Jump to content
House Price Crash Forum
Sign in to follow this  
dreamOn120k

Voluntary Repossession.

Recommended Posts

Reading the Manchester flat price drop thread, got me wondering what should a young couple facing £100k of negative equity do? Why struggle financially for decade to get back to a personal net worth of £0, when bankruptcy gets you out of debt within a couple of years?

Will the press dub them the "new bright young things" i.e. well paid young professionals who shift their salary payments to another bank, cancel the mortgage direct debit and then party hard, spend like mad on credit cards to provoke insolvency proceedings?

Share this post


Link to post
Share on other sites
Reading the Manchester flat price drop thread, got me wondering what should a young couple facing £100k of negative equity do? Why struggle financially for decade to get back to a personal net worth of £0, when bankruptcy gets you out of debt within a couple of years?

Will the press dub them the "new bright young things" i.e. well paid young professionals who shift their salary payments to another bank, cancel the mortgage direct debit and then party hard, spend like mad on credit cards to provoke insolvency proceedings?

And why not - you only live once. Better still, change your name by deed poll. Worked a treat for me as most banks are too damn stupid to try to track you by your unique identifier (your NI number).

Hell, I want a new car and TV - time to change the old monniker again! :lol:

Share this post


Link to post
Share on other sites
But it stays on your credit file for 7 years.

Yeah....but so what........as a bank who would you rather lend to......someone who has no commitments and has (probably) a new healthy respect for credit commitments or someone who is up to their eyeballs but has a 'perfect' credit score?

Share this post


Link to post
Share on other sites
Bankruptcy is now normally discharged after 1 year - assuming no adverse circumstances.

That's true, but it will take time to drag a mortgage holding bank kicking and screaming to the insolvency hearing. They far prefer people who just hand back the keys because, then they can lurk for years and pounce demanding money when people are back on their feet financially speaking.

Share this post


Link to post
Share on other sites
That's true, but it will take time to drag a mortgage holding bank kicking and screaming to the insolvency hearing. They far prefer people who just hand back the keys because, then they can lurk for years and pounce demanding money when people are back on their feet financially speaking.

Agreed.

But if it's HMRC, they don't give a ****.

Share this post


Link to post
Share on other sites

Acutally I'll think you'll find that now Accenture have 'helped' HMRC fix their computer systems they are going to find it pretty difficult to do anything over the next few years.....oh and HMRC have pretty much fired or alienated all their experienced staff.....so no help there either.

Its one of the few times I've cheered government incompetence. Mabye they'll get so bad they won't be able to collect any tax at all.

http://www.computerweekly.com/blogs/tony_c...-costs-and.html

Share this post


Link to post
Share on other sites
That's true, but it will take time to drag a mortgage holding bank kicking and screaming to the insolvency hearing.

There are not enough qualified lawyers in the country.......assuming they can prove they own the mortgages that is.... ;)

Share this post


Link to post
Share on other sites
really think it will. and hope it does....but please explain what would the consequences be

Haven't you seen Cgnao's avatar.........seriously........we'll just do it the British way.......write letters......push paper......some people will disappear......some will have debt written off and forgotton.......some will pay......some will go bankrupt..........some will be found guilty of fraud..........some will emigrate........some will stop paying the mortgage altogether and will never be brought to task and you'll read about them in the paper in 2 years.....

life goes on.......

Share this post


Link to post
Share on other sites
Acutally I'll think you'll find that now Accenture have 'helped' HMRC fix their computer systems they are going to find it pretty difficult to do anything over the next few years.....oh and HMRC have pretty much fired or alienated all their experienced staff.....so no help there either.

Its one of the few times I've cheered government incompetence. Mabye they'll get so bad they won't be able to collect any tax at all.

http://www.computerweekly.com/blogs/tony_c...-costs-and.html

:lol::lol::lol:

Well at least we are safe in the knowledge they can take all the data, export it unencrypted to a few DVD disks or harddrives, post it using royal mail parcel post to india and get it all processed there for about $3.

Nice.

Share this post


Link to post
Share on other sites
Reading the Manchester flat price drop thread, got me wondering what should a young couple facing £100k of negative equity do? Why struggle financially for decade to get back to a personal net worth of £0, when bankruptcy gets you out of debt within a couple of years?

Will the press dub them the "new bright young things" i.e. well paid young professionals who shift their salary payments to another bank, cancel the mortgage direct debit and then party hard, spend like mad on credit cards to provoke insolvency proceedings?

Why not! I hope they have the sense to max out all their credit cards and take out as much as debt as possible before declaring bankruptcy.

I've often wondered why a young couple wouldn't get 20 credit cards each, cash them out to the max and put the cash in an offshore account and declare backruptcy. With approx 100K they could then scarper to Spain and open a nice bar and live quite nicely off the proceeds.

Share this post


Link to post
Share on other sites
Why not! I hope they have the sense to max out all their credit cards and take out as much as debt as possible before declaring bankruptcy.

I've often wondered why a young couple wouldn't get 20 credit cards each, cash them out to the max and put the cash in an offshore account and declare backruptcy. With approx 100K they could then scarper to Spain and open a nice bar and live quite nicely off the proceeds.

I think all these posts confuse financial irresponsibility with bank robbery.

For the latter, 20 years is more typical, which is what you all seem to be espousing.

Share this post


Link to post
Share on other sites
Why not! I hope they have the sense to max out all their credit cards and take out as much as debt as possible before declaring bankruptcy.

I've often wondered why a young couple wouldn't get 20 credit cards each, cash them out to the max and put the cash in an offshore account and declare backruptcy. With approx 100K they could then scarper to Spain and open a nice bar and live quite nicely off the proceeds.

After doing a few years at her maj's pleasure ?

Going bankrupt through debt is one thing but doing a :ph34r: long'un :ph34r: will probably get you time.

Share this post


Link to post
Share on other sites
And why not - you only live once. Better still, change your name by deed poll. Worked a treat for me as most banks are too damn stupid to try to track you by your unique identifier (your NI number).

Hell, I want a new car and TV - time to change the old monniker again! :lol:

A friend of mine was involved with the recent DWP computerisation project. They were told by the DWP that they could not use NI numbers as a unique identifier as many duplicates had been given out. By 'many' he got the impression they meant 'thousands'.

Possibly why the project went over budget and was scrapped.

Share this post


Link to post
Share on other sites
A friend of mine was involved with the recent DWP computerisation project. They were told by the DWP that they could not use NI numbers as a unique identifier as many duplicates had been given out. By 'many' he got the impression they meant 'thousands'.

Possibly why the project went over budget and was scrapped.

I don't think any of these government projects ever actually go over-budget. I believe, due to the way they contract out work, and the way regulation forces these tenders to be awarded to the 'lowest bidders', a large amount of bulls**ting is encouraged. And for some reason, the public is informend quite confidently that any given project will be only actual_amount/factor_of_bull. Then, once the contract is awarded, the true value is escalated back to normal and for some reason people (the media) are shockingly surprised by this every time. It's people who believe whatever the official projected figures (from any public sector source) are that should take a reality check.

(edit "tenders to be awarded to the 'lowest bidders'", not "tenders to be the 'lowest bidders'", sorry; didn't read back correctly)

Edited by jammo

Share this post


Link to post
Share on other sites
A friend of mine was involved with the recent DWP computerisation project. They were told by the DWP that they could not use NI numbers as a unique identifier as many duplicates had been given out. By 'many' he got the impression they meant 'thousands'.

Possibly why the project went over budget and was scrapped.

Ive always wondered why they can't use NI numbers to catch benefit cheats. Maybe thats the reason why...

Share this post


Link to post
Share on other sites
Ive always wondered why they can't use NI numbers to catch benefit cheats. Maybe thats the reason why...

But that's just plain scary! Your NI record is what they base your pension on (If you're going to get anything from them when you retire) and your contributions change your entitlement to benefits. I can't imagine how they'd give out duplicates without completely breaking down the entire system.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 293 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.