Debt Talk

In this episode, Debt Talk explores one of the most important subjects during the cost of living crisis: ‘Eat, heat or pay your rent.

Already communities are stretched with their finances; they are skipping their meals to pay their rent or pay for fuel. Financial struggle has now become epidemic in low-income communities regardless of whether you are a worker, self-employed, pensioner or affected by disability. The question really is: how sustainable is it?

Ripon Ray, the debt expert, speaks to three panelists who bring experience from their local community, research, and the debt advice sector.

Barry Duckett, a struggling pensioner explains how he was barely surviving in a state pension during the pandemic and is now forced to make decisions to turn off his heating due to the high cost of fuel and bailiff knocking on his door whilst winter is not yet here. In his council estate, universal credit claimants are choosing to feed themselves instead of paying their rent.

Joe Richardson, research manager of the Living Wage Foundation, who carried out extensive research during the pandemic and the beginning of the cost of living crisis, argues that employers need to do more to support workers with a living wage to make sure their workforce is well nourished to do the work and to live a meaningful life during such a difficult time; otherwise, their productivity and mental health are to suffer.

Jane Clack, Chair of the Institute of Money Advisers and accredited debt adviser, emphasises that most debt advisers are just putting a plaster over their client’s wounds because deficit budgets among debt clients are a norm and they are consistently coming to seek advice with rent, council tax and fuel debts instead of the usual consumer credit debts.

In our next episode on Debt Talk, Ripon Ray is going to speak about: ‘Minority communities & financial struggles.’

In this episode, Ripon Ray explored the journey of a domestic abuse sufferer which may resonate with the experience of many domestic abuse sufferers in Britain.

Rosie Lyon FRSA vividly explains the trauma of being a victim of her abuser and how her experience carried on post-separation since her home was tied with her former partner. She was in financial ruin because she was not able to pay the mortgaged property. It was later seized by her lender. Her credit rating was also tattered. She could not get a phone contract, credit card and no doubt many more issues.

James Jones, head of Experian credit reference agency, gave a bird's eye view of what a credit rating agency can do as a custodian of credit data. It can liaise with domestic abuse sufferers and lenders when there are issues of fraud and coercion, and misstatement.

Shirina Ali - Limehouse Project Ltd advice manager - demonstrated the need for funding for specialist domestic abuse advice and some of the challenges advice services across the UK come across when dealing with victims of domestic abuse, especially when supporting vulnerable residents who are in debt.

They also provided Debt Talk listeners with some tips on domestic abuse.

At our next episode on Debt Talk, we are to explore ‘Eating or Heating’ during the cost of living crisis.

Welcome to the first of many Debt Talk podcasts presented to you by Ripon Ray, a debt expert for over 10 years.

In times of the cost of living crisis, discussing debt has become more important than ever. At the same time, changes in regulations and government policy, increase the cost of fuel and goods which result in people getting into debt.

In this episode Ripon Ray speaks to Helen Lord, CEO of Vulnerability Registration Service, on the following issues:

• The meaning of vulnerability from the perspective of the FCA

• Ways organisations to identify vulnerability

• Meaning of consumer duty and the FCA

• Tips available to organisations who are struggling with implementing Consumer Duty Guidance into practice

If you want to get in touch with Ripon Ray to speak about debt-related subjects on Debt Talk, email: [email protected]. More on Ripon Ray: www.yourdoctordebt.com