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"I'm paying £2,500 a month on my 100k of credit card debt and can't survive" - Just one of the callers to my recent LBC Money Hour Debt phone-in 18 April 2018

Thursday, 19th April 2018

Mike & Clive in the LBC studio

My blog on the LBC Money Hour - Sunday 15 April 2018.

This Money Hour on LBC was really rewarding and yet challenging for a variety of reasons, one was the desperation I picked up in the calls as well as the total lack of awareness of how to get out of the debt. Two of callers had around £100,000 each, on credit and store cards!

I was told my debts would be gone in six years

It was caller number 3 John who said he had 100k and was paying just £95 per month and someone had told him the debts might be gone after just six years. Unfortunately for John this was rather misleading. He said he was in a debt management plan, DMP, but didn’t really know what he could do. I went through all his options, explained alternatives such as consumer bankruptcy or an Individual Voluntary Arrangement (IVA). It was a fascinating call and I felt he is now far more knowledgeable of his debt options, albeit we only spoke for around eight-minutes.

I pay £2,500 a month to my credit cards

The other caller (7) with the £100,000 of credit card debt was Lee from Brighton, he said he was earning £50,000 a year, drowning in the debt and not making any inroads. What was key here was his monthly payments, they were a staggering £2,500 per month on his credit cards which then left him just £850 to cover his wife and three children. It was obviously Lee had never heard of an Individual Voluntary Arrangement (IVA) as this along with bankruptcy might be his best option as he has no assets and resides in rented accommodation. Again I’ll like to think I enlightened him as to how he might best manage his debts in the future.

Missed opportunity with homeless Paul

Call number 5 Paul, sounded very desperate, he previously had debts of £80,000, had reduced these to around £20,000 now and said he's not well. he was homeless and really wanted to sort his debts out to try and protect is ex-partner. I really wanted to have more time with Paul and missed the opportunity during the show to ask if I could call him off air, I would have done this totally free of charge and spent a little longer sign posting him to the right organisations that can help him for free. if anyone knows him then please let me know, the offer still stands.

The very sad text from Peter

Among the callers we also had a rather sad and very moving text, I have detailed the exact wording of the text. "I have a number of debts they were manageable but became debt burdened following a car accident and a period when I was unable to work causing me to lose a successful business. StepChange helped me to negotiate a repayment plan with each creditor which I have stuck to since. However, I have recently been diagnosed with an incurable illness, and I will die leaving several thousands of pounds unpaid, how will these impact on my wife and children when I do, I don't want to die and leave them with debt that don't belong to them. I jointly own a property with my wife and we have no mortgage. Thank you very much for any advice.” I do explain his options and how to go about things plus a bit more.

LBC have kindly made the Money Hour podcast free again and you can listen to it on the link below, it’s 47 minutes, fascinating, worrying and yet it’s life, happens every day.

Free podcast now available LBC - 8-9pm, Sunday, 15th April 2018

Next LBC show is Sunday, 8-9pm, 13 May 2018.

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The advice/information offered in this show is for your guidance only you should seek your own independent and financial opinion.

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