Skip to main content

Debt Talk: Eat, heat or pay your rent on Debt Talk (Oct 2022)








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 in the finances are skipping meals to pay their rent or fuel. The question really is: is it sustainable? Explore this topic with Ripon Ray, a debt expert who speaks with three experts who bring experience from local communities, research and debt advice.

During the cost of living crisis, financial struggles have now become epidemic in the low income communities regardless of whether if are a worker, self-employed, pensioner and with disability.

Barry Duckett, a struggling pensioner explained how he was barely surviving win state pension during the pandemic is now forced to make decisions to turn off his lights due to the fear of the cost of fuel. He is hearing universal credit claimants in his council estates tenants are choosing to feed themselves instead of paying rent and fuel bills.

Joe Richardson, Research Manager of Living Wage Foundation, who carried out extensive research during the pandemic and the beginning of the cost of living argues that employers do need to do more to support workers with the living wage to make sure their workforce is fit to do the job they are hired to do. Otherwise, productivity is going to be lacking.

Jane Clack, Chair of Institute of Money Advisors and accredited debt adviser, succinctly explained that most debt advisers are just putting a tape over wound because deficit budget among debt clients are normal in debt advice sector. More needs to be done look at the current system as it is.

It is generally accepted by all three panelists that the current political climate is not offering anything substantial to support low income families to ease the financial struggles.

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

Comments

Popular posts from this blog

Budgeting on Your Money Matters...with Ripon Ray

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

A debt free path for a mental health sufferer

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

Betar Bangla radio’s Ripon Ray: How fashionista turned political activist and debt advisor

PUBLISHED:  09:02 13 March 2019 |  UPDATED:  09:03 13 March 2019 Emma Bartholomew Ripon Ray: Picture: Rukya Khan ​Debt advisor and radio talk show host Ripon Ray tells Emma Bartholomew how he’s seeing more and more people who are unable to just pay the basic bills Ripon Ray: Picture: Nick De Marco Self-confessed “arty-farty creative” Ripon Ray originally set out to be a fashionista in life, when he “found his calling” and changed track to become an activist. He’d been studying at the London School of Fashion, but going on an anti-fascist protest “triggered a couple of things”. “I dumped my studies and went to Kingsley College where I was doing full-on activism, and organising protest marches,” he told the  Gazette . “I loved it but I got kicked out of there because I was too much of an activist and I wasn’t focusing on my studies.” He knuckled under, bagged a history degree and started out in the charity sector as a housing advisor. Being mugged i