Neil Morrisey in Millions of £'s of debt due to Property Investment Collapse!!

Gorgeous_George

Harry_Powell wrote: »

...It bought pubs and hotels around the country including Brown's Hotel in Laugharne, where Welsh poet Dylan Thomas was a regular....

Why would anybody buy a pub where the regulars' dead?

GG

LydiaJ

LydiaJ wrote: »

I'm not advocating non-judgementalism in a moral-vacuum sort of way. I'm advocating non-attacking and non-condemning, especially in support environments.

<snip>

The non-condemning thing (to my mind) is about giving myself a better chance of getting through to you - which is the only thing I can do if I am talking to you on an internet forum (or indeed face to face). None of it is inconsistent with trying to change the situation by other means - like changing the bankruptcy rules so that it's harder to go bankrupt or more unpleasant when you do, or reporting you if you're commiting fraud, or whatever. The prison/chimneysweep reformers wouldn't have achieved anything by going on chimneysweep support forums and typing in messages telling the sweeps how wrong they were.

wageslave wrote: »

I agree with your entire post except [the final sentence].
Slum landlords and mill owners weren't brought to a realisation of their responsibilities by wheedling and cozening. They were forced to do the right thing by society and the rule of law.

But what you've just put is in agreement with what I was trying to say. You can use constructive persuasion on the people who will listen. You can use the law to force the ones that don't want to listen (if necessary by changing the law). You achieve nothing by going into a support forum and berating people.

ffacoffipawb

Harry_Powell wrote: »

http://entertainment.uk.msn.com/tv/news/Article.aspx?cp-documentid=149204228&GT1=61503&ocid=today

"Men Behaving Badly star Neil Morrissey is millions of pounds in debt after a property scheme he invested in collapsed, it has been reported.
The actor, who lives in Crouch End, north London, said he lost £2.5 million after investing in a string of hotels and pubs. He told the News of the World he would not file for bankruptcy and intended to pay his creditors in full.He said: "People advise you to take the easy route - it'll only last a year and you'll be back up and running. But I just thought there are too many good people who've lost their money on these deals, and I wanted to repay them as much as I possibly could. "I feel morally obliged. Afterwards I'll feel better about myself. Now I'm working very, very hard. Every second out there to earn another penny. I don't sit around and get depressed about things. It's not my character."

Morrissey, who provided some of the voices in the children's television show Bob the Builder, set up a property company five years ago. It bought pubs and hotels around the country including Brown's Hotel in Laugharne, where Welsh poet Dylan Thomas was a regular. The company overstretched itself and collapsed, forcing Morrissey's business partner into bankruptcy. But Morrissey has made an independent voluntary arrangement which means that all his earnings, minus his living costs, will go to his creditors for more than three years."

Let's all try to remember folks that property values only ever go up and property investments are sure things and as 'safe as houses'. :rolleyes:

Nice to see someone taking responsibility for their debts though. Good on him!

Pobby

I am surprised at some of the generalisations posted by some of the members here who otherwise I quite respect. Yes some people do very rash things with money. However many set out to do something perfectly normal and it all goes pear shape.

The last 10 years or so have had a dreamlike quality to them or perhaps I should have said nightmare. Some have done OK out of the housing bubble, some now in NE and a lot like me who just quietly sat back and thought what the heck is going on. Also I was not the only one in my circle of friends that said years ago that there would be tears before bedtime.

Oh how I laughed at the " it`s different this time brigade" nearly 10 years ago. Oh how the bulls justified that the house price inflation was all to do with housing shortages, immigration, " affordability " and the fact that buying Lidls budget range sausages freed up so much cash that 6 times income was very doable.

The ones that do stand out were the " they won`t let it happen " merchants. By " they " I presume the government not letting the housing market get into the peril that it is today.

Now hand on heart guys, how easy would it have been to get sucked into the whole shanningans? How difficult it would have been to come out of this unscathed? For my own part it has affected both my investments and also I am earning nowt on my savings.
Be a little sympathetic and don`t tar everyone with the same brush.

SingleSue

bendix wrote: »

Nasty pieces of work, unite, wageslave.

But not too loudly. It's not fashionable. If you work hard, pay your taxes, live within your means, don't rely on the state to pay your way and save prudently for the future you're in a minority in MSE and, of course, in modern society generally.

And if you're all of the above and DARE to question the integrity / maturity / responsibility of those who don't do the above you're painted as intolerant, bigoted and (in one recent thread, would you believe) snooty.

SNOOTY? Snooty for living within my means and wondering why others can't do it. Amazing!

We lived within our means but even we came close to being BR due to the last recession, losing our home (through very weird circumstances, nothing at all to do with being !!!!less - we never even had credit cards or loans!) and having a huge shortfall in purchase price to sale price.

We didn't go BR despite being advised to but we had years of hell including breakdowns, huge stress on the marriage and basically struggling to put food in our mouths so as to pay the shortfall back.

Hence my sympathy with a fair few who have to go through the process, it was an awful, awful time and we (I) very nearly didn't make it through due to the stress.

Pobby

Well Sue, I for one are glad you did make it through. Always like your strength and your posts!

Ditto

Gorgeous_George wrote: »

Why would anybody buy a pub where the regulars' dead?

GG

'cos he's dead, he haunts the place which means he's a regular. Plus he drinks spirits which go down quicker down than pints hence he spends more...

b0rker

Lets just hope that these bankrupts who are congratulating themselves on how well they have screwed the system find it very difficult to get credit again for a very long time.

The difficulties that more reliable people are having in getting credit at the moment suggests that this will certainly be the case for the foreseeable future at least.

JCS1

I used to work for the Insolvency Service, interviewing bankrupts. The vast majority of personal bankruptcies are due to a reduction of household income due to ill health, relationship breakdown or redundancy. People took out the credit whilst they could afford the repayments, and without a crystal ball they could not forsee what would happen.

Yes, there are people who abuse the system, and the system to deal with imisconduct is Bankruptcy Restriction Orders which can extend the restrictions of Bankruptcy for up to 15 years. There are also Director Disqualifictions that can be applied

The system may not be perfect, but it is designed to give people a 2nd chance.

thegoodlife

b0rker wrote: »

Lets just hope that these bankrupts who are congratulating themselves on how well they have screwed the system find it very difficult to get credit again for a very long time.

The difficulties that more reliable people are having in getting credit at the moment suggests that this will certainly be the case for the foreseeable future at least.

Well I am bankrupt in the morning! I certainly am not congratulating myself, and have not screwed the system ,in fact I feel that I have been screwed, I have paid back my debt twice over and still they want more!
And I hope you are right about it being difficult to get credit because I wont EVER let anyone talk me into borrowing ever again!
If myself going bankrupt stops the banks selling and I mean selling because it is a pitch! certainly in my case to people and gaining huge profits at the expence of the customer then at least something can become of my misery , you have a very narrow minded view, you dont happen to have had shares in the banks do you!