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News

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

 

Mike ThomasBBC London - Drivetime with Petrie Hosken 6.15am. Mike spoke to Petrie about the new 'Breathing Space' being proposed by the government for debtors and what this means for those with debt problems, including those with mental health issues/debts.

Mike then goes through what debts are being considered to be included and those debts that will not, the three point access criteria and importantly who triggers the Breathing Space, the consumer/debtor or the debt adviser.

How to listen

Read more: BBC Radio London - Breakfast with Petrie Hosken - 6.15am 21/11/18

 

New research from the Money Advice Service (MAS) suggests UK adults are hiding £96Bn of debt from their loved ones, family or friends. When broken down to the 52,709 adults this equates to an average of £4,164 per adult.

The findings coincide with the Money Advice Service launching ‘Talk Money Week’ (12th – 18th November) aimed at getting people to talk about their finances, improve on their money management skills and financial wellbeing steered towards ending the taboo of being in debt.

The findings also revealed;

Read more: Brits hiding their secret £96Bn of debt from loved ones, family and friends

 

Mike ThomasMike Thomas was in the studio with Dave Monk just after 4.37pm to comment on the government research that suggests families are hiding as much as £96BN of debts from their loved ones.

Mike went through two case examples he has dealt with, first one was hidden debts of £30,000 on credit cards and the second case again credit card debts, of £55,000. Mike then explains the tell tale signs someone leaves behind when they have debt problems plus how easy it is for your partner to find out about your debts, no matter how much you try not to let slip.

Mike then gives ideas on how to approach your partner with a debt problem, get your timing right and offers some words to use as well as where to get that much needed debt help.

Dave asks Mike to comment on how easy it is for consumers to borrow money and is student debt going to be an ongoing problem.
 
How to listen

Read more: BBC Essex Drivetime with Dave Monk, 4.30pm 13/11/18

 

New research from Business Debtline show that nearly a quarter of those that are self-employed owe £30,000 or more and nearly half of those contacting the service had debts of £10,000 or more. Many said their business were affected by irregular incomes, late payments and lack of competent  business skills.

Main reasons for business failure include;

Read more: Rising debt levels for the self-employed

 

Figures released today from The Insolvency Service show there were 25,551 (28,951 last quarter) individual insolvencies in the Q3 of 2018. Insolvencies are made up of Individual Voluntary Arrangements (IVAs), bankruptcies and Debt Relief Orders (DROs) for England and Wales.

Individual Voluntary Arrangements (IVAs) made up 55.8% (62% last quarter). Bankruptcies were 16.5% (14%) and Debt Relief orders (DROs) 27.7% (24%).

Read more: Consumer bankruptcies spike, DROs rise again for fifth consecutive quarter & IVAs cool

 

Mike & Clive in the LBC studioClive opens by asking Mike if those customers with payday loans from Wonga still have to pay the debts back. Clive then asks Mike who is most likely to buy the debt book from the Wonga after it recently went into administration as reports were emerging that Church of England (C of E) is an interested purchaser.

Mike explains why he feels it will not be the C of E that will buy the debt book but instead a consortium, possibly set up by the church, and if this takes place why this might be seen as contentious.

Mike reminded Clive that consumer debts are already being sold off cheaply all the time by the banks and credit card providers. The purchaser is always a debt collector who then goes on to claim 100% of the loan amount outstanding, so Mike asks why treat Wonga customers any differently?

How to listen for free

Read more: LBC with Clive Bull, Saturday, 15 September 2018

 

Mike ThomasMike Thomas was in the studio with Dave Monk just after 6pm offering help to those customers caught up in the Wonga Payday loan demise. Mike explained why Wonga are in trouble and what their customers can do if they already have loans as well as what chances they have of receiving any compensation on claims now that Wonga have gone into administration.

Mike then offers alternatives to payday loans illustrating the huge difference in cost when compared to a credit union. Mike closes going through the problems with credit card debt when people only make minimum payments and shows how a simple debt of £2,600 on a credit card can take up to 25 years and 7 months to repay.

How to listen

Read more: Listen - BBC Essex Drivetime with Dave Monk, 6.05pm 30/8/18

 

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