hurlerontheditch Posted January 29, 2019 Share Posted January 29, 2019 Quote The number of people in England and Wales going insolvent due to unmanageable debt hit a seven-year high in 2018, figures show. Personal insolvencies totalled 115,299, a 16.2% rise on 2017, the Insolvency Service said. The rise was driven by the use of Individual Voluntary Arrangements (IVAs), which hit a record level. IVAs are a way to avoid full-blown bankruptcy and the measure means an individual's main assets are protected. perfect storm on its way https://www.bbc.co.uk/news/business-47041241 Quote Link to comment Share on other sites More sharing options...
Si1 Posted January 29, 2019 Share Posted January 29, 2019 Nurse! Quote Link to comment Share on other sites More sharing options...
Freki Posted January 29, 2019 Share Posted January 29, 2019 Sad, but yeah. Forced sellers incoming. Quote Link to comment Share on other sites More sharing options...
ftb_fml Posted January 29, 2019 Share Posted January 29, 2019 Very sad on a personal level for those for whom it was unavoidable, but not at all surprising and of course for many another welcome illustration that the tide that caused this whole horrible mess is finally turning. A 16% hike on the previous year is certainly significant, but I bet next year it'll be a lot worse. Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted January 29, 2019 Share Posted January 29, 2019 (edited) There are a few forced sales locally I am noticing. The tape over boilers/loos is the give away and I have not seen this for a while. https://www.rightmove.co.uk/property-for-sale/property-58751649.html https://www.rightmove.co.uk/property-for-sale/property-69682846.html So little for sale around here but prices falling lower end and in the "nothing special market' unfortunately the decent family home zone which I am looking in is still moving but at 350-400 not the 425-450+ asking. properties priced to sell+nice come and go fast the rest are just sitting. if I was after a flat or 2 bed I would be able to get a decent price right now I am hoping this is the egg in the snake and my time will come sooner than later. Edited January 29, 2019 by Fromage Frais Quote Link to comment Share on other sites More sharing options...
longgone Posted January 29, 2019 Share Posted January 29, 2019 37 minutes ago, Freki said: Sad, but yeah. Forced sellers incoming. great news, so when can i start bidding for their previous marital home. ? Quote Link to comment Share on other sites More sharing options...
Captain Kirk Posted January 29, 2019 Share Posted January 29, 2019 1 hour ago, hurlerontheditch said: perfect storm on its way https://www.bbc.co.uk/news/business-47041241 +1. Pushing cheap debt just created more debt junkies. ZIRP and QE are an abomination. Quote Link to comment Share on other sites More sharing options...
Wayward Posted January 29, 2019 Share Posted January 29, 2019 Don't worry Carney is being vigilant. Quote Link to comment Share on other sites More sharing options...
Wayward Posted January 29, 2019 Share Posted January 29, 2019 1 hour ago, hurlerontheditch said: IVAs are a way to avoid full-blown bankruptcy and the measure means an individual's main assets are protected Does this mean they get to keep the house they can't afford...must protect home owners... Quote Link to comment Share on other sites More sharing options...
winkie Posted January 29, 2019 Share Posted January 29, 2019 There are no debtor prisons.......debt is now a part of life, the defaults are all factored into the price.....like insurance, like shopping around for a better deal........those with the least pay the most and they still don't pay, they don't pay but are still offered more.? Quote Link to comment Share on other sites More sharing options...
Si1 Posted January 29, 2019 Share Posted January 29, 2019 1 hour ago, Wayward said: Does this mean they get to keep the house they can't afford...must protect home owners... Omg we need the IVA-HTB scheme now! Quote Link to comment Share on other sites More sharing options...
simvastatin Posted January 29, 2019 Share Posted January 29, 2019 1 hour ago, Wayward said: Don't worry Carney is being vigilant. That just means he will decrease interest rates Quote Link to comment Share on other sites More sharing options...
Orb Posted January 29, 2019 Share Posted January 29, 2019 I'm not surprised. I have an RAC membership just in case I breakdown. I receive a couple of junk emails from them each week. Last week one of their emails was offering me a loan of up to....... .............. £35k. I was gobsmacked. Just before the 2008 financial crash I remember receiving junkmail offering me up to £7k, and I thought that was a bit much then. But £35k? Quote Link to comment Share on other sites More sharing options...
longgone Posted January 29, 2019 Share Posted January 29, 2019 55 minutes ago, winkie said: There are no debtor prisons.......debt is now a part of life, the defaults are all factored into the price.....like insurance, like shopping around for a better deal........those with the least pay the most and they still don't pay, they don't pay but are still offered more.? apart from having a marked credit reference, i really don`t think they are offered more. ? Quote Link to comment Share on other sites More sharing options...
thewig Posted January 29, 2019 Share Posted January 29, 2019 Need more... DEBT. Quote Link to comment Share on other sites More sharing options...
hurlerontheditch Posted January 29, 2019 Author Share Posted January 29, 2019 26 minutes ago, Orb said: I'm not surprised. I have an RAC membership just in case I breakdown. I receive a couple of junk emails from them each week. Last week one of their emails was offering me a loan of up to....... .............. £35k. I was gobsmacked. Just before the 2008 financial crash I remember receiving junkmail offering me up to £7k, and I thought that was a bit much then. But £35k? probably in line with inflation Quote Link to comment Share on other sites More sharing options...
winkie Posted January 29, 2019 Share Posted January 29, 2019 48 minutes ago, longgone said: apart from having a marked credit reference, i really don`t think they are offered more. ? Yes they are.......at a price, a high price......? Quote Link to comment Share on other sites More sharing options...
longgone Posted January 29, 2019 Share Posted January 29, 2019 5 minutes ago, winkie said: Yes they are.......at a price, a high price......? "those with the least pay the most and they still don't pay" why lend to those that dont pay Quote Link to comment Share on other sites More sharing options...
winkie Posted January 29, 2019 Share Posted January 29, 2019 9 minutes ago, longgone said: "those with the least pay the most and they still don't pay" why lend to those that dont pay Because they are banking on it that enough of them will to make it highly profitable.? Quote Link to comment Share on other sites More sharing options...
longgone Posted January 29, 2019 Share Posted January 29, 2019 6 minutes ago, winkie said: Because they are banking on it that enough of them will to make it highly profitable.? well being offered is different to going through the application then being turned down. ? i was offered fun by a lady of the night, but when my wallet turned out to be empty the offer was refused. Quote Link to comment Share on other sites More sharing options...
winkie Posted January 29, 2019 Share Posted January 29, 2019 ..... applying at the wrong place, a place where they need your debt more that they need your potential savings.....? Quote Link to comment Share on other sites More sharing options...
adarmo Posted January 29, 2019 Share Posted January 29, 2019 4 hours ago, Freki said: Sad, but yeah. Forced sellers incoming. The advantage of an IVA over bankruptcy is that usually you get to keep you house and car although you may be asked to remortgage to pay off some of the debt up front (really just shifting it). IVAs are really only used by people with too much debt and a steady income who are able to demonstrate an ability to make continued payments. Maybe they'll sell their houses. Maybe not. But i would have thought that if there was enough money there they would sell up to clear the debts anyway? Quote Link to comment Share on other sites More sharing options...
adarmo Posted January 29, 2019 Share Posted January 29, 2019 3 hours ago, Captain Kirk said: +1. Pushing cheap debt just created more debt junkies. ZIRP and QE are an abomination. Agreed. ZIRP makes for zombie companies and debt filled households. Quote Link to comment Share on other sites More sharing options...
adarmo Posted January 29, 2019 Share Posted January 29, 2019 3 hours ago, Wayward said: Does this mean they get to keep the house they can't afford...must protect home owners... In most cases.... yes. Quote Link to comment Share on other sites More sharing options...
Freki Posted January 29, 2019 Share Posted January 29, 2019 3 minutes ago, adarmo said: The advantage of an IVA over bankruptcy is that usually you get to keep you house and car although you may be asked to remortgage to pay off some of the debt up front (really just shifting it). IVAs are really only used by people with too much debt and a steady income who are able to demonstrate an ability to make continued payments. Maybe they'll sell their houses. Maybe not. But i would have thought that if there was enough money there they would sell up to clear the debts anyway? Yeah, why would bank accept those losses, especially if the LTV is <100% Capitalism in the UK would have changed a lot Quote Link to comment Share on other sites More sharing options...
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