Saturday, August 8, 2009

Old people suffer under Gordon.

Older bankrupts figures 'soaring'

Official figures obtained by the Conservatives showed the number of insolvent over-60s rose from 802 in 2000 to 5,189 in 2008 - a jump of 547%. The figures were published as it was revealed a record number of people were declared insolvent during the second quarter of the year, with commentators warning the worst was still to come. Shadow business manager Mark Prisk said bankruptcies in the older part of the population had risen every year since 2000 and now outstripped those in other age groups. "These pensioners are the human face of Gordon Brown's decade of irresponsibility," he said."Individuals should have been encouraged to save, but Gordon Brown did the opposite and instead, endorsed reckless spending. Now, they are paying the price for his failures."

Posted by mytimeisnigh @ 01:20 AM (1081 views)
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9 thoughts on “Old people suffer under Gordon.

  • Mark is saying what any shadow minister would say “it’s all the Government’s fault”.

    I know a number of people who have taken equity out of their house over the years and lived well beyond their means. Now is the time when they can’t pay the remortgage on that £500,000 house they bought for £50,000 – what’s more they have all the accumulated card debts and 2nd mortgages to pay.

    “It’s all the government’s fault that house prices stopped going up”, they say….. I don’t think so.

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  • Well, look on the bright side. With the government’s plans to put back the retirement age, they’ll get longer to pay it all back.

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  • 3rd world country (UK Plc) here we come guy’s – please plan for it !

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  • could it be related to low interest rates eroding a savings nest egg???

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  • 3. jack c – Plan in motion – don’t buy something that will correlate my economic situation with that of the UK’s for the next 25 years!!

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  • vacuouspolitician says:

    Mixed views about this story. Stats can always be twisted to say what the commentators wants them to say.
    The Conservatives have a vested interest in appealing to the over 60s so that they can be their champions. The fact that the over 60s tend to vote at election time rings true. Yes it’s sad that (maybe?) some over 60s are genuinely poor and have had to spend all their savings on the basics because the lack of interest has been robbed off them. What would be interesting is to see how many under 40s are in those insolvency figures…how many under 30s…how many under 20s…?
    In the 70/80s I genuinely felt sorry for my grandparents generation (1900-1930s) because many appeared to be very poor. I’m not convinced about this generation of older people and starting with the baby-boomer generation who have lived through numerous housing booms and reaped the benefits of them…

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  • I think the point is that even if these stats are half right, it could have been avoided. Too many snouts in the troff and not enough sensible decisions made over the past ten years. I know pointing fingers solves nothing but it’s clear where the blame lays… and he will be 60 in the not so distant future. Anyone think he will be insolvent? What are the odds of the UK becoming insolvent vs Mr Brown? You get my point.

    Angry face

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  • Tenyearstogetmymoneyback says:

    Vacuouspolitician @ 5 said

    “In the 70/80s I genuinely felt sorry for my grandparents generation (1900-1930s) because many appeared to be very poor.”

    I think you have missed the point. Back the the older generation probably were poor. I immediately thought of an old lady who lived down the road from us who had a single electric socket in her house. However, I would bet that it was HER house with no mortgage or loans, and she probably wouldn’t have dreamed of borrowing money to improve it.

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  • vacuouspolitician says:

    Tenyearstogetmymoneyback @9

    No I haven’t missed the point at all.
    My grandparents and most of their generation never owned a home and rented all their life. They had very little/no savings and just a small state pensions which they existed off. I felt sorry (and still do) for this generation because they were genuinely poor…much poorer than this generation they are alluding to in the article. I’m sorry to say this but anyone between the ages of 50-75 I have no sympathy at all. They have lived through an era that they made (or could have made) huge returns on housing and if they chose to get themselves into debt for whatever reason (improvements, 2nd/3rd home, BTL portfolios, holidays in the sun) then it is simply their fault.

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