Monday, May 5, 2008

Tell us something we don’t know

Britain approaching Bankruptcy

New figures published by The Insolvency Service reveal that just three months into 2008 and 25,264 people have already fallen victim to the insolvency epidemic with 9,614 IVAs and 15,651 bankruptcies reported. According to price comparison and switching service uSwitch.com, individual insolvencies could reach 103,659 by the end of the year...

Posted by converted lurker @ 12:28 PM (861 views)
Please complete the required fields.



4 thoughts on “Tell us something we don’t know

  • Converted – having watched Crash G interviewed yesterday by Andrew Marr and subsequently listened to various radio reports etc.. I now expect to see some intervention from Whitehall on this matter. From Crash G “more help for borrowers who face repossession because they cannot keep up their mortgage payments to be announced within days” The Gov will be looking to avoid a dramtic rise in IVA’s, Bankruptcies and repo’s – they could of course just skew the figures as they now appear to do on everything else !

    Reply
    Please complete the required fields.



  • new user 2007 says:

    The good thing is that his words are scaring the very mortgage providers he wants to give out loans:)….

    By making repossessions harder and bankruptcy easier he is telling them that if they give loans they will have problems getting their money back i.e. they are becoming increasingly reluctant to give mortgages because asset prices are falling and the risk of bankruptcy is rising (via slowing growth).

    I don’t expect much from the govt, but these economic advisors and former members of the BoE MPC (other stories) scare me for how little they understand what made it all happen; distorted incentives fro brokers and easy money with poor regulation. They just want to extend the same mistakes!

    Reply
    Please complete the required fields.



  • These are not surprising figures at all, since they are basically a build-up of a delayed situation in which credit has been used to pay credit for a number of years on the back of property equity. The immediate effect should be catastrophic as this credit madness is brought under some kind of control.
    The government are trying to soften the impact for their own vested interests and could create some friction with and within the banking sector. Should be interesting !

    Reply
    Please complete the required fields.



  • it_is_going_with_a_bang says:

    House prices haven’t fallen much yet and the living costs have only really started to bite. Expect this figure to increase dramatically.
    Diesel at £1.24 a litre at my garage. Interest rate reductions look like they will do nothing – other than destroy sensible people’s savings and pensions.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>