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Guest Charlie The Tramp

DCA Q4 Bankruptcy Stats Released Today

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The surnames in the bankruptcy court look to be disproportionately Asian and African.

Probably because they are the poorer section of society and the first to go under when things get tough.

Canaries in the coalmine?

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The surnames in the bankruptcy court look to be disproportionately Asian and African.

Probably because they are the poorer section of society and the first to go under when things get tough.

Canaries in the coalmine?

A lot more asians tend to go into property so that isn't too suprising.

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Unfortunately to many it is a way to wipe out their debt and start again. Many students are using this method to wipe out students loans/debt etc. the stigma from years ago seems to be diminishing?

Not sure if SOME care about short or even long term implications...

and in my experience is does not stop a serial spender..they just wait 12 months in some cases - yes 12 months! after changes via the new Enterprise Act, which states that certain classifications of bankrupts could be discharged in twelve months, down from 2-3yrs from before!!! and then start spending again. (an ex was declared bankrupt and unbelievably they STILL got more credit cards and ran up £9,000k new debt in 12 weeks!!!!) It is too easy in some cases….unless you are a home owner and then obviously you can loose your home.

And we wonder why figures are up!! Anyone know the age demographics and % homeowners/renters that make up these latest figures? trying to get info online now..........

Edited by beenhearingthisforyears

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Guest Charlie The Tramp

Not sure if SOME care about short or even long term implications...

and in my experience is does not stop a serial spender..they just wait 12 months in some cases - yes 12 months! after changes via the new Enterprise Act, which states that certain classifications of bankrupts could be discharged in twelve months, down from 2-3yrs from before!!! and then start spending again. (an ex was declared bankrupt and unbelievably they STILL got more credit cards and ran up £9,000k new debt in 12 weeks!!!!) It is too easy in some cases….unless you are a home owner and then obviously you can loose your home.

How many more will be allowed to take the p1ss before the Government tightens up the Enterprise Act. They were warned at the time that this would happen and disagreed with the advice given. If this year shows the predicted 100k personal bankruptcies then this must be brought to a halt. Mervyn King warned last year that the debt problem could drive the economy into a serious recession. The prudent pay for their folly with less disposable income themselves to inject into the economy.

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The surnames in the bankruptcy court look to be disproportionately Asian and African.

Probably because they are the poorer section of society and the first to go under when things get tough.

Canaries in the coalmine?

it is true about Asians and property.

so far as Africans go, culturally there is enormous pressure on the 2ng gen to bling, often it is difficult for the 1st gen to accept going from being one of the richest in a society to the bottom of the heap when they move here. Many 1st gen are very trusting and naive, and make easy targets for pernicious lenders. Many 2nd gen are bitter but aspirational... please see Sway's "Flo Fashion" for your cultural touchstone here.

my account manager confessed that most of his loans get sold to low income immigrants. Who are then sold investment vehicles producing lower returns than the interest on the loans. Double bubble commission, and one gullible customer.

Gye Nyame - One Love

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Guest Charlie The Tramp

Well due to increased business it looks as if the courts are going online. Lenders will initially apply for possession orders from the comfort of their own offices and Landlords for non payment of rent. ;)

Possession Claim Online Project (PCOL)

The Possession Claim Online Project (PCOL) proposes to deliver a web enabled application to manage claims in county courts for possession of residential property for non-payment of rent or mortgage only.

The current project timetable shows that full functionality for issue and hearing of the claim, order production and enforcement will be developed by January 2006. The system will then undergo a period of acceptance testing with a view to deploying the service into the proving courts in late March 2006. Following the proving period, the service will be evaluated to ensure that it is working in accordance with the requirements following which approval to rollout nationally will be sought. If the approvals process recommends deployment then National Rollout will occur in June 2006.

Repossessions And Claims For Non Payment Of Rents Online

Well that should speed things up.

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Charlie,

Wahaayy, does that mean virtual bankruptcy, don't even need to turn up to the meeting the with beak ? ;-).

PS get free housing for 3/4 years - take out a 125%/130% loan, pay off the first few years interest with the 25/30/% top up, if you are really canny maybe a bulider will lob you another 10% for another year or two on top. If after those years the house is worth less than the standing debt just pop the keys into an envelope back to the lender and walk away. Eaaaaaaaaaasyyyyy. PPS Only really works well if you donl't have a brass farthing in the first place to lose.

(above post made tongue in cheek and not any sort of recommendation)

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Guest Charlie The Tramp

Charlie,

Wahaayy, does that mean virtual bankruptcy, don't even need to turn up to the meeting the with beak ? ;-).

You could get a text from him informing you of your bankruptcy or to vacate your property as you have now been repossessed. :)

On a more serious note could it be that they are expecting a very large work load in the future.

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Student loans and bankruptcy.

Many students are using this method to wipe out students loans/debt etc.... [beenhearingthisforyears]

Bankruptcy will no longer cancel student loans, as explained in 'Student Loans and Bankruptcy':

http://www.nusonline.co.uk/info/money/270637.aspx

It was for a time possible to discharge yourself from liability to repay (that is, cancel) the second type of loan by declaring yourself bankrupt, and over 1000 students and graduates did just that. The Government had never intended to allow this, however, and in England and Wales they used the Higher Education Act of 2004 to close the loophole. Similar provisions have since been made for Scotland and Northern Ireland.

Mortgage-style loans were always protected from bankruptcy so the law in relation to these remains unchanged.

Therefore, regardless of the type of loan that you have (and whilst you are still able to declare yourself bankrupt should you wish to do so) any outstanding student loans will not be cancelled and must still be repaid according to the loan agreement you signed.

Also see 'Paying it off: A guide to coping with your graduate debt.':

http://www.careers.manchester.ac.uk/moving/payingitoff/

If you do decide to declare yourself bankrupt you may find that you have to pay your debt anyway, possibly at a higher rate of interest. Student loans are now exempt from bankruptcy laws so will not be cleared under any circumstances.

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Student loans and bankruptcy.

Many students are using this method to wipe out students loans/debt etc.... [beenhearingthisforyears]

Bankruptcy will no longer cancel student loans, as explained in 'Student Loans and Bankruptcy':

http://www.nusonline.co.uk/info/money/270637.aspx

Also see 'Paying it off: A guide to coping with your graduate debt.':

http://www.careers.manchester.ac.uk/moving/payingitoff/

THats true -but I read somewhere on here I think that the loophole is simply to pay off your student loan with credit cards first, and then go bankrupt

Everyones a winner ! :)

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THats true -but I read somewhere on here I think that the loophole is simply to pay off your student loan with credit cards first, and then go bankrupt

Everyones a winner ! :)

I'm afraid not! Thats a serious Criminal offence and they could end up with a lengthy Prison sentence!

Edited by cupidstunt

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Guest Charlie The Tramp

I'm afraid not! Thats a serious Criminal offence and they could end up with a lengthy Prison sentence!

Also

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

As the number of bankruptcies begin to get out of control I would say they will then start hitting the petitioners harder.

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The surnames in the bankruptcy court look to be disproportionately Asian and African.

Probably because they are the poorer section of society and the first to go under when things get tough.

Canaries in the coalmine?

Rockdoctor, you are probably a lot poorer than this 'poor section of society'

They just know how to play the game a lot better

Don't know about Asia, but I know for a fact in many parts of Africa, if you don't pay your debts if you are lucky there is one warning (like a UK County Court judgement)

No second warning, AK round in the back of the head, simple as that

Not surprising, that many of these people take advantage of Browns new bankruptcy laws

It would be rude not too

I'm afraid not! Thats a serious Criminal offence and they could end up with a lengthy Prison sentence!

serious Criminal offence - get real :D:D:D

but have they got the manpower to do it

In Croydon last week, they were declaring people bankrupt 5 at a time

They apologised to all 5, but they were a bit pushed for time to do it individually

Edited by 88Crash

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Guest Charlie The Tramp

In Croydon last week, they were declaring people bankrupt 5 at a time

They apologised to all 5, but they were a bit pushed for time to do it individually

Any idea of the volume that one day passing through.

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Guest Charlie The Tramp

Is it possiblw to attend bankruptcy courts to observe?

Surely all County Courts have a public area although only so many places available. I would telephone or email the local County Court for information on this. It must be interesting to attend a session.

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Any idea of the volume that one day passing through.

I don't know the exact total number, but I had a friend delaring

typically, it used be one at a time, but he was with ten people, so they were split into two batches of five

BTW I advised him to consider going bankrupt, but also to get professional advice

He did so and they told him given his debt and his earnings it would take him about 45 years to clear his debt, so it was a 'no brainer' decision

He had overspent and yes, he should have known better, but he also had credit cards and some of his limits was equivalent to his entire annual take home pay

This trillion+ national debt hasn't just happened by accident in the last 8 years and neither has the timing of these new bankruptcy laws!

Edited by 88Crash

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Rockdoctor, you are probably a lot poorer than this 'poor section of society'

I seriously doubt it - I'm getting shedloads.

I would be interested to know what types of bankruptcies predominate; people dragged down by unfortunate circumstances, bears-of-little-brain unable to function in a complex world, weak minded people falling 'victim' to the temptation of easy credit, genuine scammers out to rob us all, etc, etc.

I would guess that most people are genuine, because I tend to assume that whatever the Daily Mail says is the opposite of the truth. But who know without some genuine research?

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THats true -but I read somewhere on here I think that the loophole is simply to pay off your student loan with credit cards first, and then go bankrupt

Everyones a winner ! :)

The Receiver has authority to retrieve assets disposed of prior to act of bankruptcy and when the debtor could be regarded as insolvent. The strategem outlined would be easily identified in the examination process and may therefore be of no avail. HOWEVER, the current regime in power has so corrupted the executive that through a combination of sheer incompetence and inertia it is unlikely to have either the resources or the appetite to enforce available legislation.

Quite frankly, in terms of current government practice nothing matters very much and very little matters at all.

Give it a whirl, you never know. Foreign students ( i.e. West Africans ) ripped off thousands of pounds from the student loan fund and have established reasonable businesses on the strength of their ill gotten gains. Why on earth should our indigenous students not benefit likewise? Screw the system for what you can get.....every other ******* is doing it.

Edited by deus ex machina

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  • 301 Brexit, House prices and Summer 2020

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