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LBC Money Hour with Olly Mann 19/10/15 blog

Tuesday, 20th October 2015

In case you are not aware, I regularly appear on the LBC Money Hour Show with Clive Bull, on this show Olly Mann was sitting in the chair to enable Clive to have a week off. You listen to the show by following a  link to the timeline / topics covered with the free podcast at the bottom of this page.

Hearing about people's debt problems and seeing 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. I've never worked with Olly and we hit it off straight away and had some really good callers. Here are some of the calls that stood out for me.

Call one - My brother has mental health issues and borrowed £1,400 from payday lenders, what can I do?

With debt and mental health often being in the spotlight it was no surprise to hear this caller being concerned about his brother, the great thing was he wanted to get him some help. It was so comforting to be able to reassure the caller and give him information as to where he can get free debt help, the recently updated Debt & Mental Health Evidence Form and to point him in the right direction to see if the loan was properly processed, if not and it is proven that his brother could not have afforded the loan when he applied, then there may be redress from the Financial Ombudsman Service (FOS). (Timeline on the podcast 06.16)

Call two - "What's more important to you Sarah, getting your £15,00 of debt down or increasing it by buying another a shiny new car?"

Sarah called the show looking for information on how to best reduce her £15,000 of credit card debt as this was just not reducing with interest and she could only afford the minimum payments. Sarah then informed me that her hire purchase agreement ends in February next year which will free up £250. Great just divert that £250 to pay more back on your credit card debt, simple way to go? No, Sarah wanted to get another new car instead! This led me to have to ask the question, "What's more important to you Sarah, getting your £15,000 of debt down or increasing it by buying another a shiny new car?" (Timeline on the podcast 12.22)

Call three - I don't know if I'm in an IVA or been made bankrupt, can you help me please?

I found this caller fascinating because for the past 12 months Annmarie did not know if she was bankrupt or still in an Individual Voluntary Arrangement (IVA). I said that I would do a search on the Insolvency register but would need to speak with Annmarie off air for confidential reasons. I will be posting an update here. Annmarie really needs to know what is happening to her and her debts. (Timeline on the podcast 17.27)

Call four - I have £62,000 of savings how do I go about claiming tax credits? - Really?

This caller upset quite a few listeners if social media is anything to go by. Nick expects to be made redundant by the end of the year and has liquidated his assets to give himself a slush fund, his question was "If I apply for Working Tax credits or Jobs Seekers Allowance will I get penalised for having savings and premium bonds?" He also owns a property that he rents out. (Timeline on the podcast 25.12)

Other topics covered

What happens to your debts if you leave the country and come back 10 years later, do you still have to pay them? (32.14)

What can I do with £60,000 of credit card debt when I can only afford £1 per month on each? (34.26)

Having your credit file defaulted each month whilst in an IVA. (38.10)

Twitter

Tweet Clive using @clivebull LBC use @LBC and for Mike @debtwizard

Next show on LBC

You can find the dates and times of Mike's next shows plus how to contact here 

Missed the show and want to listen again with the 'free podcast?'

If you can relate to any of the scenarios above and would like to hear the full show with the timeline and topics covered then you can access it here Money Hour on LBC 19 October 2015.

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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