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Realistbear

Brits Are Going Bankrupt At The Rate Of One A Minute

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http://www.telegraph.co.uk/news/main.jhtml.../05/nbust05.xml

Britons go bust at rate of one per minute

By Edmund Conway, Economics Editor

(Filed: 05/08/2006)

One person is falling victim to insolvency every minute of the working day and home repossession applications show the biggest rise since the early 1990s housing crash
.
Many families are finding it impossible to pay record gas and electricity bills
Many are finding it impossible to pay record gas and electricity bills
The Government figures issued yesterday, 24 hours after the Bank of England raised interest rates for the first time in two years, show that more and more families are being caught up in the ballooning debt crisis.
Experts said that many families were finding it impossible to pay record gas and electricity bills, mortgage payments and council taxes and thousands were now throwing in the towel on their finances.

We should not be surprised but its hard to celebrate as the amount of suffering that is going to occur in the coming days and weeks will be enormous. The press have never been so bearish and they will drive sentiment into the ground very quickly. Even more terrifying is the fact that it has only just begun and look how quickly the pace is picking up. :o

If the currency markets twig that the Miracle Economy of HPI-MEW is not going to maintain itself the pound might no longer be the darling of the exchnages.

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> Brits Are Going Bankrupt At The Rate Of One A Minute, Repossessions now match HPC rate in 1990-- is it over?

Are repossessions really as high as they were in 1990?

Edited by doric-woman

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> Brits Are Going Bankrupt At The Rate Of One A Minute, Repossessions now match HPC rate in 1990-- is it over?

Are repossessions really as high as they were in 1990?

Apparantly these figures are coming from the County Courts through the DCA:

Figures from the Department for Constitutional Affairs showed that the number of lenders' applications to take possession of defaulters' homes was 33,180 in the second quarter - the highest since 1992. Although many families cling on to their homes by reaching a deal with creditors, the Council of Mortgage Lenders said the
number of repossessions in the first half of the year was up by 76 per cent
to 8,140. Further increases are expected.

A 76% increase is catastrophic. By October we could be looking at numbers in the multiple tens of thousands.

The consultants KPMG said that about 800 of those who entered IVAs in the past three months did so with more than £100,000 of unsecured debt, such as credit cards, overdrafts and personal loans. Mark Sands, the group's director of insolvencies, said the number of insolvencies could reach
150,000 next year
.

This is NOT good. Gordon--what HAVE you done mate?

Edited by Realistbear

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Apparantly these figures are coming from the County Courts through the DCA:

Figures from the Department for Constitutional Affairs showed that the number of lenders' applications to take possession of defaulters' homes was 33,180 in the second quarter - the highest since 1992. Although many families cling on to their homes by reaching a deal with creditors, the Council of Mortgage Lenders said the
number of repossessions in the first half of the year was up by 76 per cent
to 8,140. Further increases are expected.

A 76% increase is catastrophic. By October we could be looking at numbers in the multiple tens of thousands.

That's very significant because not many people realise that repossessions peaked in 1992, but continued at high levels until 1998 - between 1990 and 1998 almost half a million homes were repossessed.

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> Brits Are Going Bankrupt At The Rate Of One A Minute, Repossessions now match HPC rate in 1990-- is it over?

Are repossessions really as high as they were in 1990?

NO!

Repossessions are at about a tenth of what they were in 1990. The article said we'd seen the biggest increase since 1990, not that it had reached the same level.

Edit - sorry, that should be a fifth.

Edited by NJP

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NO!

Repossessions are at about a tenth of what they were in 1990. The article said we'd seen the biggest increase since 1990, not that it had reached the same level.

Right. But at the this rate we won't have to wait too many quarters before they do hit that level.

2007 is going to be a massacre.

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  • 336 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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