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Guest Charlie The Tramp

No problem :rolleyes:

Last year the government I believe threw in £45 million to finance debt management advice agencies.

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There seems to be a lot of negative reporting about debt at the moment within the media...

...when will they realise that high property costs and debt are linked?

It would make a change to hear about the damaging effects of high property prices...

...but I guess it is the holy grail and should not be touched :)

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DEBT.L up another 16.38% today alone.

Isn't capitalism great, you create the mess in the first place and then charge for clearing it up. :lol:

It would be interesting to see the links between these oh so friendly "we'll sort your mess out for you, don't worry" debt companies and the banks/building societies. You'll probably find they're a subsidiary!

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About 35/45ths of that was spent on directional signs with contra-directional arrows.

So Durch... are you going to invite the bears to your house warming?

House%20Fire.jpg

They like having fun in the forest, personally I blame the Welsh bears :)

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Guest Charlie The Tramp

It looks as if they are finally going to hit the p**s takers

New law boost for creditors

By Dan Atkinson Financial Mail

Creditors of insolvent people and businesses are starting to see at least some of their money returned after a year-long official blitz against `dishonest or blameworthy` bankrupts. Recent legal changes mean the Insolvency Service can ask courts to extend restrictions facing a bankrupt person for up to 15 years. Previously bankruptcy was almost discharged after 3 years.

The service plans to apply such restrictions in about 1,000 cases this year, up from only 22 in the year to March 2005, the first year the new rules came into force.

Peter Joyce, director general of the Insolvency Practitioners Association said prospects of 15 years worth of bankruptcy restrictions may have persuaded more people to make some contribution reducing their debts.

Twelve months ago payments were made in 18.74 per cent of bankruptcy cases, an 87 per cent rise on the previous year. Though changes to the insolvency regime came into force in April 2004 were widely described as ushering in `quickie` bankruptcies, there are signs they are becoming successful in returning money to creditors. Insolvency Service figure show a steep rise in 2004-5 in the number of bankrupts promising to make payments to creditors.

Mike Salcombe. Secretary of the Insolvency Practices Council, said the new one-year discharge period for responsible bankrupts may also have played a part in persuading insolvent people to make payments.

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"Just days earlier, Barclays revealed that it had been forced to set aside £1.6 billion to cover bad debts for 2005 - up by 44 per cent on the previous year"
.

Up 44% in one year? And this thing is just getting started. This is Gordon "Miracle Economy" Brown's legacy. HPI built on a foundation of debt and its payback time. As Mervyn King rightly pointed out house prices are a matter of opinion whereas debt is REAL. HPI--welcome to reality.

Edited by Realistbear

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It looks as if they are finally going to hit the p**s takers

Don't hold your breath Charlie. The recent changes in the laws are seen by most in the Industry as a "Bankrupt's Charter".

I mean 22 "Bankruptcy Restriction Orders" in the first year (when the spotlight was on them) is quite frankly not going to scare anyone. And what were the lengths of those orders? You should bear in mind under previous legislation most would be subject to the disability of bankruptcy for 3 years anyway and potentially indefinately if the Official Receiver applied for a "suspension of discharge". Where as a BRO can run from between 2 and 15 years - and who polices that any way?

I note that the Insolvency service "plans" to apply BRO's to 1,000 but the best laid "plans" and all that. IMHO they will simply target the 1,000 easiest cases they can rather than nab the real pi$$ takers.

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Guest Charlie The Tramp
I note that the Insolvency service "plans" to apply BRO's to 1,000 but the best laid "plans" and all that. IMHO they will simply target the 1,000 easiest cases they can rather than nab the real pi$$ takers.

If as I predict 100k bankruptcies materialise this year I believe they will be forced into more stringent action. Many will be pressurised into IVAs, and if it is not nipped in the bud now, will get out of control.

You could say it is a financial pandemic which requires urgent nasty tasting medication. I remember when in business a customer knowing he was going to the wall issued works to many sub contractors and when completed defaulted on payment to all and bankrupted himself. Everything he owned was in his wife`s name.

I had to work four months for nothing to keep the business afloat. The more irresponsible people are hit hard will give me a sense of satisfaction. As I said previously the majority are complete p**s takers.

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If as I predict 100k bankruptcies materialise this year I believe they will be forced into more stringent action. Many will be pressurised into IVAs, and if it is not nipped in the bud now, will get out of control.

You could say it is a financial pandemic which requires urgent nasty tasting medication. I remember when in business a customer knowing he was going to the wall issued works to many sub contractors and when completed defaulted on payment to all and bankrupted himself. Everything he owned was in his wife`s name.

I had to work four months for nothing to keep the business afloat. The more irresponsible people are hit hard will give me a sense of satisfaction. As I said previously the majority are complete p**s takers.

You've got to feel sorry for the small traders in those kind of situations.

As for more stringent action I won't hold my breath - I suspect they will target the 1,000 easiest cases.

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The tax 'perks' of running your own business have more or less disappeared under Brown. Add to that the seemingly cushy number held by Public Sector workers and the idea of running your own small business is not that appealing.

The UK is a VERY hostile environment now for the small business owner IMPO.

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Guest Charlie The Tramp

You've got to feel sorry for the small traders in those kind of situations.

As for more stringent action I won't hold my breath - I suspect they will target the 1,000 easiest cases.

Well here`s another full day for the Central Bankruptcy Court in London tomorrow, just one of 181 Law and County Courts in England and Wales.

Busy Day

This cannot be allowed to go on, as Mervyn King said last year this debt problem could put the UK into a serious recession. Maybe it`s too late and we are heading there faster than we think.

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Guest Charlie The Tramp

Is a serious recession worse than a recession? How so? :blink:

A serious recession is a polite word for a depression all IMHO of course. <_<

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The tax 'perks' of running your own business have more or less disappeared under Brown. Add to that the seemingly cushy number held by Public Sector workers and the idea of running your own small business is not that appealing.

The UK is a VERY hostile environment now for the small business owner IMPO.

Totally agree. It's a nightmare. There have been concessions on VAT for the small business but it amounts to nothing really. If every person working is supporting a quarter of a public worker it's not hard to understand why the private sector is under strain. It seems the revenue try to pin us down and scrutinise the 'good guys', which is why I have a ****ing big problem with Tessa Bowel's 'little gift'. You can't claim for this, can't do that. While the employer tries to rectify his employee pension scheme the government is still taxing it to death.

It is quite strange when you consider how professional you have to be to get a business loan/mortgage but when it comes to a house anything goes. I guess a lot of people use the easy money to fund under-performing business. This HPI is a pain in bum because I want to invest heavily into a business but I cannot predict how serious the recession might be. Recession is good for a HPC but not for business. If things slide badly we may well see 1 in 3 people being employed by the state!

It's also bad for big business. I know these oil companies make huge profits but is it right to penalise them wiith a hefty stealth tax? What happened to capitalism? Will the banks get taxed for their huge profits this year?

****, I'm really putting myself off starting up a business in the UK. Somebody tell me something good to cheer me up. :(

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Guest Charlie The Tramp

Will the banks get taxed for their huge profits this year?

The lights are burning late in the Treasury tonight. ;)

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Guest Charlie The Tramp

As for more stringent action I won't hold my breath - I suspect they will target the 1,000 easiest cases.

See the huge list for Wednesday and the number of adjourned petitions being heard, maybe these are being pressurised by the Receiver to make payments within an IVA and not being given the easy option.

The List

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See the huge list for Wednesday and the number of adjourned petitions being heard, maybe these are being pressurised by the Receiver to make payments within an IVA and not being given the easy option.

The List

Is there anyway of seeing historical data on that site?

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Guest Charlie The Tramp

Is there anyway of seeing historical data on that site?

Q4 2005 saw a total of 444 Bankruptcies granted in London which included Central, Croydon, Kingston upon Thames, and Romford. That has been exceeded the past seven daily sessions alone at the Central Bankrupty Court. At this rate on a National basis we could easy exceed the 100k figure now predicted this year. As the rate rises I can see repossessions increasing proportionally.

I still stick by my prediction that debt alone will bring down this house of cards, remember various surveys claim 15 million people have no savings for that rainy day and could not deal with a sudden household crisis. :(

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Guest Charlie The Tramp

Surge in IVAs 'huge problem' for industry

Struggling to cope with the increase in bankrupt individuals

At the forum, 125 delegates from the finance industry and insolvency firms listed the volume of correspondence, the desire for a standard format for proposals and confirmation that an IVA is the most appropriate route for a debtor in financial difficulties as their top three concerns.

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Guest Charlie The Tramp
OPTIMISM about the state of the economy has crashed to its lowest level for nearly three years, Britain's biggest building society said yesterday.

Burdened by bills, consumers continue to rein in their spending - and that is hitting businesses hard, warn economists.

In its influential monthly report, the Nationwide said confidence has been crumbling for nine out of the past 12 months.

It was one of several alarm bells sounded yesterday about the economy and the knock-on effects on the consumer.

The CBI, the voice of British business, said companies selling services to consumers are also at their most pessimistic for three years.

Click on news scroll down to Alarm Grows As We Rein In Our Spending for full article.

Alarm Grows As We Rein In Our Spending

He added that confidence in the housing market, the biggest asset owned by most families, has also taken a hit, having fallen in February for the second month in a row. Soaring energy bills, which are likely to top £1,000 for the average family this year, are putting extraordinary pressure on household income.

To make matters worse, unemployment is now above 1.5million, a jump of more than 100,000 in the past year.

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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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