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LBC with Clive Bull 26/1/15 9 -10pm

Monday, 26th January 2015

Mike & Clive in the LBC studio

Mike was in the studio of Leading Britain’s Conversation (LBC) between 9-10 pm talking to Clive about the latest news affecting consumers with debt issues and took calls, texts and emails from listeners around the country. Mike says 'this was a cracking show'.

How to listen

You can listen to the 'Debt Special Show' on the free bite size podcast from LBC by clicking below on

The Money Hour - Monday 21 January 2015 (43mins 50 secs)

Topics & time line

See the time line below for any topic that interests you.

00.00 Mike reveals to Clive the type of people he has helped over the years, you will be amazed at their occupations! He then reveals how many years it can take just to repay a £2,000 credit card debt making the minimum payments, it's frightening. What he didn't mention was that this could also result in you paying back around four times the amount you borrowed.

06.36 Clive mentions the survey by a leading debt charity about how many people are in debt and how it coincides with with 'Debt Awareness Week'.

08.24 First caller is Jenny who has £126,000 of interest only mortgage debt and £9,000 of personal loans and overdrafts and needed to know what she could do to get her debts under control. Mike explained about how the mortgage payment is a 'priority' creditor and mentions the two best debt management agencies for her to speak with, who would NOT charge her fees.

11.48 Mary came on the show saying she was in a debt management plan (DMP) and paying fees on her £100 pcm payment and wanted to know if she could now move to a free debt management plan provider. Mike said yes she could and explained how to go about it. That phone call to LBC saved Mary rather a lot of money!

18.36 Next on was Adam with debts of £10,000 and going through a fee charging debt management payment paying £133 pcm, his question was is it worth him proposing an Individual Voluntary Arrangement (IVA).

23.08 Paul called the show saying he had £60,000 of debt, on minimum wage, and had been paying £100 pcm to a fee charging debt management company for the past four years. He remarked that at that rate he would not clear his debt until he was in his nineties. His question was, "Do you think it would be better if I went bankrupt?

Case update: Mike spoke with Paul off air 29/1/15, Paul said he is terminally ill with cancer and as it was not clear that his pension would be safe he has decided to leave the UK this summer to go somewhere warmer to see out his last days. Paul told Mike that bankruptcy was never discussed as an option four years ago when he first sought debt advice, and had he known more about it he would have gone bankrupt. Mike says Paul has no assets, earns minimum wage, has £60,000 of debt and would have been a very strong case to go bankrupt and had he done so back then his pension would have been excluded from the insolvency. A very sad case of mis-leading debt advice?

29.14 John called in with £700 parking tickets fines as well as phone and catalogue debts, he was on benefits and wanted to know what he could do.

33.06 Clive then reads an email from Gareth saying, 'I'm on a debt management plan and it is the best thing I ever did' Mike then adds comment to this.

33.55 Next on was Wahidal with £15,000 of debt on credit cards and overdrafts and paying the minimum £400 per month. He had two questions, one, how a debt management plan works and two, what effect it would have on his credit rating?

36.55 Labiss called saying she has hidden her £15,000 of debt from her partner who has recently asked her to marry him. Labiss wanted to know if he once they were married her new husband would then be responsible for her debts?

39.56 Last caller to the show is Andy who said he once owed £75,000 and has now got his debts down to £65,000 by paying £350 a month into a debt management plan. Andy then said he was cold called by another debt management company, went with them and increased his payments to £450 a month.  Ten months later Andy found out that the  £4,500 in payments he had made to the new debt management company had not been passed on to his creditors, he said this company then went bust. He wanted to know if he has now lost that money.

Case update: Mike spoke with Andy off 30/1/15 air and was very impressed with his determination and ability to track down the director of the Debt Management Company that failed to pay his £4,500 to the creditors in his debt management plan (DMP). Bankruptcy or an Individual Voluntary is not really viable due to the large amount of equity Andy has in his home. General advice was given regarding negotiating with his creditors and how to deal with full and final settlement offer. Andy said he would keep in touch with Mike to let him know how he gets on with 'making the director bankrupt', something he is getting closer to by the day. Mike says if he succeeds it will be a remarkable story of how the debtor has fought back and won.

41.44 Palmer sent in an email asking, 'If you do go bankrupt are your debts eventually written off?'

Need debt advice

If you need advice on how to best manage your debts then look at free debt help / advice agencies, they will not charge you fees for debt options and still get the job done. 

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

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