Debt Talk

There are 17.5 million people in financially vulnerable circumstances, one in three adults in the UK. Some of these vulnerabilities can be seen in the form of financial exclusion. In this episode, Ripon Ray discusses: ‘The cost of financial exclusion’. To navigate the Debt Talk podcast topic, panellists were from a financial inclusion funder, a debt crisis and money training social enterprise, and a household debt campaigner.

Diane Burridge, Community Finance Propositions and Segmentation Lead for Fair4AllFinance, develops strategies for financial inclusion projects and provides funds. She focused on supporting innovation to reduce financial exclusion by undertaking research and working with various third sector organisations to promote ways to make the financial services sector fair.

Jerry During MBE, Co-Founder of Money A and E, a community money and debt advice organisation in London, emphasised the need to form partnerships with community groups and government agencies to help change policy and remove barriers for marginalised communities to access financial services. He argued that lived experience must be at the heart of the decision-making process to address financial exclusion.

Joe Cox, Senior Policy Officer of the Debt Justice campaign group, is part of a global movement to end debt inequality. He focused on the strength of financial institutions, which are far more influential than vulnerable communities that are excluded from decision-making. He believes grassroots campaigns can bring about positive change for communities in financial difficulties.

Debt Talk podcast panellists also provided helpful TIPS to listeners. The following podcast is on: ‘DRO or IVA? - that is the question'.

For those who are listing to the Debt Talk podcast and want to share your experience or want to hear a subject of your choice, you can get in touch with me: [email protected] or Twitter: yourdoctordebt

Do you know about Artificial Intelligence (AI) and, most importantly, AI within the financial services and debt sector? You will once you have listened to the 12th episode of the Debt Talk podcast. In this episode, Ripon Ray explored the subject with experts from academia, visionaries and tech gurus as they spoke about the actual workings of AI in the financial services and debt sector.

Prof Carmine Ventre - Director of King's Institute for Artificial Intelligence - explained the history of AI, the actual workings of machine learning and the algorithm required to create a tool where AI is weak and strong. He emphasised that AI machines require feeding with information and patterns from humans to complete tasks.

Douglas Silverstone - Director of Southern Housing and tech visionary, looked at the use of AI for social purposes and emphasised the genuine operational and organisational need to establish AI to be successful with the ultimate user in mind.

Rachel Curtis - CEO of Inicio, a debt recovery firm that uses AI to complete affordability assessments - explored how AI solves the affordability assessment problem within financial services and debt space to provide consumers with a supportive space based on consumer needs and outcomes.

Maysam Rizvi - founder of Elifinty, a debt management firm and a tech entrepreneur - embarked on developing AI to support debt advisers to focus on the consumer journey within a problem debt space.

This is a must-listen podcast for those considering developing AI within the financial services and debt sectors. The panellists have also provided TOP TIPS to Debt Talk listeners considering moving to AI.

Next podcast: The cost of financial exclusion.

On this month's Debt Talk podcast, Ripon Ray explored: 'The welfare state, deficit budget and debt'. Trussell Trust, a network of food banks in the UK, gave out nearly 3 million emergency food parcels to people facing financial hardship, and it has noticed a 37% rise in accessing its service compared to the previous year.

The question for this month's panellists is: have we moved away from support provided by the state and diverted to the third sector? To assist Debt Talk, panellists for this month were the following:

Helen Barnard - policy director of Trussell Trust, explained the welfare state's history and purpose and how the UK has significantly shifted away from its initial cause. Food banks are now playing the state's role because the current welfare system is not providing sufficient support to meet the needs of vulnerable and low-income households. The trust is seeing people with disability and working people seeking help because the current social security system does not provide sufficient benefits considering the cost of living in the UK.

Rachel Gregory, the senior external manager of Christian Against Poverty, outlined that many of its clients seeking debt advice have unsustainable budgets to live on. She emphasised that debts owned to public bodies, such as local councils and the central government, are systematic. Many clients have suicidal thoughts due to financial pressure and the inability to sustain living under the current benefits system.

Amy Taylor - a debt adviser and chair of the Greater Manchester Money Advice Group - emphasised that the role of a debt adviser changed due to funding cuts and heavy audits. As a result of which, experienced debt advisers have left the sector. Yet, she sees the role of an adviser as essential to supporting clients in financial hardship. Debt advisers can listen, understand and help clients with their options when they are in financial trouble and have that difficult conversation.

Apart from providing TOP TIPS to Debt Talk listeners in ways to deal with their debt during such a difficult time, they explored the significance of the Universal Basic Income piloted in England.

If you want to share your experience or want to hear a specified subject that is of interest on Debt Talk, you can get in touch with the host: [email protected]

In this episode on the Debt Talk podcast, Ripon Ray explored the link between mental health and debt and how being in debt can worsen your mental health.

Minara Meghna Uddin shared her experience of domestic and economic abuse, which impacted her mental health where seeking to go for support and speaking out was not an option. Whilst coming out of her marriage with children to look after and the anxiety of getting letters from debt collectors and visits from bailiffs. After having made several visits by a bailiff, he encouraged her to represent herself to go to court to deal with her debts.

Dr Thomas Richardson from the University of Southampton, spoke about how he lives with bipolar disorder. In his research work as an academic, he explored developing work for communities struggling with mental health and debt. He highlighted different types of mental health treatment available and how poverty makes it hard to overcome some of the strains in life.

Steven Coppard FCICM of Arum spoke about the taboo around discussing debt compared to mental health. He also explored the government regulatory breathing space regulations when someone struggles with mental health.

The panellists also provided top tips to Debt Talk listeners to support them in their journey out of mental and health debt.

In the next Debt Talk podcast in June, Ripon Ray will cover: ‘Welfare state, deficit budget & debt’.

In this month’s episode on the Debt Talk podcast, Ripon Ray explored: ‘Debt advice, MaPs and advisers’.

During the pandemic, free advice charities noticed a demand for debt advice. This demand had substantially increased during the cost of living crisis due to high inflation and people’s income not increasing simultaneously. Many debt advisers left the sector to join other sectors, such as the National Health Service or local councils. Their move from the industry was mainly connected to high-stress levels, targets and audits. Save Debt Advice Campaign was launched to respond to the impact in the debt advice sector.

Tanis Belsham Wray, a former debt adviser, shared her experience at Step Change during the pandemic when many unresolvable cases due to clients having a deficit budget and complex priority debts. After returning from maternity, she fainted twice due to stress whilst giving advice.

Tamra Mannin - Co - CEO of Talking Money - an advice charity based in Bristol. The Money Advice & Pension Service (MaPs) funded its debt advice service to deliver debt advice work. They decided not to renew their contract with MaP's due to the bureaucracy involved in audit, targets, management of the service and supervision of debt advice work compared to other projects it delivers.

Michael Agboh- Davison, Unite the Union representative, who has been leading the campaign in the sector, explained some of the challenges faced by the industry and the need for an increase in funding from companies profiting from consumers. He emphasised non-FCA regulated providers such as fuel companies to contribute to funding debt advice. He also explained that some issues impacting debt clients are interlinked with national policies.

Debt Talk also approached MaPS to participate in the podcast and Ripon Ray read MaPS’s statement on the issue.

The panellist also provided top tips near the end of the podcast. In the next episode, Ripon Ray will speak about "Mental health & debt' during the cost of living crisis.

If you want to listen to a particular debt-related topic or you want to share your experience on the Debt Talk podcast, you can get in touch with Ripon Ray on Twitter: @yourdoctordebt.com or email: [email protected]

During the cost of living crisis, the need for insolvency advice has been far greater than in the previous years as shown by Government’s data due to a rise in high inflation and change in consumer behaviour. In 2022 there has been a 56% increase in the number of companies going insolvent compared to 2021. In this episode of the Debt Talk podcast, Ripon Ray explored the financial challenges faced by small businesses and the inevitable advice needed from insolvency practitioners to save them.

Robert Tame ran a catering business. During the financial crisis, his business began to have a cash flow problem. But not every part of his business was struggling; so he had to prioritise his profit-making part of the business and make the inevitable decision to make his staff redundant. He was able to pull through due to meticulous financial planning and advice from an insolvency practitioner. He later sold his company with profit to a global company.

Anita Pickersgill spoke about how small businesses need to be clear with their terms and conditions. When a small business faces a financial challenge, directors of the business are also responsible if they do not take reasonable care and skill and seek advice if they are not sure about their business. It is crucial that small business owners act prudently.

Kate Ellis explained the types of insolvency options there are for businesses when it comes to insolvency: voluntary and compulsory. She emphasised the importance of getting advice early. Creditors can be sympathetic to your cash flow problems but it is essential that you let your creditors know sooner rather than later.

You can also find the top tips they offered to Debt Talk Listeners on running a small business, how to address cash flow problems and ways to deal with your creditors.

The next podcast will explore: ‘Debt Advice, MaPS and advisers’ during the cost of living crisis. There has been a change of plan due to technical issues. We initially stated that it was to be: Funeral and debt'.

If you want to share your experience or expertise on the Debt Talk podcast, you can get in touch with Your Doctor Debt, Ripon Ray: [email protected]

In this month’s podcast on Debt Talk, Ripon Ray explored the current landscape for councils to recover council tax. Since the introduction of welfare reform over ten years ago, nearly every council in the UK expects some form of contribution from households regardless of whether many families were deemed too poor to pay prior to the introduction of the reform. At the same time, Britain has seen an increase in the recovery of council tax through the Magistrate's Courts.

While the number of households in arrears has increased throughout the country, there has been a surge in the use of civil enforcement agents to recover the council tax debt. Ripon Ray spoke with panelists from the debt enforcement and debt advice sector to explore the current framework in which councils work and ways council tax has been recovering the debt.

Samantha Nurse - Founder and CEO of Money Advice Hub spoke about the way councils throughout the UK charge council tax and the way they work out what support low-income households can get along with challenges debt advice services face during the cost of living crisis.

Russell Hamblin -Boone - Chief Executive Officer of Civil Enforcement Association Limited - explored how contracts between councils and civil enforcement companies work, and the way civil enforcement officers' actions are monitored and scrutinised for the benefit of vulnerable residents who are in debt. Also what role does the newly formed Enforcement Conduct Board play a part to support vulnerable communities during the cost of living crisis? From his point of the complaint process needs to be transparent and robust.

Both of my panelists provided some tips to ease the pressure during such a difficult time.

The next podcast will explore: ‘Small businesses and insolvency’ during the cost of living crisis.

As we start the new year, Debt Talk speaks about a subject fairly new to the debt sector. In this episode, Ripon Ray speaks about: ‘Crypto assets, gambling and debt’. He had experts from a variety of sectors who gave an overview of the interlink between crypto assets, gambling and debt.

Ismail Malik - Editor and Founder of Blockchain Lab - gave a clear analysis of the meaning of cryptocurrency and the reason for the initial success of such an asset, and the types of people who are leading the campaign to normalise crypto in Britain and in other countries. He argues that they are generally proponents of new innovative technology and deregulation.

Kathy Wade - Manager of Money Guidance Service Manager at GamCare - explored the general behaviours of gamblers and how gambling may impact individuals and their family members. She highlighted strategies that they could use to divert their attention from gambling harm. She admits that further exploration is needed in this area to support individuals who are being harmed by crypto.

Vanessa Norham - Head of Charity Development from Step Change - emphasised the importance of early intervention whilst exploring the need of working in collaboration with gambling and financial regulators and other groups to develop strategies to solve gambling and debt problems.

You can also catch up on Ripon Ray’s previous Debt Talk where he speaks with industry leaders about issues related to Debt.

Next month, Debt Talk is going to speak about: ‘Council Tax, debt and enforcement’

If you want to get in touch with Ripon Ray to speak about Debt related issues: [email protected]

During a festive season in December’s episode of 2022 on Debt Talk podcast with your host, Ripon Ray, I spoke about: ‘Alternative lending and debt recovery' during the cost of living crisis.

The average household credit card debt in the United Kingdom in 2022 is £2,100. If you include the mortgage, it is £63,000 per household. In this episode, I had three panelists:

Helen Baron, Chair of London Capital Credit Union, pointed out that the credit union holds over £2 billion worth of consumer credit industry and that nearly one in every ten people in the UK has at least one account with a credit union. A credit union can offer a cheaper and more affordable loan compared to a high-cost lender when you are struggling financially.

Peter Gent, Director of COEO, one of Britain's leading debt collections companies, explained how a debt collections company wins a contract from a fintech or mainstream creditor, how and whether interests and charges are added when a debt is transferred to a debt collections company, the differences between a debt collections company and an enforcement agent and at what point a company contacts a debtor to recover the debt.

Finally, David Benbow, Operations Manager of the England Illegal Money Lending team, explained the differences between legal and illegal lending, the enforcement powers his team has against illegal lenders and the way they support debtors when debtors are at risk of harm.

They also provided top tips of the month for us to be wary of during the Christmas season to share and implement in our communities.

For my next episode, I am going to speak about ‘Crypto asset, gambling and debt’ during the cost of living crisis. Once again thank you for listening to Debt Talk podcast with me Your Doctor Debt, Ripon Ray.

Merry Christmas and avoid the clutches of illegal lenders!

On this month’s Debt Talk podcast, Ripon Ray explored structural health inequity, direct and indirect discrimination in the workplace, low income, and the inadequacy of the social security system to support minority communities.

Patrick Vernon OBE explained how minority communities are more likely to be in precarious jobs; and since cuts in public services began over a decade ago, the financial pressures have intensified for many people. The cost of living crisis is just an extension of the pressure.

Muna Yassin MBE - CEO of Fair Money Advice - spoke about how her organisation is seeing acute cases linked with priority debts ( with rent, council tax arrears, and fuel debts). A major issue, she feels, is that the current policy design does not take into account the interest of minority communities.

Helen Barnard - Associate Director of Joseph Rowntree and Research Pro bono Economics - emphasised the importance of relating minority issues with wider working-class interests. She outlined how minority communities have been discriminated against as they apply for jobs and while at work they are in receipt of unequal pay. The focus should also be on the enforcement of existing rights to support these communities.

Debt Talk podcast panelists have also provided tips to assist listeners during difficult times.

At the next Debt Talk podcast, I am to speak about: 'Alternative lending and recovery'.