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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.

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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? :o

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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. :o

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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....

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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. :o

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 by Pluto

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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. :o

as there are 60 million people in the country lol thats funny how many of them or children unable to work :lol:

Edited by crash2006

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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.

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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!

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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! :)

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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 by gruffydd

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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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