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Mike Thomas with Clive Bull in the LBC studioMike & Clive in the LBC studio

Mike Thomas aka DebtWizard spoke to Clive Bull about the Police Federation of England & Wales report on how nearly 10,000 police officers have taken a second job to help pay debts, Mike then gives examples of how and why police officers get into so much debt.

How to listen for free

Read more: LBC with Clive Bull - Police Officers' Debt problems - 7 August 2018

 

A recent survey has revealed nearly 10,000 police officers have taken on a second job (7.8%), up from 6.3% on last year, because of lack of cash and the need to meet their debts.

The finding comes after an in depth survey was carried out by Police Federation of England and Wales (PFEW) with 27,000 police officers, nearly a quarter of all ranks ranging from constable to chief, between April and May of this year.

The survey also declared a staggering 44.8% of police officers said they are worried about the state of their personal finances either every day or almost every day.

One in nine unable to meet essential bills

Read more: Nearly 10,000 police officers take a second job to help pay debts

 

Mike & Clive in the LBC studioBelow is the free podcast from Mike Thomas's, founder of DebtWizard.com, appearance on LBC's Money Hour on Sunday, 5 August 2018, with Clive Bull. It's free to listen to. On this show, Mike, aka DebtWizard, talks to Clive about the latest news affecting consumers with debt issues, takes calls, texts and emails from listeners around the country.

Topics & Timeline

We have added a list of the topics and timeline of the audio to make it easier to access certain parts of the show. Just click below to start listening. Just move the timer on the podcast below to the part of the show that interests you the most. All news bulletins have been removed by LBC.

Read more: Free podcast now available - LBC, 8-9pm, Sunday, 5 August 2018

 

Mike ThomasMike Thomas founder of DebtWizard.com was talking to Johnathan Vernon-Smith on the impact the Bank of England interest rate rise could have on consumers with credit card debt and those already in some form of debt solution such as Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA).

Mike explains how any interest rate rise could make monthly payments in an agreed payment plan to creditors come under strain and offers information on what can be done to help those affected.

Jonathan then asks Mike about the benefits of 0% interest balance transfer on credit cards and how these can be a good thing, can't they? Mike surprises Jonathan with his reply and warns why these are under review by the regulator as they do not work well for everybody.

Mike then slips in the actual cost to the credit card borrower for every £1 they have on their credit card when they make just the minimum payments each month. It's a real concern and all credit card borrowers should be aware of the sums involved.

Read more: BBC Three Counties Radio - Johnathan Vernon-Smith 2/8/18

 

The surge in consumer insolvencies

Figures released today from The Insolvency Service state that there were 28,951 individual insolvencies in Q2 2018, 62% of which were Individual Voluntary Arrangements (IVAs), 24% were debt relief orders (DROs) and 14% were bankruptcies.

For the second quarter of 2018 the insolvencies are broken down as follows; 4.4% higher than in the previous quarter, and 27.3% higher than in the same quarter the previous year. This continues the increasing trend observed since 2015 and was the highest quarterly total since Q1 2012.

What this means to the insolvency rate per population

Read more: Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs) drive up consumer...

 

Mike ThomasMike Thomas founder of DebtWizard.com was talking to Jumoke Fashola about the rising household debt, the key triggers why people get into debt, including police officers, and where they can go to get that important free debt advice.

Mike then reveals options/solutions available to consumers with debt issues, where consumers can go to get help and how to avoid paying debt management fees.

Mike also goes through his bespoke five point guide on what to do if you are in debt and don't know where to start.

Read more: BBC Radio London 8.10am Sunday 29/7/18

 

Mike ThomasMike Thomas was talking to Dave Monk about the high cost of overdraft fees, he gives a comparison to in the cost to the consumer for an unarranged overdraft versus one arranged with the bank, the difference is huge. Mike then reveals four very good ways on how to avoid the unnecessary overdraft costs and how to challenge the bank if they refuse to help you.

Read more: BBC Essex - Drivetime with Dave Monk 4/7/18 6.05pm

 

Mike & Clive in the LBC studio

Below is the free podcast from Mike Thomas's, founder of DebtWizard.com, appearance on LBC's Money Hour on Sunday, 1 July 2018, with Clive Bull. It's free to listen to. On this show, Mike, aka DebtWizard, talks to Clive about the latest news affecting consumers with debt issues, takes calls, texts and emails from listeners around the country.

Topics & Timeline

We have added a list of the topics and timeline of the audio to make it easier to access certain parts of the show. Just click below to start listening. Just move the timer on the podcast below to the part of the show that interests you the most. All news bulletins have been removed by LBC.

Read more: Free podcast now available - LBC, 8-9pm, Sunday, 1 July 2018

 

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