Badger Report post Posted August 5, 2006 The mail has a couple of interesting ones - a bloke mortgaged to the hilt goes off to live with, ahem, 'the bears' in Alaska, also story about a squatter given ownership after 20 years of his flat in hampstead sells up and blows £500k mainly on paying off debts, giving it away and launching spurios political parties and has 'no regrets'. And the Guardian has a feature in the supplement about doing up your rented property cheaply. Quote Share this post Link to post Share on other sites
doric-woman Report post Posted August 5, 2006 Daily Mail front page does it for me. http://www.dailymail.co.uk/pages/live/arti...in_page_id=1770 Quote Share this post Link to post Share on other sites
Realistbear Report post Posted August 5, 2006 Guardian get today's HPC prize IMO: http://money.guardian.co.uk/creditanddebt/...1837871,00.html Problem of personal debt spiralling out of control, say insolvency experts · Record number of people throw in repayment towel · Official figures said to be tip of the iceberg Larry Elliott, economics editor Saturday August 5, 2006 The Guardian Insolvency experts warned last night that the problem of personal indebtedness was "spiralling out of control" after official figures showed record numbers of borrowers are losing the battle to keep up their payments on loans, overdrafts and credit cards. Amid concern that Thursday's increase in interest rates from the Bank of England will be the final straw for many struggling to keep up their payments, the government said a record 26,021 people gave up the fight and became insolvent in the second quarter of this year. The 66% rise over the past year left insolvencies on course to break through the 100,000 barrier for the first time this year. But there are concerns that the official data only scratches the surface of a nation with debts in excess of £1 trillion. Its worth repating the bottom line again: But there are concerns that the official data only scratches the surface of a nation with debts in excess of £1 trillion Gordon, what HAVE you done mate? Quote Share this post Link to post Share on other sites
ImA20SomethingGetMeOutOfHere Report post Posted August 5, 2006 Look everybody calm down. I was watching BBC news 24 yesterday and they said that 26,000 insolvencies in a quarter was nothing to worry about really as there are 60 million people in the country and 26,000 is really a very small fraction of that, so not to panic. Quote Share this post Link to post Share on other sites
Duplex Report post Posted August 5, 2006 This Steve Martin Sketch should be made compulsory viewing. Do not buy stuff you can not afford Quote Share this post Link to post Share on other sites
Grime- skint wouldbe ftb Report post Posted August 5, 2006 The Times money section details Morgan Stanley Advantage's new Flexishare mortgage under the heading Borrow big and pray for profit It offers borrowing up to 7 times income with a high rate mortgage for 80% of the property plus a "residential ownership loan" of 15-35%. Interest only on a 100K loan would be £474 a month, rising to £604 in year 3. The bank then takes a share of any gains in the value of the property, but also will shoulder the same proportion if there is a loss. An advisor reckons this sort of lark will prolong the bubble as it is aimed at first-time buyers, and other lenders are going to follow suit. The Times is pretty clear that you shouldnt touch it with a barge-pole but no doubt there will be people foolish enough to think its their way in to home ownership.... Quote Share this post Link to post Share on other sites
Pluto Report post Posted August 5, 2006 (edited) Look everybody calm down. I was watching BBC news 24 yesterday and they said that 26,000 insolvencies in a quarter was nothing to worry about really as there are 60 million people in the country and 26,000 is really a very small fraction of that, so not to panic. Yes, but only half of that number are working. http://www.statistics.gov.uk/cci/nugget.asp?id=12 As all the articles are saying: It's not the number that matters so much, but that fact that is climbling so fast that is alarming. If IR's keep increasing there could be close to 1M close to bankrupcy, or 1 of 29 workers in the UK. Edited August 5, 2006 by Pluto Quote Share this post Link to post Share on other sites
crash2006 Report post Posted August 5, 2006 (edited) Look everybody calm down. I was watching BBC news 24 yesterday and they said that 26,000 insolvencies in a quarter was nothing to worry about really as there are 60 million people in the country and 26,000 is really a very small fraction of that, so not to panic. as there are 60 million people in the country lol thats funny how many of them or children unable to work Edited August 5, 2006 by crash2006 Quote Share this post Link to post Share on other sites
northern numpty Report post Posted August 5, 2006 Yes, but only half of that number are working. http://www.statistics.gov.uk/cci/nugget.asp?id=12 As all the articles are saying: It's not the number that matters so much, but that fact that is climbling so fast that is alarming. If IR's keep increasing there could be close to 1M close to bankrupcy, or 1 of 29 workers in the UK. So really every working man/woman has more of a likelyhood of being bankrupt this year than winning a tenner on the lottery......feck me. Quote Share this post Link to post Share on other sites
Fancypants Report post Posted August 5, 2006 So really every working man/woman has more of a likelyhood of being bankrupt this year than winning a tenner on the lottery......feck me. quality stat - should be added to the HPC pantheon! Quote Share this post Link to post Share on other sites
IamSpartacus Report post Posted August 5, 2006 quality stat - should be added to the HPC pantheon! Its not a "stat" - he made it up. Its a prediction. A wildly over-the-top one... Quote Share this post Link to post Share on other sites
dude Report post Posted August 5, 2006 Daily Mail front page does it for me. http://www.dailymail.co.uk/pages/live/arti...in_page_id=1770 Oh look, there's Diana. Didn't she die once? Quote Share this post Link to post Share on other sites
northern numpty Report post Posted August 5, 2006 Its not a "stat" - he made it up. Its a prediction. A wildly over-the-top one... [/quote errrmmmm yep slightly over the top........but you got to be in it to win it...sweet sweet irony! Quote Share this post Link to post Share on other sites
Englebert Report post Posted August 5, 2006 Oh look, there's Diana. Didn't she die once? Hello Dude........it's THE Dude here.....just wanted to clarify to other posters me and 'dude' are not and never have been the same person! Quote Share this post Link to post Share on other sites
Rachel Report post Posted August 5, 2006 This Steve Martin Sketch should be made compulsory viewing. Do not buy stuff you can not afford i agree! it's funny though how people don't understand this simple equation though Quote Share this post Link to post Share on other sites
gruffydd Report post Posted August 5, 2006 (edited) The FT is having a real go at the banks in its editorial - yessssssssssss Best editorial I've read for a long time! V amusing! Edited August 5, 2006 by gruffydd Quote Share this post Link to post Share on other sites
FaTB Report post Posted August 5, 2006 This Steve Martin Sketch should be made compulsory viewing. Do not buy stuff you can not afford Classic Quote Share this post Link to post Share on other sites
