So having seen the crunch biting some time ago we're now seeing it starting to filter through to the sharp end.
The number of creditors who have now sought a "Charging Order" has risen dramatically.
131,644 orders were made in 2007, that's a 42% rise on the previous year.
This is a fairly dramatic rise and a clear sign that savvy creditors are getting wise to over burdened debtors and taking steps to secure the debt after judgment.
Even more alarming is that the growth in Charging Orders in the last two years is now very close to 100%.
If you are owed money, you need to get ahead of the crowd or get left behind. Debt is building and it affects everyone who grants any form of credit.
Monday, 28 April 2008
Tuesday, 1 April 2008
Enforce and Charge
Just to demonstrate how enforcement of debts is a great indicator as to the mood of the nation's credit managers (and their commitment to making sure they get paid, I pulled some stats from the Council of Mortgage Lenders website today.
As disposable income is harder to get your hands on and court judgments become more difficult to get paid quickly, smart claimants get their lawyers on to enforce their judgments by charging order, like a mortgage securing a debt.
Take a look at how the orders granted statistic has grown over the last seven years and answers on a postcard what the 2008 figure might be !
Year Applications Made Orders Granted
2000 15,593 9,207
2001 21,502 15,280
2002 30,358 21,171
2003 34,648 24,796
2004 45,191 32,953
2005 65,305 48,812
2006 92,511 66,473
2007 131,644 97,017
Make sure you get those judgments secured for long term payment (which incidentally makes you a secured creditor if the debtor becomes insolvent).
Talk to BACK inContact today about getting your old judgments reviewed, it may just pay off.
As disposable income is harder to get your hands on and court judgments become more difficult to get paid quickly, smart claimants get their lawyers on to enforce their judgments by charging order, like a mortgage securing a debt.
Take a look at how the orders granted statistic has grown over the last seven years and answers on a postcard what the 2008 figure might be !
Year Applications Made Orders Granted
2000 15,593 9,207
2001 21,502 15,280
2002 30,358 21,171
2003 34,648 24,796
2004 45,191 32,953
2005 65,305 48,812
2006 92,511 66,473
2007 131,644 97,017
Make sure you get those judgments secured for long term payment (which incidentally makes you a secured creditor if the debtor becomes insolvent).
Talk to BACK inContact today about getting your old judgments reviewed, it may just pay off.
Repossessions on the way back ?
I see that the housing charity Shelter have said that their figures showed that the number of borrowers in financial difficulty has grown by an incredible 700% !
The FSA (Financial Services Authority) is also saying that home repossessions are likely to rise across the UK by 50% in 2008.
More stats, more trends all showing the credit crunch is getting closer to the average man in the street or local business every day.
The FSA (Financial Services Authority) is also saying that home repossessions are likely to rise across the UK by 50% in 2008.
More stats, more trends all showing the credit crunch is getting closer to the average man in the street or local business every day.
Bankruptcies Heading Up
New figures have shown that the number of people becoming bankrupt in Wales has doubled in six years.
Apparently, in the year 2000 just over 1,000 bankruptcy orders were made in Wales.
Figures up to the end of 2006 show that there have been in excess of 2,000 bankruptcies.
The Welsh Centre for Credit Counselling has seen debt inquiries grown from 1,000 a year to 6,000 in 2007.
If this trend continues across the UK standby for trouble. Remember, he who shouts loudest gets paid first, take action, NOW.
Apparently, in the year 2000 just over 1,000 bankruptcy orders were made in Wales.
Figures up to the end of 2006 show that there have been in excess of 2,000 bankruptcies.
The Welsh Centre for Credit Counselling has seen debt inquiries grown from 1,000 a year to 6,000 in 2007.
If this trend continues across the UK standby for trouble. Remember, he who shouts loudest gets paid first, take action, NOW.
UBS sub-prime writedown.....again
You might remeber reading thatUBS had warned that 2008 would be a tough year.
Well today they said that their writedowns due to sub-prime have rocketed to £18.5bn, wow.
This has to be about the biggest write off by any bank since this whole credit crunch started.
Surpise surpise UBS also said that the chairman and former CEO Marcel Ospel would not be seeking re-appointment.
So this works out as almost $19bn of write offs on top of the $18.4bn it wrote off in 2007, as the value of its assets has plummeted.
They are now trying to raise 15bn Swiss francsby issuing new shares.
Well today they said that their writedowns due to sub-prime have rocketed to £18.5bn, wow.
This has to be about the biggest write off by any bank since this whole credit crunch started.
Surpise surpise UBS also said that the chairman and former CEO Marcel Ospel would not be seeking re-appointment.
So this works out as almost $19bn of write offs on top of the $18.4bn it wrote off in 2007, as the value of its assets has plummeted.
They are now trying to raise 15bn Swiss francsby issuing new shares.
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