is it that big a deal when you can be discharged from bankruptcy after 12 months?
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Debt Facts and Figures - Compiled 3rd October 2005"
Collapse
-
Lads,
you need to take a leaf out of mine and MF's book and focus on setting up
a plan b.
Milan.
Leave a comment:
-
Originally posted by wendigo100I wouldn't be surprised. If I sold my home at last year's prices I'd be most of the way to a decent retirement fund, but (a) I like my home, and (b) where would I live?
Without it, I've got a long way to go.
Ker-ching.
Leave a comment:
-
Originally posted by Lucifer BoxMind you, I expect this is on the assumption that they all sell their properties and sub-let a room in AtW's house.
Without it, I've got a long way to go.
Leave a comment:
-
Clearly the only answer is to increase taxes and introduce some new laws. It's only fair you know.
Leave a comment:
-
Originally posted by Rebecca LoosIs that all? Is it a lot?
Maybe it is, but we'd have to compare it to other countries etc... usual stuff about figures not meaning very much unless you put them in context...
Our economy is kept in balance by people going further into debt to buy stuff. You don't need to compare the UK with other countries to know that this is an unsustainable situation - it is like eating yourself to stay alive, or using wood from the hull of your boat to keep repairing the deck.
Leave a comment:
-
Fewer than one in 10 people over the age of 50 will suffer an impoverished old age, the Institute for Fiscal Studies (IFS) has said in a report.
The research body looked at the likely retirement income of people over 50 but below the state pension age.
It took into account state and private pensions as well as money tied up in property and any likely inheritance.
The group concluded 9.8% of people would have an inadequate income in retirement.
Leave a comment:
-
Originally posted by Lucifer BoxBut as The Economist said a few weeks ago, as this is secured against approximately £3 trillion worth of assets this is not a macroeconomic problem.
People are already not saving enough for retirement, but instead of saving more, people appear to be doing the opposite and getting into more debt. This can only make the pensions issue worse, and for millions, a lot worse.
Leave a comment:
-
Average household debt in the UK is approximately £7,713 (excluding mortgages) and £45,437 including mortgages.
Maybe it is, but we'd have to compare it to other countries etc... usual stuff about figures not meaning very much unless you put them in context...
Leave a comment:
-
Total UK personal debt broke through the £1.1 trillion barrier (£1,100,000,000,000) in June 2005. This is 11 months since it broke through the £1 trillion barrier in July 2004.
Of course, if a recession wipes out large chunks of the value of those assets...
Leave a comment:
-
Debt Facts and Figures - Compiled 3rd October 2005
http://www.creditaction.org.uk/debtstats.htm
cripes....
Total UK personal debt broke through the £1.1 trillion barrier (£1,100,000,000,000) in June 2005. This is 11 months since it broke through the £1 trillion barrier in July 2004.
Britain's personal debt is increasing by £1 million every four minutes.
At the end of August 2005 the total UK personal debt was £1,122bn. The growth rate remains strong at 10.5% for the previous 12 months. 2004 saw the largest single-year increase in debt (£116bn) since the Bank of England was founded in 1694.
Total secured lending on homes in August 2005 was £931.8bn.
Total consumer credit lending to individuals in August 2005 was £190.5bn.
Total lending in August 2005 grew by £8.9bn. Secured lending grew by £7.6bn in the month and consumer credit lending grew by £1.3bn in the month.
Average household debt in the UK is approximately £7,713 (excluding mortgages) and £45,437 including mortgages.
Average owed by every man, woman and child in the UK is approximately £18,757 (including mortgages).
Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,087 per average UK adult at the end of August 2005. This figure translates into a 10% increase on the previous year's levels and a 45% increase since 2000.
The rapid increase in households’ borrowing has raised total debt to close to 150% of annualised aggregate post-tax income according to the Bank of England. They predict debt may continue to increase more rapidly than income over the next few years.
Since the turn of the century in just over 5.5 years (based on figures available at 1st October 2005):
Total UK personal debt has increased by £513bn (84%) from £609bn to £1,122bn
Total secured lending on homes has increased by £438bn (89%) from £494bn to £932bn
Total consumer credit lending has increased by £76bn (66%) from £115bn to £191bn
Total credit card debt has increased by £24.2bn (76%) from £32bn to £56.2bn
Base Rate has decreased by 1.5% from 5.5% to its current rate of 4.5%
Average house price has increased by £89,867 (93%) from £96,340 to £186,207
Average earnings have increased by £5,077 (28.5%) from £17,803 to £22,880
Milan.Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: