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Mike ThomasMike joined Ian Collins and Anna Cookson and commented on how and why consumers fall into unnecessary unmanageable debt over the festive period. Ian then mentions credit card debt and asks if this getting worse for consumers, are they owing more than they can pay back?

Then Mike revealed the problems with credit card debt when people only make minimum payments and will show how a simple debt of £2,600 on a credit card can take up to 25 years and 7 months to repay.

Ian then asks Mike if there is a market for payday lenders now, and Mike's answer will surprise most of you.

Read more: BBC Radio Kent Ian Collins & Anna Cookson 7.45am 12/12/18

 

Mike & Clive in the LBC studio

Mike will be in the studio talking to Clive Bull about the latest news affecting consumers with debt issues, he will take calls, texts and emails from listeners around the country looking for information on their debt problems. Callers do not need to use their real name on air if they do not want to!

How to listen

There are seven different ways to listen to LBC

Read more: Next show - LBC with Clive Bull Thursday 27th Dec 2018 9-10pm

 

Mike Thomas was in the studio with Sadie Nine just after 9am to comment on consumer bankruptcy following the recent news Katie Price has avoided going bankrupt. Mike went through the new changes on how to apply for bankruptcy, the cost to the consumer, the alternative debt options to avoid going insolvent and answers texts and calls to the show.

How to listen

Read more: BBC Essex with Sadie Nine 9am 6/12/18

 

Mike ThomasMike Thomas, Founder of DebtWizard joined Andy Collins offering his top tips on how to avoid getting into debt this Christmas and what to do if you overspend.

Mike goes through the problems with credit card debt when people only make minimum payments and reveals how a debt of £2,600 on a credit card can take up to 25 years and 7 months to repay, plus his tip on how to bring this down 20 years quicker!

Mike then introduces his bespoke five point guide on how to get out of debt designed to help people with debt problems who have no idea where to begin. It details information on what to do when you have a debt issue, who to contact for help, how to take control of your situation, what to say to your lenders / debt collectors and that importantly how not to pay thousands of pounds in fees.

How to listen

Read more: BBC Three Counties Radio with Andy Collins 7.50am 5/12/18

 

There are calls for the government to update debt collection legislation after new research by Money and Mental Health Policy Institute (MMHPI) revealed the devasting effect bullying and threatening debt collection letters can have on those with mental health issues who have problem debt.

The research key findings;

Read more: "Lenders' & Debt collection letters' need to be changed" says Martin Lewis

 

New figures from UK Finance reveals consumers spent £11.3bn on credit cards in October, this is 12.1 per cent higher than the same month last year. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.7 per cent.

According to The Money Charity total credit card debt up to September 2018, was £72.4bn. In December 2017 this was £70.1bn.

UK Finance figures show that 55.1% of credit card balances were bearing interest in September 2018.

Other forms of borrowing

Read more: Consumers continue to pile on credit card debt

 

The government is calling for evidence after announcing a second post-implementation review of enforcement agent (bailiff) regulations which were introduced in 2014, to regulate the operation of enforcement agents / bailiffs and the fees that they charge.

Citizens Advice have raised concerns that the last set of reforms, some five years ago, are not working well for consumers, which has resulted in this new call for evidence.

Read more: Enforcement agent (Bailiff) review: second call for evidence

 

The Financial Conduct Authority (FCA) have said a price cap on the rent to own sector will come into force on April 1, 2019, providing consultation is agreed which closes on the 17 January 2019.

Once implemented it will save around 400,000 consumers up to £22.7m a year from excessive charges.

How will the proposed cap work?

The cap is a bespoke and designed to fit the RTO market and broken down into two parts.

Read more: Price cap on ‘rent to own’ (RTO) agreed for April 1, 2019

 

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