IVA's jump to new high - banks pleas fall on deaf ears

sanfrancisco

How can this go on? Your right, how come this isn't all over the newspapers? Can we work out a number of people comparison? 1/200 people have gone insolvent in last 3 years, compared to 1/1000 4 years ago. Well done.

Its interesting that insolvencies only went up, AFTER the last house price crash (1989), whereas now they are skyrocketing when house prices ar still booming. All is certainly not rosy.

Pobby

That graph!!!!!!!!!!!!!!!!Wow!Thought they said they put an end to boom and bust!----lol

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lol

libitina_2

Well, we've had the boom, looks like the bust has already started doesn't it?

Pobby

Scares the life out of me what is going on!!!!!!!!!!!!!

Rgc_3

I ve been saying for the last couple of years that when the next recession comes its going to be the mother of them all.....credit has become simply too easy to get these days which is buoying up the high street but when you think of loads of people on here for exmple focusing so strongly on clearing their debts or setting up iva s or going bankrupt i think very few of us will return to borrowed spending when we are in the clear....i reckon eventually high street spending will slow down dramatically and that will be the start of the recession(shops close etc and the cycle builds up momentum).....................or is it possibly more accurate to call it a massive correction in the economy...but thats a different thread!

as for whos to blame???banks gave us the dosh and we took it so we all are i guess

Big_O

'Its interesting that insolvencies only went up, AFTER the last house price crash (1989), whereas now they are skyrocketing when house prices ar still booming. All is certainly not rosy.'

I'm guessing the majority of the current insolvencies are to unsecured loans etc rather than mortgage defaults (which I assume was what they were in the early 90s)? Any ideas anyone?

And when exactly did the government change the laws regarding emerging from bankruptcy I remember someone on here mentioning the other day? I would guess easier, low-consequence insolvency would be a factor in increasing the trend.

But I'm glad the government told the banks where to get off. They ought to be big and clever enough to know who's good to lend to or not on their own.

ZTD

Big_O wrote:

But I'm glad the government told the banks where to get off. They ought to be big and clever enough to know who's good to lend to or not on their own.

They want the profits, but for the gov to legislate away the losses.

libitina_2

ZTD wrote:

They want the profits, but for the gov to legislate away the losses.

The words 'cake' and 'eat it' spring to mind. For both parties mind....