people in trouble have simply surrendered to greed and ditched common sense and self-control.

You are right, of course, but think of the billions and billions spent of PR, advertising and marketing to erode people's sense of sensible spending and saving habits.

Living with in your means, saving for a rainy day, being scornful of debt-pushers used to be a dominant way of thinking. There's probably 1p of PR supporting this view for every £1million supporting debt culture.

The debt-pushers wouldn't spend all that money on relentless PR if it wasn't brutally successful at grinding down the population and getting people hooked.

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More on the issue from the same paper.

http://www.telegraph.co.uk/money/main.jhtm...M3&targetRule=1

According to Jonathan Pierce, a banking analyst at CSFB, the number of people contacting charity debt helplines is rising sharply. And January is the worst time of year for defaults as the bills for Christmas come in.

Most worryingly, it is the middle class which is really feeling the pinch. More than 30 per cent of those contacting the National Debt Helpline have debts of £25,000 or more.

They are being pushed over the edge not by interest rate rises, but by their rising stock of debt, and by increases in other costs, such as utility bills, rail fares, school fees and medical bills.

When a middle-class person defaults, or requires some debt rescheduling plan, it is clearly costs the bank more than Vicky Pollard missing a few payments on her Top Shop store cards.

There are other signs, too, of how indebted consumers have become. Banks tend to sell on bad debts to collection agencies and this business rose by two thirds in volume last year.

Pierce estimates that about 1.5m people are irreversibly overindebted, with £15bn of unsecured loans. If these had to be written off, it would wipe out an entire years' profits for the UK banking sector.

1.5 million people irreversibly overindebted eh? Should be good for a few 100,000 forced sales somewhere down the line. In a stagnant market you'd expect this to cause severe price falls. It will be interesting to see whether the media manages to keep the seriousness of the situation under the public's radar as well as they did last year - nobody seems to know that 2005 was the worst year for the housing market since 1974 but they are all aware that prices are going to rise again this year!

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nobody seems to know that 2005 was the worst year for the housing market since 1974

what ? the bbc news last week had a headline banner proclaiming 'House prices rise'.

surely the bbc - the independent pupblicly funded news would have told us the real truth ?

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Guest magnoliawalls

what ? the bbc news last week had a headline banner proclaiming 'House prices rise'.

surely the bbc - the independent pupblicly funded news would have told us the real truth ?

One of the reasons I am addicted to this website is that it has opened my eyes to the power of VIs and the propaganda dished out by the meedja.

Hopefully 2006 will bring a backlash against consumer culture and spin...

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Guest Charlie The Tramp

but after a year they can do it all again?

(Bankruptcy only lasts a year)

Or do companies really not let you borrow again?

If, during his/her enquiries into your affairs, the Official Receiver decides that you have been

dishonest either before or during the bankruptcy or that you are otherwise to blame for your

position, he/she may apply to the court for a bankruptcy restrictions order. The court may make

an order against you for between 2 and 15 years and this order will mean that you continue to be

subject to the restrictions of bankruptcy which are described in section 8 above. You may give a

bankruptcy restrictions undertaking which will have the same effect as an order, but will mean

that the matter does not go to court.

The majority of CC debtors could be included in the above restrictions as applications swamp the system.

A Guide To Bankruptcy

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I think an erosion of moral values and peer pressure have a lot to do with debt problems. People are insecure with what they have and have somehow been persuaded that if they wear the right clothes, decorate their homes in the right way and go to the right pubs and clubs they will be accepted.

I was watching an item on CBS News the other night about the Christian revival in the US now - not the fundalmentalist right wing 'Christian' types but simply a huge upsurge in Christians, for want of a better term, coming out of the closet and being open and active about their belief.

This has led to a big rise in the number of businesses who now openly declare their belief in Christian doctrine, is seeing Christians demand better valuesi n schools, etc, and even Hollywood - 'Narnia' is but one - is catching on with a whole host of Christian based films going into production. Even the TV series 'Boston Legal' had a storyline rcently about the fact that the US is a Christian country despite all the attempts to almost eradicate Christianity at the alter of almost every other belief.

I mention this as I think the erosion of moral values has resulted in 2 in 3 marriages in the UK not even making the seven year itch anymore, children growing up in families are the exception and not the norm, etc, etc. I notice more and more 20-something women seem to be turning their back on their older femminists sisters and embracing the joys of being a woman. Of course, then there is the credit debt which is the result of people being greedy or feeling peer pressure to have the material lifestyle now, now NOW!

Don't forget, it has happened here before. At the turn of the 19th to 20th Centuries there was a huge Christian revival in the UK, especially in Wales and other parts of the rural UK.

Just a thought for discussion.

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I read once somewhere that as a country gets richer it's moral values decline - it's a pattern thats seen across the world and is a part of human nature

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- nobody seems to know that 2005 was the worst year for the housing market since 1974

With respect, that's a little mis-leading. Presumably you are referring to volume of sales through the Countrywide estate agency.

It wasn't the worst in terms of price inflation.

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Guest magnoliawalls

I mention this as I think the erosion of moral values has resulted in 2 in 3 marriages in the UK not even making the seven year itch anymore, children growing up in families are the exception and not the norm, etc, etc. I notice more and more 20-something women seem to be turning their back on their older femminists sisters and embracing the joys of being a woman. Of course, then there is the credit debt which is the result of people being greedy or feeling peer pressure to have the material lifestyle now, now NOW!

I expect the statistics for first time marriages lasting will show that the majority do.

The figures will be skewed by a certain type of person who will tend to socialise with like minded people and aspire to an Elizabeth Taylor or playboy lifestyle.

I really hope you learn to open your mind and heart to the idea that there is a majority of decent women, feminist or otherwise. There are a few male posters on here who seem to have been burned and let themselves become bitter - possibly because they tend to meet the worst kind of women.

Don't forget, it has happened here before. At the turn of the 19th to 20th Centuries there was a huge Christian revival in the UK, especially in Wales and other parts of the rural UK.

That is very interesting, do you know why there was a Christian revival? Was it associated with an economic downturn from the mid 18th century?

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With respect, that's a little mis-leading. Presumably you are referring to volume of sales through the Countrywide estate agency.

It wasn't the worst in terms of price inflation.

No it wasn't - according to the surveys provided by the housing industry - but I could still go any buy a new house in my area for at least 10% less than I would have paid this time last year. Give it another 12 months and I'll pay a lot less - not that I expect the major surveys to reflect this, they're just an excuse for a positive press release.

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I think I read in "The Times" recently that it'll all go visibly pear-shaped in early February, when peeps get their cc bills with all their Xmas spending totted up.

Happy days...for some of us, anyway.

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Guest wrongmove

Also in the telegraph today, someone being funny in the business section (Time to put money in banks

Commenting on the debt helpline story:

Debt helpline swamped by anxious callers

It is three weeks before the banks begin their reporting season, so in order to get a handle on how they might be faring, I rang the National Debt Helpline. I waited on the line for several minutes, before giving up.

It is, of course, possible that the switchboard has been jammed up by Gordon Brown, or Macquarie for that matter, sobbing about how they have hidden the true scale of their debts.

Also in this section

Forgive me if this note reads like a banker's doodlings, but an analysis of Macquarie's offer document for the London Stock Exchange reveals just how opportunistic its bid is. The fast-growing Australian bank is putting - on a generous measure - only £112m of its own capital, in the form of equity, into the £1.5bn offer.

Admittedly, its partners are stumping up another couple of hundred million. But it goes to show this is a bid mostly financed by £1.2bn of debt which will effectively leave the exchange more highly geared than the Blair family.

:P

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I notice more and more 20-something women seem to be turning their back on their older femminists sisters and embracing the joys of being a woman.

Just a thought for discussion.

Sometimes these '20-something women' have a strange view of what feminism is and was, and what it achieved. I remember being given what I can only describe as a rant (despite the absence of swearing/raised voice) from one young lady at work a few years back on this very subject, ending with her fervently expressed wish that we could return to pre-feminist mores.

When I pointed out that it was feminist agitation that changed the rules of her public sector workplace to allow women like her to keep working after marriage she went very, very quiet.

It's a little bit like trade unions. People rightly complain about union excesses and rigidity, but totally ignore the history behind the formation of organised labour.

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The feminism thing was the biggest con in history and led to disempowerment of women on a huge scale. The power that women have held over men through the centurues has always (not sometimes) be based on their feminity not their masculinity.

Lizzy I is a good case in point- She used her femininity to build and empire and control the nation. Helen caused the Greek-Trojan War (not a myth BTW). Napoleon's ego was driven by a woman. I get up every morning and make the tea. A feminine woman can talk her way out of a speeding ticket in 87.45% of cases.

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A feminine woman can talk her way out of a speeding ticket in 87.45% of cases.

So how does this work considering the majority of speeding tickets come courtesy of a camera of some sort?

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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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