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 mortgages, 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 lender when you are struggling financially.
Peter Gent, Director of COEO, one of Britains leading debt collections companies, explained how a debt collections company wins a contract from a fintech or mainstream company, whether the 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 when the company contacts a debtor.
Finally, David Benbow, Operations Manager of the England Illegal Money Lending team, explained the differences between legal and illegal lending, the enforcement powers the 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 for us to share and implement at work 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!