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'Can’t payer v won’t payer’ / ‘I just went wild with 10 payday loans and haven’t paid them back’ / ‘My bank overdraft is costing me £30 a month’

Friday, 23rd March 2018

Mike & Clive in the LBC studio

These were just a taste of some of the callers to the popular LBC Money Hour on Sunday, 18 March 2018.

This show was not unlike many of the others I’ve done with Clive Bull, busy, a wide variety of callers with debt problems but what stood out were two things, first was the different attitudes of callers Steven and Kit, who both owed around £10,000 of unsecured debt, second, was Chris who said he went so wild in his early days, (he’s now 23) he can’t remember who he owes money to and how much, what a predicament to be in! Then we had Theresa, being charged £360 per year for a £1,000 overdraft.

I’ll go through those callers below and have added a link to the free podcast with a timeline at the bottom of this blog to help you find the exact moment they come on air along with my response.

Can’t payer V Won’t payer

Steven was caller number 2, (the timer is 12:24) and said he was doing two jobs simply to try and make ends meet, he then revealed he often moved house to keep ahead of his creditors, but you can tell in his voice he was tired of this and admitted he’s simply running away from his £10,000 of debt, only reason, he cannot afford to pay them. That said I liked him a lot, he’s taken on an extra job to improve his income but still doesn’t have enough money after essential bills to address his debts. I did find a way forward for him, a solution that he had never heard off before and one that I know will make him debt free in 12 months. Steven came across as the ‘can’t payer.’

Then we had the Kit from Paddington, caller number 5 (timer 35:00) he said he had debts of £10,000 and hasn’t paid them for seven years after receiving county court judgements (CCJs) and wanted to know if what he was doing was right, citing the old debt rule of six years for the CCJ and that it will drop off your credit file. Kit went on to say he is ignoring the letters and refusing to pay anything back on his debts so he can become the new man. You draw your own conclusions, for me Kit came across as a ‘won’t payer.’

I can now afford a mortgage but have over 10 payday loans I have paid back

Chris was caller 4 (27:57) and said he is now regretting his wild years when he took out at least 10 payday loans, apart from not remembering who the lenders are he hasn’t paid anything back either. Chris said he’s now 23 years old, in a well-paid job and can afford a mortgage, but is worried that the past will catch up with him, and I’m sure it will.

Nurse with credit card debt

Samantha, a nurse, caller number 1 (05:00) was looking for options and information on how best to reduce her £4,000 credit card, store card and bank overdraft debt, I gave Samantha a few ideas which I’m sure will improve her situation.

My £1,000 bank overdraft is costing me £360 per year!

We also had Theresa, caller number 3, (18:48) who said she was being charged £30 a month for her £1,000 bank overdraft, this is £360 per year and just cannot clear the debt. I found a way forward for her and it was an idea Theresa also thought about but had not yet signed up to.

I was told to get some more debt before I can get any help!

This was a text to the show (40:20) ‘I have three children, don't own a house and just out of my job, got £10,000 on one credit card, after contacting a debt help agency I was told to get some more debt before they can help', help! I answers this.

There were other callers and texts to the show, you can listen to the free podcast for this show LBC Money Hour Sunday, 18 March 2018.

For those of you that read my last blog on LBC, Yvonne, we did an update on how she is after I agreed to speak with her personally, at no cost. Yvonne has £20,000 of credit card catalogue debt and was sinking, if this interests you then see LBC Money Hour 11/2/18 move timer to 28:14.

I’m already booked again for the15th April 2018, 8-9pm, if you want to listen to the show live then find out the seven different ways on how to here - Next LBC show - 8-9pm, Sunday, 15th April 2018

Are you in debt but don't know where to start?

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