Insolvencies set to hit historic highs

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Here we go again, yet more people going to the wall, yet paradoxically the government and the BoE want people to borrow more with their cheap credit/QE policies to stimulate the [STRIKE]government's re-election[/STRIKE] oops.... I meant recovery.

I wonder when the powers that be are going to realise that the people who they are trying to coax in at the bottom of the pyramid have hit their borrowing limits ? I thought this would have been apparent when the banking crisis came to light, it seems not though.

Insolvency experts Tenon Recovery believe the number of solvencies between April and June - due to be published at 9.30am - could hit 30,000 for the first time since the Insolvency Service started recording figures in 1960. Just over 29,700 people became insolvent in the first three months of this year, up from approximately 25,000 over the same period in 2008.

Tenon expects the overall figures for 2009 to balloon to an unprecedented 125,000, double the number four years ago and dramatically higher than the approximate 29,000 insolvencies in 2000.

The last bit is interesting, as in 2000 interest rates in general were higher than they are now, yet insolvencies are set to increase 4 fold, any idea why the year 2000 was low compared to now ??, oh yes, that would have been before the unsustainable HPI started.

http://www.thisismoney.co.uk/news/article.html?in_article_id=489318&in_page_id=2&ct=5

Really2

I think the main reason for this is other than massive debt is that it is easier than ever.

Going bust used to hold a massive stigma to it now it just seems to be the thing to do if you are in too deep.

The other reason would be job losses, unemployment is higher than 2000 and rising. Anyone without a job and debts could be a victim of insolvency.

Graham_Devon

Really, sit down.

I agree with you. Well I agree with you both.

Bankruptcy lite is here now, all the money gone, none of the hassle. The government keeps making it easier as a political gesture to the nation. Only one look on the bankrupcy board here shows people reccomending bankrupcy, and you need some balls to say anything negative about bankrupcy on that board I can tell yer, as I been there, done it. Even got a congratulations on HPC at the time. Funnily enough, didnt get so much of a congrats here!! Was set on by about 20 posters and told to shutup, amongst other nicities!

Really2

Graham_Devon wrote: »

Really, sit down.
I agree with you

I feel faint, can you get me some water_pale_.:D

Graham_Devon wrote: »

Even got a congratulations on HPC at the time. Funnily enough, didnt get so much of a congrats here!! Was set on by about 20 posters and told to shutup, amongst other nicities!

To be fair bulls arn't allowed to post on HPC so the chances are everyone will give you a doom filled hug on there:)

Graham_Devon

Really2 wrote: »

I feel faint, can you get me some water_pale_.:D



To be fair bulls arn't allowed to post on HPC so the chances are everyone will give you a doom filled hug on there:)

I'd like to know your idea of a hug if you think you get them on HPC!

And no, it's not an offer

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Graham_Devon wrote: »

Really, sit down.

I agree with you. Well I agree with you both.

Bankruptcy lite is here now, all the money gone, none of the hassle. The government keeps making it easier as a political gesture to the nation. Only one look on the bankrupcy board here shows people reccomending bankrupcy, and you need some balls to say anything negative about bankrupcy on that board I can tell yer, as I been there, done it. Even got a congratulations on HPC at the time. Funnily enough, didnt get so much of a congrats here!! Was set on by about 20 posters and told to shutup!

Agreed, I've tried it and got banged over the head by

bankruptmummy,
mummyof4indebt,
Pregnantandbankrupt,
skintmummyof10

etc......... get my drift.:D.

Bankruptcy should have much more serious connotations attached to it, yet the government don't care, just let the banks take the losses, then we, the taxpayer will bail the banks out, simple.

What they are actually doing is stealing your salary and handing it to these idiots.

Really2

Graham_Devon wrote: »

I'd like to know your idea of a hug if you think you get them on HPC!

The one where they kick you in the balls and whip your wallet at the same time:)

But buy hug I mean agreement and nodding of heads as their is no opposition. A bit like parliment where only on party turns up and debates:)

Graham_Devon

I'm starting to lose your drift now really, and I think maybe you are too.

Anyway, your hints have been noted and I know you been angling for a longgggg long time. It's a lovely sunny morning and the mood is good...

:grouphug:

Ahh sod it, seeing the smile on yer face has made me all gooey inside.

:kisses3:

Really2

Graham_Devon wrote: »

I'm starting to lose your drift now really, and I think maybe you are too.

Anyway, your hints have been noted and I know you been angling for a longgggg long time. It's a lovely sunny morning and the mood is good...

:grouphug:

Ahh sod it, seeing the smile on yer face has made me all gooey inside.

:kisses3:

Nice, but also slightly unnerving at the same time:)

Alan_M_2

ad9898 wrote: »

Agreed, I've tried it and got banged over the head by

bankruptmummy,
mummyof4indebt,
Pregnantandbankrupt,
skintmummyof10

etc......... get my drift.:D.

Bankruptcy should have much more serious connotations attached to it, yet the government don't care, just let the banks take the losses, then we, the taxpayer will bail the banks out, simple.

What they are actually doing is stealing your salary and handing it to these idiots.

What system would you suggest as a replacement?

I'm a discharged bankrupt, it isn't an easy way out and does carry a stigma.

I'd like to see the system categorised, at least broken down to personal and business and maybe fault or non fault bankruptcy....

But I simply don't see an alternative to the principal of the system.

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Alan_M wrote: »

What system would you suggest as a replacement?

I'm a discharged bankrupt, it isn't an easy way out and does carry a stigma.

I'd like to see the system categorised, at least broken down to personal and business and maybe fault or non fault bankruptcy....

But I simply don't see an alternative to the principal of the system.

I agree with the part I've highlighted, business banruptcy should be treated differently.....fairer if you like, many of these people are trying to do good, so would be unfair to penalise them too heavily.

On the otherhand, these 'shop till you drop bankruptcies' that you see on the DFW board, should never be discharged, any future earnings and benefits should be chased to pay back the debt. If you can't afford to buy something, don't buy it, it's really not that hard of a concept.