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Watch out Gordon, I'm coming....
Page last updated Thursday, 07 May 2009
Just finished a show with John Hayes at BBC Radio Essex. Was a good show, and John always makes me feel welcome. We went through the options available to those in debt and discussed the ever spiralling insolvency figures. Catch it on BBC iPlayer (it was on Drivetime just after 6pm, Wednesday 6th May).
My support team are getting forever busier. One client was called 16 times today by just one of their creditors (I wish I could tell you who, but let’s just say it’s a large high street lender). If that’s not harassment, then I don’t know what is. What makes these companies feel they can behave like this?
The media keeps talking about ‘green shoots’ in the economy but that’s not helping people with debt issues so serious they’ve no hope of clearing it within their lifetime. This is something I’ve been trying to expose for years now. Certain lenders deserve what’s coming but no doubt it’ll be us that’ll bear the cost of these bad debts through higher interest rates, a tough lending environment, or more bail outs from the state.
Last year a new type of IVA was proposed called the SIVA. The government withdrew it last November no doubt in an attempt to help the banks reduce the number of bad debts on their books. SIVAs (Simple IVAs) worked in the same way as an IVA, but instead of 75% of the creditors voting in favour only a simple majority – just 51%. It’d have made the insolvency figures even more terrifying but instead we’re going to have a prolonged period of pain for both the banks and the public.
Perhaps this is my next mission with the PM.
Watch out Gordon, I’m coming ….
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