RBS Nationalised?
Just been hearing that RBS have posted a loss of 2.2 billion and that they are 84% owned by us, the tax payer. I call this pretty much Nationalisation don't you and confirmation that we are not out of the woods yet with the banks, that old spinning top is coming back again.
Personal insolvencies hit record levels in the UK
Disappointed that the BBC only gave 13 seconds to the news released today from the Insolvency Service on the number of consumers going insolvent.
Let's get it in perspective, for UK personal insolvencies, combined bankruptcies and Individual Voluntary Arrangements (IVAs) these are the highest since records began in 1960, worth more than 13 seconds in my book. They also never covered the number companies going bust either! Got to be a first for the BBC.
Unfortunately someone felt it was important to do a two and a bit minutes on the 40th birthday of Sesame Street. I know what I find more interesting, come don’t tell me you would prefer this?
I'm forecasting for 2010 personal insolvencies to peak at around 200,000, which dwarfs the forecast for the preceding year. At the moment I am still on target for my estimate of 130,000 for this year, we are at 98,568.
I believe these figures would have been even higher had the consumer been made aware that as from April 6th this year the Insolvency Service removed the mandatory requirement to advertise someone’s bankruptcy in the local paper. This massive change in policy which has received little media attention could impact on future insolvency figures as it is common knowledge that many consumers have put off going bankrupt for fear of having their name and address inserted in the local paper.
Some will argue that we need to have publicity in all cases of bankruptcy and that this change of policy is making it too easy for those in debt. I disagree as I see some of the pain and suffering of those who have lost control and the ability to repay. Instead they are plagued by debt collectors and harassed to pay monies they do not have, they become ill, depressed and often turn to alcohol, crime or gambling.
One wonders whether if it is some of those that can pay their debts who are the ones having a problem in accepting that the stigma of bankruptcy is fast disappearing and that a different view of those that need to go bankrupt will be taken in future.
You can find more on the figures in my article Personal insolvencies rise to record levels.
See the updated list of Insolvency figures since 1960.
More on the no longer advertising bankruptcy.
