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With Valentine's Day fast approaching, Action Fraud is reminding everyone how to stay safe from fraudsters especially now that the internet an established way to meet and connect with new people.  Those meeting on dating and other sites need to be on their guard against potential dating scams as scammers use the trust gained on social media to persuade victims to part with large sums, with some frauds going on for years.

The amount of money scammed in 2018

Read more: Our top tips on how to avoid being scammed on Valentine's day

 

Brighthouse, UK’s largest retailer for weekly payment ‘rent to own goods’ is to close 30 stores with 350 jobs at risk. The retailer revealed on its website the stores (10% of the chain) will close over the next two months and those employees affected will be transferred to other jobs within the business but it is inevitable there will be redundancies. The announcement comes as the group battle with a pre tax loss of £22million in their last set of accounts.

What’s gone wrong with BrightHouse?

Read more: Market leader 'rent to own' BrightHouse to close 30 stores with job losses

 

Mike spoke with Eddie Nestor about the rising issue of council tax defaulters and what can be done to help them. Mike then reveals the New guidelines for council tax arrears collection launched by the Money Advice Service (MAS) in December 2018 and then goes through his online guide of Council tax problems - 5 ways to help you pay

How to listen

Read more: BBC Radio London - Drivetime with Eddie Nestor 6.20pm, Tues 29/01/2019

 

The number of people who became insolvent in England and Wales in 2018 was 115,219 up 16.2% on 2017, reports The Insolvency Service, with the highest number of annual insolvencies since 2011. Consumer insolvencies combine Individual Voluntary Arrangements (IVAs), Bankruptcy and Debt Relief Orders (DROs)

Individual Voluntary Arrangements (IVAs)

There were 71,034 IVAs in 2018, (59,220 - 2017) a 19.9% increase on the year before, and the highest annual level recorded since IVAs were first introduced in 1986.

Read more: Consumer insolvency reaches seven year high as IVA numbers break all records

 

Got too much debt and can't pay? 'Then you should go to debtor's prison' says Loan Company.

A loan company based in South Yorkshire has caused outrage following a post on its website calling for those people that do not pay their loans to be put in Debtor's Prisons.

The company concerned, Quick Loans, make their money through charging exorbitant interest and in some cases this can be as much as 1,575%.

In their post Quick Loans said;

Read more: 'Bring back debtor's prisons' says UK Loan Company

 

Mike was commenting with James Max on the recent analysis by the TUC on consumer spending and the rise of household debt. James asks Mike, "how do you know whether your debt is manageable or a good debt that you can afford?"

James then asks Mike if he can explain the difference between a normal overdraft against the expense of a credit card and whether people get into debt through being lazy with their finances. Mike then explains the debt options available to consumers namely, Debt Management Plans (DMP), Individual Voluntary Arrangements (IVAs), Consumer Bankruptcy and Debt Relief Orders (DROs).

How to listen

Read more: TalkRADIO Early Breakfast with James Max

 

Mike will be commenting on today's debt report by the TUC 'Unsecured debt hits new peak of £15,400 per household' from 6.45pm with Eddie Nestor.

Eddie also asks Mike this question. "If anyone listening to this show has £10,00 or more on credit card debt what could or should they be doing?" Mike answers this and goes through his bespoke 5 point guide, In debt but don't know where to start.

How to listen

Read more: BBC Radio London - Drivetime with Eddie Nestor 6.50pm, Mon 7/1/19

 

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