British economy

Tsalagi

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#1
I've been watching a show on Netflix called "You Pay or We'll Take it Away". It's really depressing, with High Court Enforcement evicting folks left and right (because they haven't paid rent for a year, or businesses that are months behind and facing bankruptcy).
The show starts off with scary stats of the great rise in defaults, saying the average debt in Britain is about 6,000 pounds.
Is it really that bad?
 

Vinnie

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#2
Define average debt?
I have a mortgage that is CONSIDERABLY more than £6000 but no other debt to speak of. Since I need somewhere to live and the payments of the secured loan is much less than the payments of rent that I would be making to live here, is this a "debt" or an investment?
secondly, there has been a rise in defaults but that has actually been the law moving more to the simpler bankruptcy processes you see in the US than an increase in debt itself (although there has been an increase in that).
Some companies are "walking zombies" carrying so much debt they cannot get out from under it and now it is worth their whiule closing and starting again while previously they'd have soldiered on.
 

stevent222

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#3
I went to a convertion chart and found out that £6000 sterling equals $8,039.07 U.S. dollars. And I am a man of low means although when married have been in debt for well over $300,000.00 and know that if I don't some how win a lotery I'll never be able to pay that off to the government and other loan companies.
 

Bamber

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#4
From what I have read you are quoting a figure excluding mortgage. Much (about 85%) of this can be blamed on the "buy now, pay later" culture, roughly £4000 consumer credit and £1200 credit card debt.

I was brought up with a background of "if you can't afford it, save for it", but the majority don't seem to have learned that and have been sucked in to the "instant gratification" trap set up by lenders. This is in general not a poverty of underpayment but a poverty of overspending.
 

Tsalagi

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#6
Yes, that's true. The Series 3 season show deadbeats being 12 months or more behind in rent. Then they can fight in the courts, claiming damp, faulty boilers, etc. If the court believes them (because they bring a solicitor to court with them), it can drag on another 3-6 months. If they ignore it, it may take 14 days to get a bailiff or High Court Enforcement officer to take immediate action (which can drag the costs up another thousand pounds.) Then the family can go into county council accommodations until a place is found.
In America, if you miss a couple of months rent, the landlord can take you to small claims court, which will give you a week or two. Then the sheriff comes bu and throws all your crap into the street. Financial judgements can also be assessed.
 

Vinnie

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#7
It is becoming even harder to evict a tennant now. Additionally, if you agree to a lease with no intention of ever paying the rent, this is classed as a strictly civil matter while if you we to fraudulently enter into a contract of sale for somethng you didnot own, that would be criminal.
Bad landlords have made things difficult for the good ones.
 

Tsalagi

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#8
True. There are slumlords that divide a 3 bedroom house into 6/8 bedsits. And tenants that sublet 9-12 individuals into a place with so much squalor that no self-respecting person would be willing to occupy. But there are plenty of Eastern Europeans, Mid-Eastern and African who will camp out. And all Jeremy Corbin and the Labour Party scream is to build more council houses.
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Tsalagi

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#9
More than 1 million families are stuck on waiting lists for social housing in England as the number of council homes in Britain slumps to a record low.

Figures from the housing and homelessness charity Shelter show that a total of 1.15 million households were on waiting lists last year, with only 290,000 homes made available, leaving a national shortfall of more than 800,000 homes.

Almost two-thirds (65%) of families had been on lists for more than a year, while 27% had been waiting for more than five years.

Six London authorities were among the top 10 councils with the biggest shortfall, with areas including Brighton, Blackpool and Strood in Kent also struggling.

In Newham, east London, 25,729 households were on the waiting list last year, with only 588 social homes available. In Brighton and Hove there were 24,392 families on lists, and 949 homes available.
 

Tsalagi

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#10
Britain, along with the G-7 countries are complaining about the spigot being turned off.
After WWII, we created the Marshall Plan. It was an American initiative to aid Western Europe, in which the United States gave over $13 billion ($130 billion in today's rate)in economic assistance to help rebuild Western European economies after the end of World War II. The plan was in operation for four years beginning on April 3, 1948. The goals of the United States were to rebuild war-torn regions, remove trade barriers, modernize industry, improve European prosperity, and prevent the spread of Communism. The money was never repaid, but continued to be given out for the past 70 years. Pull up your big girl panties, Merkle, May, and Trudeaux, and stand on your own high heels.
 

stevent222

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#11
A year?! We evict if rent is 3 weeks overdue.
I have 5 days to pay the rent from the 1st. of each month if late everyday after that it's $20.00 freaking dollars a day. I haven't been late once thank goodness but if anything happened go my check I'd be out of here in less then a week on the streets. And yes already live in a govenment housing so it they don't give a ratsass any other business owner wouldn't either.
 

Vinnie

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#12
Britain, along with the G-7 countries are complaining about the spigot being turned off.
After WWII, we created the Marshall Plan. It was an American initiative to aid Western Europe, in which the United States gave over $13 billion ($130 billion in today's rate)in economic assistance to help rebuild Western European economies after the end of World War II. The plan was in operation for four years beginning on April 3, 1948. The goals of the United States were to rebuild war-torn regions, remove trade barriers, modernize industry, improve European prosperity, and prevent the spread of Communism. The money was never repaid, but continued to be given out for the past 70 years. Pull up your big girl panties, Merkle, May, and Trudeaux, and stand on your own high heels.
The UK repaid the monies advanced to us during and after WW2 although itvtool until about 1980.