Jump to content
House Price Crash Forum

Insolvencies 'highest for seven years'


Recommended Posts

0
HOLA441
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

Link to comment
Share on other sites

1
HOLA442
2
HOLA443
3
HOLA444

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.

Link to comment
Share on other sites

4
HOLA445

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 by Fromage Frais
Link to comment
Share on other sites

5
HOLA446
6
HOLA447
7
HOLA448
8
HOLA449
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...

Link to comment
Share on other sites

9
HOLA4410

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.?

Link to comment
Share on other sites

10
HOLA4411
11
HOLA4412
12
HOLA4413

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? 

Link to comment
Share on other sites

13
HOLA4414
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. ?

Link to comment
Share on other sites

14
HOLA4415
15
HOLA4416
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 :D

Link to comment
Share on other sites

16
HOLA4417
17
HOLA4418
18
HOLA4419
19
HOLA4420
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. 

Link to comment
Share on other sites

20
HOLA4421
21
HOLA4422
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?

Link to comment
Share on other sites

22
HOLA4423
23
HOLA4424
24
HOLA4425
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

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information