Ripon Ray has been working in the debt sector for over 12 years, which included giving advice, training, managing quality standards and consultancy. To open up the debt industry to a broader audience, he founded a series of monthly Debt Talk podcasts to show the link between debt and other sectors where experts share their knowledge. You can find monthly Debt News and his media work for public interest to raise awareness of the causes of debt in the UK.
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Alternative lending on Your Money Matters...with Ripon Ray
This week, CEO of Fair Finance gives the listeners an overview of the alternative lending industry. Prior to taking on the role of CEO, Faisel Rahman worked for the World Bank and Grameen Bank. He subsequently set up a microfinance service in East London, a debt advice project for local residents and founded Fair Finance in 2005. He speaks to me about the role of payday lenders, credit unions, peer-to-peer and other ethical lending.
I also had the opportunity to hear views from the members of the public as to what you think about alternative lending. If you have any money related ideas that you want me to cover just send me a message on www.commmunitymoneymatters.com
24% greater than on the eve of the financial crisis, Britons owe a total of £72.5bn on credit cards with £400m added to balances in November 2018 alone, according to the Bank of England. In such a mountainous backdrop, it's essential that regulators and the central government put financial education on top of the agenda for the well-being of communities who are struggling with money. On Your Money Matters show, I have tackled this exact issue by interviewing Michelle Turpin Cope, Money Trainer. She personally struggled to manage her money once she resigned from her job as a nurse due to stress and depression. She had devoted her life caring for NHS patients. Once her savings ran out, she had to turn to state benefits; otherwise, would have been destitute. The luxury of spending money on a cup of coffee every day, without realising the impact this purchase would have on her finances, was really an issue for her. Once she went on a money mentor training, she was forced to
It’s a well-known fact that individuals who suffer from a hampered mental capacity - be it mental health or learning difficulties - are most likely to be vulnerable in our communities. They are also more likely to be victims of miss-sold products and services by companies, even though organisations that are providing financial products and services have a duty under the Financial Conduct Authority (FCA) to take extra care towards these individuals. This is what the FCA has to say about vulnerable customers: ‘ The vulnerability of the customer, in particular where the firm understands the customer has some form of mental capacity limitation or reasonably suspects this to be so because the customer displays indications of some form of mental capacity limitation (see ■ CONC 2.10) But due to a culture of intensive selling to consumers, generated by employers placing and enforcing - often difficult and unrealistic - performance goals which are attached to tempting
The current welfare state changed in such a way that a true reflection is required as to how this has come about and and its context. Post Second World War, the Attlee government nationalised the Bank of England, the coal industry, the Central Electricity Generating Board and area electricity boards, Cable & Wireless Ltd, the railways and the local authority gas supply undertakings in England and Scotland. It introduced free education for all by nationalising institutions which were either provided by parishes or philanthropists. The National Health Service was formed and made accessible to everyone regardless of ability to pay. If you were unemployed there was infrastructure to support you when you could not afford to pay by creating the welfare system as you see today. The expenses of running such a nationalised state was met by cheap loans borrowed from overseas, contributions made by tax payers and companies in times when Britain was losing imperial dominan