Credit Crunch - Revision history

WikiSysop at 12:21, 28 November 2008

2008-11-28T12:21:58Z

85.8.189.160 at 12:04, 26 November 2008

2008-11-26T12:04:16Z

85.8.189.160 at 11:50, 26 November 2008

2008-11-26T11:50:41Z

85.8.189.160 at 11:47, 26 November 2008

2008-11-26T11:47:15Z

85.8.189.160 at 11:46, 26 November 2008

2008-11-26T11:46:41Z

85.8.189.160 at 11:41, 26 November 2008

2008-11-26T11:41:45Z

85.8.189.160 at 11:41, 26 November 2008

2008-11-26T11:41:15Z

85.8.189.160 at 11:40, 26 November 2008

2008-11-26T11:40:44Z

85.8.189.160 at 11:40, 26 November 2008

2008-11-26T11:40:24Z

85.8.189.160 at 11:37, 26 November 2008

2008-11-26T11:37:31Z

New page

'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. According to wikipedia, "a person holding negative equity is said to be upside down." This is leading to a great increase in bankruptcy and repossession.

← Older revision		Revision as of 12:21, 28 November 2008
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	* You may be publicly examined in court.		* You may be publicly examined in court.
	If you are bankrupt it can be very difficult to buy/own your own home again. If you are still young you should avoid bankruptcy but if you are older there may be advantages to declaring bankruptcy as it can help give you peace of mind for a while and it will settle all your debts.		If you are bankrupt it can be very difficult to buy/own your own home again. If you are still young you should avoid bankruptcy but if you are older there may be advantages to declaring bankruptcy as it can help give you peace of mind for a while and it will settle all your debts.
		+
		+
		+	== Investment ==
		+
		+	www.moneyextra.com Research

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 == FRIGHTFUL THINGS ==
-'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.
+'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortgage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.
 '''Bankruptcy''' can free you from overwhelming debts so you can make a fresh start, but:

← Older revision		Revision as of 11:50, 26 November 2008
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	'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.		'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.

−	If you are bankrupt you can ~~never own~~ a ~~house again~~.	+	'''Bankruptcy''' can free you from overwhelming debts so you can make a fresh start, but:
		+	* You lose control of your assets.
		+	* You cannot obtain credit for over £250 without the permission from the lender.
		+	* You cannot act as a company director.
		+	* You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
		+	* You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
		+	* You may not practice as a Charted Accountant / Lawyer.
		+	* You may not act as a Justice of the peace (JP).
		+	* You may not become an member of parliament.
		+	* You may not become a member of the local authority.
		+	* Your credit is affected for many years after the annulment.
		+	* You may be publicly examined in court.
		+	If you are bankrupt it can be very difficult to buy/own your own home again. If you are still young you should avoid bankruptcy but if you are older there may be advantages to declaring bankruptcy as it can help give you peace of mind for a while and it will settle all your debts.

← Older revision		Revision as of 11:47, 26 November 2008
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	'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.		'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.
		+
		+	If you are bankrupt you can never own a house again.

← Older revision		Revision as of 11:46, 26 November 2008
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−	== ~~WHAT IS SO BAD ABOUT THE KREDIT KRUNCH?~~ ==	+	== FRIGHTFUL THINGS ==

	'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.		'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.

← Older revision		Revision as of 11:41, 26 November 2008
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	== WHAT IS SO BAD ABOUT THE KREDIT KRUNCH? ==		== WHAT IS SO BAD ABOUT THE KREDIT KRUNCH? ==

−	'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. ~~This~~ often leads to bankruptcy and house repossession.	+	'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase (as result of property price crash/subprime crisis), the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. He permanently loses the difference between the two prices, and this often leads to bankruptcy and house repossession.

← Older revision		Revision as of 11:40, 26 November 2008
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−	~~'''~~WHAT IS SO BAD ABOUT THE KREDIT KRUNCH?~~'''~~	+	== WHAT IS SO BAD ABOUT THE KREDIT KRUNCH? ==

	'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase, the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. This often leads to bankruptcy and house repossession.		'''Negative equity''' is a term used to refer to when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In short, when someone buys a house on a loan and the house price falls drastically after the purchase, the buyer is left with a massive mortage he has to pay off, and a low house valuation by the bank. This often leads to bankruptcy and house repossession.