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Finances / Finanzen » uk.finance » Bankruptcies show dramatic rise : 73% increase on last year.
| Bankruptcies show dramatic rise : 73% increase on last year. [message #384941] |
Fr, 05 Mai 2006 18:06 |
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Bankruptcies show dramatic rise
http://news.bbc.co.uk/1/hi/business/4976180.stm
More than 23,000 people became insolvent in England and Wales during
the first three months of 2006 - 73% more than in the same period last
year.
The figures from the government's Insolvency Service will add weight to
the view that 2006 could see record levels of personal insolvency.
Experts have blamed the rise in insolvencies on greater personal debt
and higher unemployment................
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384951 ] |
Fr, 05 Mai 2006 19:29 |
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"Crowley" <crowalas1234 [at] yahoo.co.uk> wrote in message
news:1146845195.692558.88040 [at] j73g2000cwa.googlegroups.com...
> Bankruptcies show dramatic rise
> http://news.bbc.co.uk/1/hi/business/4976180.stm
>
> More than 23,000 people became insolvent in England and Wales during
> the first three months of 2006 - 73% more than in the same period last
> year.
> The figures from the government's Insolvency Service will add weight to
> the view that 2006 could see record levels of personal insolvency.
>
> Experts have blamed the rise in insolvencies on greater personal debt
> and higher unemployment................
>
Did these so-called "experts" also mention the very recent changes in law
that mean there is a shorter period before you are cleared, and its easier
to go bankrupt, not to mention the lessened stigma in going bankrupt, and
increased debt due solely to the fact that more and more unsuitable people
are going to university, eg its their own choice?
--
Tumbleweed
email replies not necessary but to contact use;
tumbleweednews at hotmail dot com
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384953 ] |
Fr, 05 Mai 2006 19:46 |
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> Did these so-called "experts" also mention the very recent changes in law
> that mean there is a shorter period before you are cleared, and its easier
> to go bankrupt, not to mention the lessened stigma in going bankrupt, and
> increased debt due solely to the fact that more and more unsuitable people
> are going to university, eg its their own choice?
AKA "bah humbug!"
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384954 ] |
Fr, 05 Mai 2006 20:05 |
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Crowley wrote:
> Bankruptcies show dramatic rise
> http://news.bbc.co.uk/1/hi/business/4976180.stm
>
> More than 23,000 people became insolvent in England and Wales during
> the first three months of 2006 - 73% more than in the same period last
> year.
> The figures from the government's Insolvency Service will add weight to
> the view that 2006 could see record levels of personal insolvency.
>
> Experts have blamed the rise in insolvencies on greater personal debt
> and higher unemployment................
>
And, of course, it's the honest hard working folks who manage their
finances properly, keep out of debt etc, that have to pay for these
written off debts through increased service charges or lower interest
charges.
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384955 ] |
Fr, 05 Mai 2006 20:13 |
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<jameshamilton777 [at] hotmail.com> wrote in message
news:1146851186.959836.265560 [at] y43g2000cwc.googlegroups.com...
>
>> Did these so-called "experts" also mention the very recent changes in law
>> that mean there is a shorter period before you are cleared, and its
>> easier
>> to go bankrupt, not to mention the lessened stigma in going bankrupt, and
>> increased debt due solely to the fact that more and more unsuitable
>> people
>> are going to university, eg its their own choice?
>
> AKA "bah humbug!"
>
With knobs on! :-)
--
Tumbleweed
email replies not necessary but to contact use;
tumbleweednews at hotmail dot com
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384960 ] |
Fr, 05 Mai 2006 20:50 |
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Tumbleweed wrote:
> Did these so-called "experts" also mention the very recent changes in law
> that mean there is a shorter period before you are cleared, and its easier
> to go bankrupt,
and did they mention that in Scotland, where the law hasn't changed,
bankruptcies have gone up by a similar amount?
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384972 ] |
Fr, 05 Mai 2006 22:03 |
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"Jonathan Bryce" <jonathan [at] localhost.localdomain> wrote in message
news:5djsi3-34d.ln1 [at] michelle.jbryce...
> Tumbleweed wrote:
>
>> Did these so-called "experts" also mention the very recent changes in law
>> that mean there is a shorter period before you are cleared, and its
>> easier
>> to go bankrupt,
>
> and did they mention that in Scotland, where the law hasn't changed,
> bankruptcies have gone up by a similar amount?
Source? Of course, even if thats true,the other factors, esp involving the
ethics& attitude toward bankruptcy, come into play.
As a matter of interest, whats to stop someone who lives in scotland and
runs up a bunch of debts, moving to England and applying there? In fact,
what actually determines the law in these cases, since if its as simple as
place of residence, that makes the scottish law easily evadable and
therefore moot.
--
Tumbleweed
email replies not necessary but to contact use;
tumbleweednews at hotmail dot com
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384976 ] |
Fr, 05 Mai 2006 22:24 |
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Tumbleweed wrote:
>> and did they mention that in Scotland, where the law hasn't changed,
>> bankruptcies have gone up by a similar amount?
>
> Source? Of course, even if thats true,the other factors, esp involving the
> ethics& attitude toward bankruptcy, come into play.
http://business.timesonline.co.uk/article/0,,16849-1722619,0 0.html
John Butler, an economist at HSBC, said: "Perhaps some of the rise [in
individual insolvencies] reflects a change in the bankruptcy laws that took
effect in April 2004, but interestingly this upward trend pre-dates that
change and is mirrored in Scotland where the laws have not been adjusted. "
> As a matter of interest, whats to stop someone who lives in scotland and
> runs up a bunch of debts, moving to England and applying there? In fact,
> what actually determines the law in these cases, since if its as simple as
> place of residence, that makes the scottish law easily evadable and
> therefore moot.
The main thing stopping them is the fact that they are bankrupt and don't
have the money to move to England.
The law is being changed in Scotland to bring it more in line with England.
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384977 ] |
Fr, 05 Mai 2006 22:34 |
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On Fri, 5 May 2006 18:29:31 +0100, "Tumbleweed"
<thisaccountneverread [at] yahoo.com> wrote:
>increased debt due solely to the fact that more and more unsuitable people
>are going to university, eg its their own choice?
Meeting government targets? Nulab want 50% of kids to go to uni.
--
Get money off vouchers for everything
http://www.moneyoffvouchers.co.uk
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #384989 ] |
Sa, 06 Mai 2006 04:07 |
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In message <1146845195.692558.88040 [at] j73g2000cwa.googlegroups.com>,
Crowley <crowalas1234 [at] yahoo.co.uk> writes
>Bankruptcies show dramatic rise
> http://news.bbc.co.uk/1/hi/business/4976180.stm
>
>More than 23,000 people became insolvent in England and Wales during
>the first three months of 2006 - 73% more than in the same period last
>year.
>The figures from the government's Insolvency Service will add weight to
>the view that 2006 could see record levels of personal insolvency.
>
Asked and answered. It's easier to become bankrupt and be discharged, so
the figures are bound to rise.
>Experts have blamed the rise in insolvencies on greater personal debt
>and higher unemployment................
>
I wish I was the one who was being paid millions to provide these
reports!
--
Richard Faulkner
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #385007 ] |
Sa, 06 Mai 2006 12:26 |
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>It's easier to become bankrupt and be discharged, so
>the figures are bound to rise
At one point people with student debt were trying this tactic, until
the
government closed that particular loophole..!
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #385020 ] |
Sa, 06 Mai 2006 14:14 |
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"Move along, there's nothing to see here, nothing to worry about" say
our resident Pollyanna's LOL ..........................
The Times May 06, 2006
http://business.timesonline.co.uk/article/0,,16849-2167433,0 0.html
Record numbers go bankrupt as debt mountain builds up
By Gary Duncan, Economics Editor
FEARS over the rising toll from Britain's =A31 trillion mountain of
personal debt grew yesterday as the number of people sliding into
bankruptcy soared to a record and tens of thousands more faced the
threat of losing their homes.
Leading accountants joined politicians to sound warnings over the
threat from a "what the hell" culture of "spend now, worry
later" as the number of personal bankruptcies in England and Wales
leapt to 23,251 in the first quarter, the highest number since the
Sixties.
The latest steep increase in numbers of people crumbling under the
weight of their debts marked a 13 per cent rise from the previous three
months, and a 73 per cent increase from the same period a year earlier,
the Department of Trade and Industry (DTI) reported. The first quarter
total eclipsed the previous peak set at the time of the early Nineties
recession.
Concern over the rising numbers of people tempted to sink too deep into
the red to cope was heightened by other figures showing a surge in
court actions by mortgage lenders to repossess homes.
The 33,442 actions in England and Wales over the first quarter was up
29 per cent from a year earlier. Orders for repossessions rose to
22,997, a 57 per cent rise on the same time last year.
"A growing buy-now, pay-later culture has led to seriously high
levels of personal insolvencies," Mike Gerrard, of Grant Thornton,
the accounting group, said. He and other accountants predicted that the
number of personal bankruptcies will top 100,000 this year - with 259
people a day becoming insolvent.
Pat Boyden, of PricewaterhouseCoopers, said."We are paying the price
of a spend-now, worry-later culture. Record personal insolvencies are
the result of a debt culture which has become endemic in the UK."
Already sharp increases in individuals going bust gathered pace in 2004
after the Government reformed the law to make it easier for people to
choose to declare themselves bankrupt under so-called Individual
Voluntary Arrangements (IVAs).
Lee Manning, a partner in Deloitte, the accountants, said:
"Bankruptcy has become a much easier process [and] now typically
lasts only one year.
"Why would a person struggle the pay off a debt mountain when filing
for bankruptcy is much simpler and, in many situations, a much
shorter-term solution."
Amid warnings that potential increases in interest rates this year
might only worsen the problems, concern over the implications for the
economy was compounded by a parallel rise in the number of companies
also going bust, to the highest quarterly figure in nearly three years.
Company insolvencies rose to 3,439 in the first quarter, up 7.6 per
cent from the previous three months, and 17 per cent on a year earlier,
to the largest total since the second quarter of 2003.
The manufacturing and retail sectors appeared to be bearing the brunt
of rapid increases in energy costs and of last year's consumer
slowdown, analysis of the DTI's insolvency figures for 2005 as a
whole suggested.
Malcolm Shierson, a partner in Grant Thornton, said that a further
worrying development was a large rise in the number of companies going
into administration, as opposed to receivership, which tended to apply
mainly to larger businesses.
http://www.housepricecrash.co.uk/forum/index.php?showtopic=3 D29431
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #385059 ] |
So, 07 Mai 2006 00:16 |
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>"Crowley" <crowleyalastair [at] yahoo.co.uk> wrote in message
> >news:1146917656.401589.66180 [at] i40g2000cwc.googlegroups.com...
>"Move along, there's nothing to see here, nothing to worry about" say
>our resident Pollyanna's LOL ..........................
>The Times May 06, 2006
> http://business.timesonline.co.uk/article/0,,16849-2167433,0 0.html
<snip>
For a news article, its not exactly neutral wording :-)
'debt mountain', 'what the hell', 'leapt', 'steep increase', 'crumbling',
etc etc.
In The Times but sounds more like Daily Mail fare.
Though I do note this from near the end;
"Lee Manning, a partner in Deloitte, the accountants, said:
"Bankruptcy has become a much easier process [and] now typically
lasts only one year.
"Why would a person struggle the pay off a debt mountain when filing
for bankruptcy is much simpler and, in many situations, a much
shorter-term solution."
Indeed. So, is it actually the result of a 'steep increase' in the 'debt
mountain', or just the logical action reached by rational people who can
see the opportunity to fleece credit card and loan companies at little
personal consequence to themselves? I suspect much more the latter.
--
Tumbleweed
email replies not necessary but to contact use;
tumbleweednews at hotmail dot com
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #385114 ] |
So, 07 Mai 2006 18:09 |
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Tumbleweed wrote:
>
> Indeed. So, is it actually the result of a 'steep increase' in the 'debt
> mountain', or just the logical action reached by rational people who can
> see the opportunity to fleece credit card and loan companies at little
> personal consequence to themselves? I suspect much more the latter.
....... and I suspect the former though clearly it's some combination of
both ;-)
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #386878 ] |
So, 14 Mai 2006 09:33 |
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Richard Faulkner wrote:
> Asked and answered. It's easier to become bankrupt and be discharged, so
> the figures are bound to rise.
Also pointed out that there is a similar rise in bankrupts in Scotland where
there has to date been no change in bankruptcy law.
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #390149 ] |
Mi, 17 Mai 2006 12:28 |
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Crowley wrote:
> Bankruptcies show dramatic rise
> http://news.bbc.co.uk/1/hi/business/4976180.stm
>
> More than 23,000 people became insolvent in England and Wales during
> the first three months of 2006 - 73% more than in the same period last
> year.
> The figures from the government's Insolvency Service will add weight to
> the view that 2006 could see record levels of personal insolvency.
>
> Experts have blamed the rise in insolvencies on greater personal debt
> and higher unemployment................
Not to be rude, but what happened to all of the impending "housing
crash" posts I used to see? Have you moved on to other things now, or
have I just missed them?
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #390156 ] |
Mi, 17 Mai 2006 14:33 |
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"Bryan Smith" <smithbrya [at] googlemail.com> wrote in message
news:1147861683.180057.171230 [at] g10g2000cwb.googlegroups.com...
>
> Crowley wrote:
>> Bankruptcies show dramatic rise
>> http://news.bbc.co.uk/1/hi/business/4976180.stm
>>
>> More than 23,000 people became insolvent in England and Wales during
>> the first three months of 2006 - 73% more than in the same period last
>> year.
>> The figures from the government's Insolvency Service will add weight to
>> the view that 2006 could see record levels of personal insolvency.
>>
>> Experts have blamed the rise in insolvencies on greater personal debt
>> and higher unemployment................
>
> Not to be rude, but what happened to all of the impending "housing
> crash" posts I used to see? Have you moved on to other things now, or
> have I just missed them?
>
For Gods sake dont encourage him.
--
Tumbleweed
email replies not necessary but to contact use;
tumbleweednews at hotmail dot com
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #390166 ] |
Mi, 17 Mai 2006 22:19 |
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smithbrya [at] googlemail.com (Bryan Smith) wrote:
> what happened to all of the impending "housing
> crash" posts I used to see?
Just because the little boy cried wolf doesn't mean there's no wolf. If
all investment crashes (or, to be more accurate, slides) were entirely
predictable, they wouldn't exist.
Andrew "Lambsy" McP
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| Re: Bankruptcies show dramatic rise : 73% increase on last year. [message #390186 ] |
Do, 18 Mai 2006 12:30 |
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to precipitate a housing crash that you seem to want?
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