Oh Dear™ : Broke Britain - Contractor UK Bulletin Board

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wendigo100 replied

4 August 2006, 08:29
Originally posted by hyperD

"The law was changed in 2004 so people going bankrupt could be discharged - free of their debts - in under a year.

This week Barclays' credit card business Barclaycard announced a 14% drop in profits to £297m as overall charges relating to the writing-off of debts rose by 30%."

Guess who will be paying for that? Get in there quickly...

Another piece of government legislation that wasn't thought through?

You know, I haven't heard much of that New Labour mantra "Joined up thinking" lately!

Before 1999 legislation like this wouldn't get past the House of Lords because they would spot such problems and kick it back.
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hyperD started a topic Oh Dear™ : Broke Britain

4 August 2006, 07:27
Oh Dear™ : Broke Britain

http://news.bbc.co.uk/1/hi/business/5244202.stm

Analysts predict the number of personal insolvencies this year will exceed 100,000 - almost three times the total before a law change two years ago.

This week all the major banks increased their provisions to cover debts that will not be repaid.

The law was changed in 2004 so people going bankrupt could be discharged - free of their debts - in under a year.

Guess who will be paying for that? Get in there quickly...
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