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Another thought-provoking podcast on Debt Talk is ‘Poverty & ethnicity premium’. This time, leading experts from academia, think tanks, debt advice, and funders spoke about issues that matter in financial services.
Maria Booker from Fair By Design explained the poverty premium and how communities are paying more and being financially discriminated against because many can’t afford to pay by direct debit and are also on low incomes. This is particularly the case with paying for insurance and fuel or customers who pay a fee for withdrawing cash from a cashpoint when they have no alternative option.
Sara Davies from Bristol University explored how many customers are directly impacted by services in the retail finance sector based on her research on those digitally excluded or affected by disability. However, when one product has been regulated, others seem to come into the market to exploit vulnerable customers.
Jerry, during MBE from Money A&E, passionately spoke about how direct and indirect discrimination exists when the system disadvantages minority communities. He emphasised that Muslim South Asian communities may find that financial products are not Sharia compliant and the Afro-Carribean community may end up paying more towards mortgages compared to their white counterparts. He argued for representing such communities in product development processes to drive change.
Ayesha Begum from Fair4All Finance, which published ‘Levelling the playing field—Building inclusive access to financial services for people from minority ethnic groups’, explained that minority communities face multiple barriers and exclusion in financial services while also experiencing frequent financial shocks compared to their white counterparts. When mainstream lenders do not support some minority communities, they turn to their community or fintech companies due to a lack of trust from mainstream lenders.
My guests also provided TOP TIPS to listeners of Debt Talk for regulators, policymakers, customers and businesses. The following podcast will be on ‘UK Waters & Our Bills.’ Thank you for listening to the Debt Talk podcast with your host, Ripon Ray.
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Introducing Consumer Duty principles by the Financial Conduct Authority resulted in a dramatic shift from treating customers fairly to focusing on customer outcomes, which requires a readjustment of thinking for many regulated firms in Britain. To navigate such an insightful subject on the Debt Talk podcast, Ripon Ray invited distinguished experts from research and consultancy, debt recovery, and the advice sector.
Kathy Ellison from Savanta, a research and consultancy firm, explained how some regulated firms had changed their governance structure, consumer terms and conditions, communications and marketing, and in dealing with vulnerable consumers. Savanta's research showed that although many firms have significantly addressed regulatory expectations to benefit consumers, some work is still needed to improve consumer outcomes.
Bob Winnington of the Money Advice Liaison Group emphasised the importance of delivering world-class service. He explained how the group brought different regulated communities within the financial services market together to encourage firms to share best practices in a highly competitive environment.
Alex Pitcher from Step Change emphasised that Consumer Duty enabled them to revisit their consumer advice journey through the organisational process. They had to explore diverse ways of communicating with their clients whilst considering their client profiles and meeting regulated funders' expectations to demonstrate how their mission is aligned with the best outcome for consumers in debt advice.
They also provided TOP TIPS to listeners who require extra support and firms struggling with implementation today. The following podcast is as pressing as the current one. It is on 'Poverty and ethnicity premium'.
If you want to provide feedback on the content of this and other podcasts, do not hesitate to contact Ripon Ray: [email protected]
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Saknas det avsnitt?
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Birmingham Council went bankrupt and accelerated its debt recovery to collect council tax and other fines by 500% between 2022 and 2023. It was revealed under the Freedom of Information Request. Other councils throughout the United Kingdom also use enforcement agents to recover unpaid debts since many are overstretched with their finances. To highlight the severity of this issue in this month's podcast on Debt Talk, Ripon Ray explored: 'Council finance, tax & debt recovery’.
To assist him with the subject, Helen Ganney from Christians Against Poverty explained the challenges the debt advice sector faces in negotiating with some councils when many clients have insufficient funds to pay council tax debts and are in a deficit budget. Yet, there have been challenges with them and their agents to accept minimal payment or to hold enforcement action. She emphasised that many of these agents focus on collecting debts whilst not considering whether some residents can afford to pay.
Russell Hamblin-Boone from the Civil Enforcement Association (CIVEA) looked at the causes of the intensification of recovery of many councils and, most importantly, the causes of the Birmingham Council going bankrupt and its debt recovery. He explained that as part of the commercial agreements with councils with private enforcement agents, enforcement agents are required to identify client vulnerability and provide welfare support as part of the agreement. He emphasised that enforcement agents don’t get a commission from council tax recovery but only a set fee. To standardise the behaviour of the enforcement sector, however, CIVEA proactively funded the set up of an independent regulatory body to make sure the enforcement sector works for all.
Chris Nichols recently joined the newly founded Enforcement Conduct Board as CEO to make sure the Board works for the public interest. As part of developing a framework to ensure the enforcement market is fit for purpose, it creates a robust and accountable governance structure and complaints system to ensure any complaints against an enforcement agent are investigated fairly. He emphasised that input from the debt advice, enforcement agents, vulnerable communities, and other stakeholders is crucial to keeping the enforcement sector accountable.
They also provided TOP TIPS to assist Debt Talk listeners in conversing on such a charged and tense subject. On the next Debt Talk podcast, Ripon Ray will cover: 'Consumer duty & debt updates’.
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In this month's Debt Talk podcast with Ripon Ray, the subject is: 'Gambling and debt'. To navigate such a sensitive topic, he has experts from academia and gambling therapy.
Prof John McAlaney from Bournemouth University speaks about the meaning of gambling, the different types of gambling activities in the UK and how the behaviour of gambling differs based on age and sex. He also explores the role of the Gambling Commission and how the Commission and the British government could be influenced to drive change for the benefit of vulnerable communities who face problem gambling.
Kathy Wade from GamCare highlights the types of gamblers they support as part of their broad strategy whilst working with other sectors connected with gambling and debt. She explores the chemicals in the brains of many gamblers, which may cause them to gamble. Many gamblers face unsustainable loss of income as a result of gambling and homelessness. The impact of gambling is not simply on the person who risks but also on their family and friends.
They also provide TOP TIPS to Debt Talk to support regulators, companies, and voluntary sectors in making policy decisions for the benefit of vulnerable communities.
My next episode will be on 'Local government finance, tax and debt'.
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According to Shelter, a homelessness charity, there are 271,000 people recorded as homeless in England of which 123,000 children.
To navigate this month’s Debt Talk podcast with Ripon Ray on: ‘Debt, housing costs and homelessness', expert panellists who specialise in the benefits system, policy and debt.
Deven Ghelani, Founder and Director of Policy in Practice, spoke about the true meaning of homelessness in the UK, and how the current benefit system that was initially ‘designed ‘to simplify things, as it stands, appears not fit for purpose because the current system does not pay sufficient financial assistance to support vulnerable communities who are homeless or vulnerable to homelessness. Although he was involved in designing universal credit during its initial policy development, there are wider issues that require discussion, such as the number of homes available and the cost of renting and owning a home.
Amy Taylor, Debt Adviser and Chair of the Greater Manchester Money Advice Group, spoke about how local governments are on the verge of collapsing due to cuts from the central government, the demand for temporary accommodation getting higher each year and they also have to prioritise services. She emphasised that many migrants are evicted from hostels and they are also left destitute and homeless.
She also explored the impact debts can have on getting onto the property ladder - either as a tenant or homebuyer - home due to the impact debts can have on someone's credit rating. Social landlords may emphasise that prospective tenants pay previous rent arrears to their social landlord before providing prospective tenants with a new home. They also provided TOP TIPS to my listeners to address some of the homelessness-related challenges to vulnerable communities and professionals.
The next podcast is to cover: ‘Gambling and debt’. If you want to hear a specific subject on the Debt Talk podcast, you can get in touch with Ripon Ray: [email protected] or Twitter: YourDoctorDebt.
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Mainstream lenders are here to stay. It does not mean we are not seeing a variety of lenders in the financial market. In this month's podcast on Debt Talk, Ripon Ray spoke about: 'Alternative lending & debt'. To navigate the subject, there were experts from financial inclusion and debt.
Gareth Evens - Co-founder and director of the Financial Inclusion Centre - spoke about the variety of lenders and the make-up of lenders in the United Kingdom. He explored the relevance of alternative lenders, such as the role of local credit unions within the consumer credit market, the benefit of such lenders compared to mainstream lenders and the obligation of any lenders when dealing with vulnerable consumers in financial difficulties whilst considering affordability to borrow.
Sam Nurse - CEO of Money Advice Hub & Zeus Design Hub - spoke about the importance of living within your means and that lenders should carry out affordability assessments and treat consumers fairly at every step. She emphasised that some debt advisers need clarification about ways to identify illegal lenders. Yet there is help at hand from the Illegal Lending Team.
Debt Talk panellists also provided Debt Talk listeners with TOPS TIPS for those considering approaching lenders just before Christmas.
The next Debt Talk podcast is on: 'Housing costs & homelessness'
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As we head towards another winter, the cost of electricity and gas will yet again be of concern for many households. Ripon Ray spoke with a savvy pensioner and a Fuel Poverty Action representative to address such an important issue on this Debt Talk podcast episode to explore the causes of the fuel crisis.
Barry Duckett, a local pensioner in South London, spoke about the challenges he and many pensioners fear in the coming winter due to the existing fuel cost. Yet, no government subsidy support is being provided to them compared to last winter.
Chia Harrington explained the causes of the rise in fuel cost and some of the strategic decisions many fuel suppliers had made by putting prepayment meters in many vulnerable households. This resulted in OFGEM developing tighter guidelines to support susceptible consumers and strong supervision measures. She questioned the relevance of social tariffs within the broader context of fuel poverty.
They also provided TOP TIPS to Debt Talk listeners. Next Debt Talk podcast, the subject matter: 'Alternative lending & debt'.
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One in 422 adults entered insolvency between 1 July 2022 and 30 June 2023. The economic factor is crucial in considering bankruptcy for many individuals, particularly when personal Individual Voluntary Arrangements (IVA) and Debt Relief Orders (DRO) are concerned. In this episode of the Debt Talk podcast, Ripon Ray explored: ‘DRO or IVA? That is really the question...’
Sara Williams, the founder of Debt Camel, began the conversation by looking at the history of bankruptcy and IVA leading up to the introduction of DRO in 2009, the commercial drive for many IVA providers to solely provide the only option who do not consider the interest of consumers through to its sales tactics and providing misleading information to entice consumers. There are early IVAs termination due to unsustainability for many low-income households. She also provided recommendations for short and long-term changes to regulations to consider for the interest of indebted communities.
Kevin Still is the CEO of the Debt Managers Standards Association (DEMSA), a trade body for debt solution providers. He emphasised the importance of coming together and tightening the quality and compliance framework to eliminate harmful practices. He recognised that community-free advice providers are essential in holistically delivering impartial service.
Both panellists provided TOP TIPS for listeners on such an important topic. The next topic is: 'The cost of fuel'.
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There are 17.5 million people in financially vulnerable circumstances, one in three adults in the UK. Some of these vulnerabilities can be seen in the form of financial exclusion. In this episode, Ripon Ray discusses: ‘The cost of financial exclusion’. To navigate the Debt Talk podcast topic, panellists were from a financial inclusion funder, a debt crisis and money training social enterprise, and a household debt campaigner.
Diane Burridge, Community Finance Propositions and Segmentation Lead for Fair4AllFinance, develops strategies for financial inclusion projects and provides funds. She focused on supporting innovation to reduce financial exclusion by undertaking research and working with various third sector organisations to promote ways to make the financial services sector fair.
Jerry During MBE, Co-Founder of Money A and E, a community money and debt advice organisation in London, emphasised the need to form partnerships with community groups and government agencies to help change policy and remove barriers for marginalised communities to access financial services. He argued that lived experience must be at the heart of the decision-making process to address financial exclusion.
Joe Cox, Senior Policy Officer of the Debt Justice campaign group, is part of a global movement to end debt inequality. He focused on the strength of financial institutions, which are far more influential than vulnerable communities that are excluded from decision-making. He believes grassroots campaigns can bring about positive change for communities in financial difficulties.
Debt Talk podcast panellists also provided helpful TIPS to listeners. The following podcast is on: ‘DRO or IVA? - that is the question'.
For those who are listing to the Debt Talk podcast and want to share your experience or want to hear a subject of your choice, you can get in touch with me: [email protected] or Twitter: yourdoctordebt
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Do you know about Artificial Intelligence (AI) and, most importantly, AI within the financial services and debt sector? You will once you have listened to the 12th episode of the Debt Talk podcast. In this episode, Ripon Ray explored the subject with experts from academia, visionaries and tech gurus as they spoke about the actual workings of AI in the financial services and debt sector.
Prof Carmine Ventre - Director of King's Institute for Artificial Intelligence - explained the history of AI, the actual workings of machine learning and the algorithm required to create a tool where AI is weak and strong. He emphasised that AI machines require feeding with information and patterns from humans to complete tasks.
Douglas Silverstone - Director of Southern Housing and tech visionary, looked at the use of AI for social purposes and emphasised the genuine operational and organisational need to establish AI to be successful with the ultimate user in mind.
Rachel Curtis - CEO of Inicio, a debt recovery firm that uses AI to complete affordability assessments - explored how AI solves the affordability assessment problem within financial services and debt space to provide consumers with a supportive space based on consumer needs and outcomes.
Maysam Rizvi - founder of Elifinty, a debt management firm and a tech entrepreneur - embarked on developing AI to support debt advisers to focus on the consumer journey within a problem debt space.
This is a must-listen podcast for those considering developing AI within the financial services and debt sectors. The panellists have also provided TOP TIPS to Debt Talk listeners considering moving to AI.
Next podcast: The cost of financial exclusion.
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On this month's Debt Talk podcast, Ripon Ray explored: 'The welfare state, deficit budget and debt'. Trussell Trust, a network of food banks in the UK, gave out nearly 3 million emergency food parcels to people facing financial hardship, and it has noticed a 37% rise in accessing its service compared to the previous year.
The question for this month's panellists is: have we moved away from support provided by the state and diverted to the third sector? To assist Debt Talk, panellists for this month were the following:
Helen Barnard - policy director of Trussell Trust, explained the welfare state's history and purpose and how the UK has significantly shifted away from its initial cause. Food banks are now playing the state's role because the current welfare system is not providing sufficient support to meet the needs of vulnerable and low-income households. The trust is seeing people with disability and working people seeking help because the current social security system does not provide sufficient benefits considering the cost of living in the UK.
Rachel Gregory, the senior external manager of Christian Against Poverty, outlined that many of its clients seeking debt advice have unsustainable budgets to live on. She emphasised that debts owned to public bodies, such as local councils and the central government, are systematic. Many clients have suicidal thoughts due to financial pressure and the inability to sustain living under the current benefits system.
Amy Taylor - a debt adviser and chair of the Greater Manchester Money Advice Group - emphasised that the role of a debt adviser changed due to funding cuts and heavy audits. As a result of which, experienced debt advisers have left the sector. Yet, she sees the role of an adviser as essential to supporting clients in financial hardship. Debt advisers can listen, understand and help clients with their options when they are in financial trouble and have that difficult conversation.
Apart from providing TOP TIPS to Debt Talk listeners in ways to deal with their debt during such a difficult time, they explored the significance of the Universal Basic Income piloted in England.
If you want to share your experience or want to hear a specified subject that is of interest on Debt Talk, you can get in touch with the host: [email protected]
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In this episode on the Debt Talk podcast, Ripon Ray explored the link between mental health and debt and how being in debt can worsen your mental health.
Minara Meghna Uddin shared her experience of domestic and economic abuse, which impacted her mental health where seeking to go for support and speaking out was not an option. Whilst coming out of her marriage with children to look after and the anxiety of getting letters from debt collectors and visits from bailiffs. After having made several visits by a bailiff, he encouraged her to represent herself to go to court to deal with her debts.
Dr Thomas Richardson from the University of Southampton, spoke about how he lives with bipolar disorder. In his research work as an academic, he explored developing work for communities struggling with mental health and debt. He highlighted different types of mental health treatment available and how poverty makes it hard to overcome some of the strains in life.
Steven Coppard FCICM of Arum spoke about the taboo around discussing debt compared to mental health. He also explored the government regulatory breathing space regulations when someone struggles with mental health.
The panellists also provided top tips to Debt Talk listeners to support them in their journey out of mental and health debt.
In the next Debt Talk podcast in June, Ripon Ray will cover: ‘Welfare state, deficit budget & debt’.
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In this month’s episode on the Debt Talk podcast, Ripon Ray explored: ‘Debt advice, MaPs and advisers’.
During the pandemic, free advice charities noticed a demand for debt advice. This demand had substantially increased during the cost of living crisis due to high inflation and people’s income not increasing simultaneously. Many debt advisers left the sector to join other sectors, such as the National Health Service or local councils. Their move from the industry was mainly connected to high-stress levels, targets and audits. Save Debt Advice Campaign was launched to respond to the impact in the debt advice sector.
Tanis Belsham Wray, a former debt adviser, shared her experience at Step Change during the pandemic when many unresolvable cases due to clients having a deficit budget and complex priority debts. After returning from maternity, she fainted twice due to stress whilst giving advice.
Tamra Mannin - Co - CEO of Talking Money - an advice charity based in Bristol. The Money Advice & Pension Service (MaPs) funded its debt advice service to deliver debt advice work. They decided not to renew their contract with MaP's due to the bureaucracy involved in audit, targets, management of the service and supervision of debt advice work compared to other projects it delivers.
Michael Agboh- Davison, Unite the Union representative, who has been leading the campaign in the sector, explained some of the challenges faced by the industry and the need for an increase in funding from companies profiting from consumers. He emphasised non-FCA regulated providers such as fuel companies to contribute to funding debt advice. He also explained that some issues impacting debt clients are interlinked with national policies.
Debt Talk also approached MaPS to participate in the podcast and Ripon Ray read MaPS’s statement on the issue.
The panellist also provided top tips near the end of the podcast. In the next episode, Ripon Ray will speak about "Mental health & debt' during the cost of living crisis.
If you want to listen to a particular debt-related topic or you want to share your experience on the Debt Talk podcast, you can get in touch with Ripon Ray on Twitter: @yourdoctordebt.com or email: [email protected]
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During the cost of living crisis, the need for insolvency advice has been far greater than in the previous years as shown by Government’s data due to a rise in high inflation and change in consumer behaviour. In 2022 there has been a 56% increase in the number of companies going insolvent compared to 2021. In this episode of the Debt Talk podcast, Ripon Ray explored the financial challenges faced by small businesses and the inevitable advice needed from insolvency practitioners to save them.
Robert Tame ran a catering business. During the financial crisis, his business began to have a cash flow problem. But not every part of his business was struggling; so he had to prioritise his profit-making part of the business and make the inevitable decision to make his staff redundant. He was able to pull through due to meticulous financial planning and advice from an insolvency practitioner. He later sold his company with profit to a global company.
Anita Pickersgill spoke about how small businesses need to be clear with their terms and conditions. When a small business faces a financial challenge, directors of the business are also responsible if they do not take reasonable care and skill and seek advice if they are not sure about their business. It is crucial that small business owners act prudently.
Kate Ellis explained the types of insolvency options there are for businesses when it comes to insolvency: voluntary and compulsory. She emphasised the importance of getting advice early. Creditors can be sympathetic to your cash flow problems but it is essential that you let your creditors know sooner rather than later.
You can also find the top tips they offered to Debt Talk Listeners on running a small business, how to address cash flow problems and ways to deal with your creditors.
The next podcast will explore: ‘Debt Advice, MaPS and advisers’ during the cost of living crisis. There has been a change of plan due to technical issues. We initially stated that it was to be: Funeral and debt'.
If you want to share your experience or expertise on the Debt Talk podcast, you can get in touch with Your Doctor Debt, Ripon Ray: [email protected]
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In this month’s podcast on Debt Talk, Ripon Ray explored the current landscape for councils to recover council tax. Since the introduction of welfare reform over ten years ago, nearly every council in the UK expects some form of contribution from households regardless of whether many families were deemed too poor to pay prior to the introduction of the reform. At the same time, Britain has seen an increase in the recovery of council tax through the Magistrate's Courts.
While the number of households in arrears has increased throughout the country, there has been a surge in the use of civil enforcement agents to recover the council tax debt. Ripon Ray spoke with panelists from the debt enforcement and debt advice sector to explore the current framework in which councils work and ways council tax has been recovering the debt.
Samantha Nurse - Founder and CEO of Money Advice Hub spoke about the way councils throughout the UK charge council tax and the way they work out what support low-income households can get along with challenges debt advice services face during the cost of living crisis.
Russell Hamblin -Boone - Chief Executive Officer of Civil Enforcement Association Limited - explored how contracts between councils and civil enforcement companies work, and the way civil enforcement officers' actions are monitored and scrutinised for the benefit of vulnerable residents who are in debt. Also what role does the newly formed Enforcement Conduct Board play a part to support vulnerable communities during the cost of living crisis? From his point of the complaint process needs to be transparent and robust.
Both of my panelists provided some tips to ease the pressure during such a difficult time.
The next podcast will explore: ‘Small businesses and insolvency’ during the cost of living crisis.
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As we start the new year, Debt Talk speaks about a subject fairly new to the debt sector. In this episode, Ripon Ray speaks about: ‘Crypto assets, gambling and debt’. He had experts from a variety of sectors who gave an overview of the interlink between crypto assets, gambling and debt.
Ismail Malik - Editor and Founder of Blockchain Lab - gave a clear analysis of the meaning of cryptocurrency and the reason for the initial success of such an asset, and the types of people who are leading the campaign to normalise crypto in Britain and in other countries. He argues that they are generally proponents of new innovative technology and deregulation.
Kathy Wade - Manager of Money Guidance Service Manager at GamCare - explored the general behaviours of gamblers and how gambling may impact individuals and their family members. She highlighted strategies that they could use to divert their attention from gambling harm. She admits that further exploration is needed in this area to support individuals who are being harmed by crypto.
Vanessa Norham - Head of Charity Development from Step Change - emphasised the importance of early intervention whilst exploring the need of working in collaboration with gambling and financial regulators and other groups to develop strategies to solve gambling and debt problems.
You can also catch up on Ripon Ray’s previous Debt Talk where he speaks with industry leaders about issues related to Debt.
Next month, Debt Talk is going to speak about: ‘Council Tax, debt and enforcement’
If you want to get in touch with Ripon Ray to speak about Debt related issues: [email protected]
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During a festive season in December’s episode of 2022 on Debt Talk podcast with your host, Ripon Ray, I spoke about: ‘Alternative lending and debt recovery' during the cost of living crisis.
The average household credit card debt in the United Kingdom in 2022 is £2,100. If you include the mortgage, it is £63,000 per household. In this episode, I had three panelists:
Helen Baron, Chair of London Capital Credit Union, pointed out that the credit union holds over £2 billion worth of consumer credit industry and that nearly one in every ten people in the UK has at least one account with a credit union. A credit union can offer a cheaper and more affordable loan compared to a high-cost lender when you are struggling financially.
Peter Gent, Director of COEO, one of Britain's leading debt collections companies, explained how a debt collections company wins a contract from a fintech or mainstream creditor, how and whether interests and charges are added when a debt is transferred to a debt collections company, the differences between a debt collections company and an enforcement agent and at what point a company contacts a debtor to recover the debt.
Finally, David Benbow, Operations Manager of the England Illegal Money Lending team, explained the differences between legal and illegal lending, the enforcement powers his team has against illegal lenders and the way they support debtors when debtors are at risk of harm.
They also provided top tips of the month for us to be wary of during the Christmas season to share and implement in our communities.
For my next episode, I am going to speak about ‘Crypto asset, gambling and debt’ during the cost of living crisis. Once again thank you for listening to Debt Talk podcast with me Your Doctor Debt, Ripon Ray.
Merry Christmas and avoid the clutches of illegal lenders!
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On this month’s Debt Talk podcast, Ripon Ray explored structural health inequity, direct and indirect discrimination in the workplace, low income, and the inadequacy of the social security system to support minority communities.
Patrick Vernon OBE explained how minority communities are more likely to be in precarious jobs; and since cuts in public services began over a decade ago, the financial pressures have intensified for many people. The cost of living crisis is just an extension of the pressure.
Muna Yassin MBE - CEO of Fair Money Advice - spoke about how her organisation is seeing acute cases linked with priority debts ( with rent, council tax arrears, and fuel debts). A major issue, she feels, is that the current policy design does not take into account the interest of minority communities.
Helen Barnard - Associate Director of Joseph Rowntree and Research Pro bono Economics - emphasised the importance of relating minority issues with wider working-class interests. She outlined how minority communities have been discriminated against as they apply for jobs and while at work they are in receipt of unequal pay. The focus should also be on the enforcement of existing rights to support these communities.
Debt Talk podcast panelists have also provided tips to assist listeners during difficult times.
At the next Debt Talk podcast, I am to speak about: 'Alternative lending and recovery'.
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In this episode, Debt Talk explores one of the most important subjects during the cost of living crisis: ‘Eat, heat or pay your rent.
Already communities are stretched with their finances; they are skipping their meals to pay their rent or pay for fuel. Financial struggle has now become epidemic in low-income communities regardless of whether you are a worker, self-employed, pensioner or affected by disability. The question really is: how sustainable is it?
Ripon Ray, the debt expert, speaks to three panelists who bring experience from their local community, research, and the debt advice sector.
Barry Duckett, a struggling pensioner explains how he was barely surviving in a state pension during the pandemic and is now forced to make decisions to turn off his heating due to the high cost of fuel and bailiff knocking on his door whilst winter is not yet here. In his council estate, universal credit claimants are choosing to feed themselves instead of paying their rent.
Joe Richardson, research manager of the Living Wage Foundation, who carried out extensive research during the pandemic and the beginning of the cost of living crisis, argues that employers need to do more to support workers with a living wage to make sure their workforce is well nourished to do the work and to live a meaningful life during such a difficult time; otherwise, their productivity and mental health are to suffer.
Jane Clack, Chair of the Institute of Money Advisers and accredited debt adviser, emphasises that most debt advisers are just putting a plaster over their client’s wounds because deficit budgets among debt clients are a norm and they are consistently coming to seek advice with rent, council tax and fuel debts instead of the usual consumer credit debts.
In our next episode on Debt Talk, Ripon Ray is going to speak about: ‘Minority communities & financial struggles.’
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In this episode, Ripon Ray explored the journey of a domestic abuse sufferer which may resonate with the experience of many domestic abuse sufferers in Britain.
Rosie Lyon FRSA vividly explains the trauma of being a victim of her abuser and how her experience carried on post-separation since her home was tied with her former partner. She was in financial ruin because she was not able to pay the mortgaged property. It was later seized by her lender. Her credit rating was also tattered. She could not get a phone contract, credit card and no doubt many more issues.
James Jones, head of Experian credit reference agency, gave a bird's eye view of what a credit rating agency can do as a custodian of credit data. It can liaise with domestic abuse sufferers and lenders when there are issues of fraud and coercion, and misstatement.
Shirina Ali - Limehouse Project Ltd advice manager - demonstrated the need for funding for specialist domestic abuse advice and some of the challenges advice services across the UK come across when dealing with victims of domestic abuse, especially when supporting vulnerable residents who are in debt.
They also provided Debt Talk listeners with some tips on domestic abuse.
At our next episode on Debt Talk, we are to explore ‘Eating or Heating’ during the cost of living crisis.
- Visa fler
