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Homes At Risk As Banks Seek More Security For Credit Card Debt

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http://business.timesonline.co.uk/tol/busi...icle3599523.ece

"Experts fear that overburdened consumers are struggling to cope with the combination of debt obligations and the rising cost of living. Borrowers in Britain owe £225 billion on credit cards and personal loans and spend 10 per cent of their income on interest payments.

Chris Tapp, of Credit Action, the debt charity, says that banks are less willing to write off debt via insolvency agreements, explaining the huge rise in charging orders.

He said: “The slight fall in insolvencies recently could be linked to a policy by banks to chase debts by whatever means are available, including the courts, rather than simply allowing a debt to be written off.”

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http://business.timesonline.co.uk/tol/busi...icle3599523.ece

"Experts fear that overburdened consumers are struggling to cope with the combination of debt obligations and the rising cost of living. Borrowers in Britain owe £225 billion on credit cards and personal loans and spend 10 per cent of their income on interest payments.

Chris Tapp, of Credit Action, the debt charity, says that banks are less willing to write off debt via insolvency agreements, explaining the huge rise in charging orders.

He said: “The slight fall in insolvencies recently could be linked to a policy by banks to chase debts by whatever means are available, including the courts, rather than simply allowing a debt to be written off.”

When negative equity bites then this particular gambit will be a non starter for the banks

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What utter tosh.

I am sure that the Banks having been given a financial leg up by the Taxpayer via the Bank of England are not going to then punish the taxpayer for falling behind on a year or so's non payment due to financial problems themselves.

Nothing to see here, move along.

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  • 295 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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