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LBC Money Hour Show with Clive Bull 15 June 2015

Monday, 22nd June 2015

As you might know, I regularly appear on the LBC Money Hour Show with Clive Bull and I must say that my most recent show on June 15th is one that I will not forget! We heard from a few callers with varied levels of debt and different circumstances.

Hearing about how people fell into debt, how it has affected their lives and being able to offer a little guidance and hope to their situation is the real driving force behind why I do what I do.

Call 1 – Advice to help face debt

Darren was my first caller on the show and he told me how his debt levels spiralled out of control to the point that he no longer knew how much he owed and is now sleeping on a friends' sofa because his parents live out of the country and he has nowhere else to go. He admitted that he was simply 'running away from his debts' and it was obvious that it was really getting Darren down and affecting his mental health.

I wanted to be sure that Darren got the right free advice for his particular situation so I decided to chat to him off-air; I will be sure to update later this week on how it went. You can listen to Darren's call by accessing the Money Hour Audio here and Darren comes on around 8m 14s. Update on Darren posted at the end of this blog.

Call 2 – Asking the right questions

The next caller's story really struck a chord with me and highlights the lack of flexibility and empathy from some companies. Christine called in about her partner's debt situation; her partner's son had recently been killed in a motorbike accident and the shock and grief that he experienced as a result, led him to block out all his feelings.

His health had also taken a downturn and because of the grief he was experiencing, he ignored his symptoms. When he did seek medical help, he was diagnosed with terminal cancer. Christine really held herself together on the call, despite what must have been a very tough couple of years. She was calling in because her partner is coming to the end of an IVA  and she wondered what was going to happen with the remaining payments when he passed away.

I asked Christine what advice the IVA firm had given her and her partner when they called to inform them of his illness. The IVA firm offered a 6 month payment break. The total lack of flexibility and empathy is what really surprised me about Christine's situation. These are circumstances beyond a person's control and I find it hard to believe that a company cannot offer any other alternative!

You can listen to the call here at 16m 15s and hear my suggestions on the questions Christine and her partner should ask the IVA company. I also asked Christine to have a chat with me off-air so that I could ensure she and her partner get the help that they need – look out for my update! Update posted on Christine at the end of this blog

Other topics covered

We covered a few other topics throughout the show around bankruptcy, dealing with bailiffs, completing an IVA and handling claims. One of the most interesting parts of the show was a chat we had around credit card debt and minimum re-payments; you would be shocked to know how long you could be paying off your credit card debt by only meeting minimum re-payments!

Caller updates

I will be updating on the two callers, Darren and Christine here.

Update 23 June 2015, Mike spoke with Darren who has agreed to go to his nearest Citizens Advice Bureau on Monday 22 June and explore all his debt options including that of a Debt Relief order (DRO). Mike is due to speak with him again during the week to see how he gets on and will update here.

Update 23 June 2105, Mike spoke with Christine who said that her partner will have the result of his biopsy on the 24th June, Mike has agreed to speak with her on the 25th to see if they would like help on how to end their IVA early and update here.

Missed the show and want to listen again?

If you can relate to any of the scenarios above and would like to hear the full show, you can access it here. You can also visit the Debtwizard site and contact me directly if you have any other questions you would like answered.

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