Joining us in the booth this week is Oye, founder of The Real Debt Guy and has worked in the subject of UK debt for 18 years.

In this episode we discuss:

- How the UK debt system really works

- What will happen if you communicate or don't communicate with the lender

- Actions the lender can take to recover the debt

- How to manage negative feelings towards debt

- The impact of your spend circle

- How the debt buying business works

- How to leverage the UK debt system

- How to escape the UK debt cycle and much more

*CORRECTION*

At 42:33 - Oye said "non-priority" he meant to say "priority"

🔗 Connect with Oye:

Website: https://www.therealdebtguy.com

Youtube: https://www.youtube.com/@Oye_TheRealDebtGuy

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TIMESTAMPS

00:00 - Savvy Wallet Ad

00:18 - Preview

01:41 - Intro

02:17 - Meet debt expert Oye

07:51 - How does the debt system work? 

12:31 - Relationship between the lender and the borrower

16:31 - Getting into the Debt cycle from university

22:11 - The impact on credit report for not paying credit repayments 

25:19 - What happens if you can’t pay your debts? 

31:31 - Fight the fear and open that debt letter!

33:51 - Do this if you’re struggling with your mortgage? 

35:57 - What actions can a lender take to recover their money? 

40:42 - What happens if you communicate with your lender?

43:17 - What protection do borrowers have?

45:46 - How does it get to the stage to Bailiffs 

50:55 - How does buying and selling debt work? 

58:51 - Why you should avoid bankruptcy!

01:02:12 - Why people feel negatively about debt 

01:06:26 - How to manage feelings towards debt? 

01:13:47 -How to navigate pressure to spend? 

01:17:39 - Good debt vs bad debt 

01:19:42 - How to leverage the debt system for your benefit? 

01:20:40 - Steps to get out of the debt cycle 

01:24:15 - Pitfalls to prevent you from getting into debt 

01:27:11 - How The Real Debt Guy can help you

01:29:37 - Final words

The information contained on this video is not intended as, and shall not be understood or construed as, financial advice. I am not a financial advisor and the information in this video is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.

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