http://news.bbc.co.uk/1/hi/business/5009510.stm

We have the banks slack lending policies and Labour's example of "spend today, **** tomorrow" attitude to thank for the situation

What really takes the pis$ is we have idiots borrowing huge amounts to spend on cars and holidays - then they cant repay the debts, so get declared bankrupt, and 1year later the fun starts again - basically at the expense of us who dont borrow money

Time for a big clamp down on lending IMO - Im sure if i went around the banks today I could probably borrow well over £100k unsecured, and something silly like 5xincome for a mortgage

 

Ooooh I can't wait to hear Pete's reply, you've slated HIS party LOL

I think the low interest rate over the past 4 or so years has encouraged borrowing as it was seriously cheap, and as a result everyone (I say everyone but I mean a lot of people ) has their mortgages maxed and owe hundreds if not thousands on credit cards. No one seems to be spending on the high street, and it looks very much to me as though we are in a Recession in all but name.
Time for a change of government I think, but they all seem to be idiots at the mo.

Just my tuppence anyway.

Dan.

 

What would happen if you took out loans/credit cards out to the value of say 150k then declared yourself bankrupt? and fooked off to another country

 

Shhhh - that's my retirement plan, but it'll be for a damn sight more than £150K - that's only 10-15 run of the mill credit cards worth.

 

Its almost certain that we will be in a recession sooner or later, and it will be nasty.

Its clear things cant continue the way they are going - but its the same in a lot of other Western countries - debt levels have just gone off the scale, fuelled partly buy property booms.

Interest rates are set to go up, and even while theyre near record lows we have record numbers going bankrupt!!

 

Nothing to do with it now being easier to declare yourself bankcrupt then?

 

Yeah but look at the point I was making earlier - everything is now set about helping those idiots who borrowed more than they could ever repay!!!

You could almost borrow £200k, launder the money - go bankrupt, and 1year later youre back at square 1 pretty much. Do that a few times whilst working on the side and you'd be sorted.

They seriously need to clamp down on lending, not just make it easier to walk away from debts

 

I don't imagine that PSL will reply since we all know that all he can tell us is the opposite of what the Government is actually doing.

This business of going bankrupt for about £450 is a disgrace. It only takes two years to be cleared as well.

It actually amounts to legalised theft!

Les

 

Why is it Labours fault, this lot was all brewing years ago, when I was younger (19) I got a loan, I was so overcome I muffed my acceptance speech, it was so difficult back then, and I was earning good money, nowadays you get 12 grand a year call centre workers driving brand new cars and living a 30 grand lifestyle.

 

How do you work that out then? If a person declares themselves bankrupt, the companies they owe money to get to fight over his belongings, thus recouping *some* of the money owed, the rest they write off.

Now this may or may not affect that particular company's lending policy and they may increase the interest rate to cover this cost, but if you don't borrow money it won't affect you in the slightest.

A very odd comment, IMHO.

 

Scoobysport: debts £100k, assets £20k.

So where does the written off money come from? If the bank writes it off then I get less interest on my current account, so it does affect me even if I don't borrow.

 

Should come out of shareholder profits not interest rates

 

Bring it on. I've already retired and live off interest payments on my savings.

I'll be waiting to buy up a few properties when the axe falls.

 

I totally agree that the lending attitudes should be changed and the whole system should be better regulated. Every morning there are half a dozen ads for credit cards, remortgages or loans in the mail.

Pre-approved this, pre-approved that. Every magazine and newspaper you pick up is full of inserts and page ads. Let alone the internet and television. I know several people who have got into plenty of mess with a card too many.

The worst case is the consolodation loan. They actively appeal to people who can't manage their finances, knowing full well when the loan is used to clear credit card debt, the credit cards will no doubt be run up again sooner rather than later.

Buyer beware and personal responsibilty is obviously the main thing, but I think it should be much harder to acquire several thousand pounds from several different sources at once. Being that heavily in debt cannot be pleasant.

 

LOL not again.......

 

Mine too

 

Which is more likely in the scenario below?

Bad debt magicaly disappears and even chavs on the dole never miss a payment. Do the banks:

a) pay more interest on current accounts?

b) give the chief exec a bigger bonus and pay a larger dividend to the shareholders?

If you hold shares in a bank, then I'll concede that you're perhaps getting a lower yeild on your stock.

 

You have shown yourself to know diddly-squat about the banking industry and even less about politics. Why not stick to subjects you actually know something about rather than making a complete tool of yourself starting threads like this one?

I for one would love to hear about your new 'Bob The Builder' DVD!

 

 

45

 

Your lucky...I had a £400 Renualt 5 at 17. I had to get a saturday job to pay for/insure/mot/tax etc etc.

 

Did you really NEED a CTR as such a young age? Why not just wait a little longer so that you could afford to run something either cheaper or better later. Whilst reliable, Honda servicing isn't cheap

 

I bought a MKV 1.8 XR3i when I was 18
Damn thing nearly put me into debt from its shoddy reliability

 

14

 

Err, because you're in 14k of debt!?

 

LOL...................

 

Saxperience,

How very responsible of you not to intend to pay your dad back. You really ought to be ashamed to take advantage of his generosity like that.

Les

 

I'm sure his dad knew full well he wasn't getting that money back. Just wait 'till he asks for some more - there will be apoint when he'll tell him to bog off

Or maybe he's one of those fathers who holds their sibling to ransom by conditionally sugar coating love with money? Fine, as long as he stay on the right side of him

I had experienced the latter, but with a twist...nothing annoyed them more than refusing their "conditional" money and paying everything yourself and "still" keeping on top of personal finances

 

Quite an adult view on the world there, saxperience, you are mature and wise beyond your years.

P.S Can I bring my washing round for you Mum to do? I'm sick of doing it! Cheers!

 

i will be compleatly debt free in 2 years