One of the important changes in the last decade is the rise in the consumption of products and services on Buy Now Pay Later, as many low-income households are using these products to buy household items. In this month’s Debt Talk podcast, Ripon Ray discusses ‘Indebted with Buy Now Pay products’. To address this pressing subject, Sean Breen from the  Consumer Council for Northern Ireland and Gulsah T from Bromley Citizens Advice Bureaux Limited highlight some of the issues faced by communities struggling with buy-now-pay-later products and services. Sean Breen , Director of Financial and Postal Service from the Consumer Council for Northern Ireland , explains that, based on their research, most consumers are from low-income households. They are already struggling with their finances and must be made aware of the consequences of non-payment, such as not being covered by the Financial Ombudsman Service Compensation Scheme. Many of them are also prone to being attracted to...

(July 2023) Monthly Debt News looks at debts and the causes of debts in Britain from various sources selected for professionals to make the debt sector simple. This month’s Debt News includes: Debt collectors illicitly obtained French citizens data -  Ofgem brings measures for debt recovery - UK household pay down  mortgage and use savings - FCA introduced mortgage breathing space - UK Govt renationalising Thames Water.  Finally, bite-size stats on student loans, universal credit fraud, financial exclusion and renters in poverty. ---------------- Debt collector of UK fines ‘illicitly’ got data of drivers in France That is the claim of 102 plaintiffs who have filed a complaint over fines relating to low-emission zones in London  More here:  link   ---------------- Ofgem proposes £13 allowance in PPM price cap for energy suppliers The measure is part of Ofgem’s new plan to protect PPM customers and help energy suppliers recover bad debts. Energy regulato...

On this weekly show I talk about Payment Protection Insurance (PPI) in the United Kingdom and how you can bring a claim, for free, without using a PPI claims company. If you are unsuccessful with your claim with the company you are complaining against, you may want to take your case to the Financial Ombudsman Service (FOS), which is a body set up by the Financial Conduct Authority to resolve your complaint.

I noticed how busy members of staff at the London Community Credit Union (LCCU) were during the Christmas festive period. They were very equipped for the season by hiring extra staff. Creditors undeniably know that the period leading up to Christmas is one of their busiest. During the same period, for me, as a debt adviser, its one of the quietest.  Why is it so busy for them and least busy for me? The answer lends itself to supply and demand theory: consumers are borrowing to put Christmas presents underneath Christmas trees for their loved ones and spending on parties leading up to the New Year and holidays. In such an atmosphere, consumers are less likely to think about their debts but more likely to spend - spend - spend. The unwritten policy held by lenders during this time is to open their doors to borrowers to accommodate their seasonal borrowing habit. There is no doubt profit to be made on the return for credit. The Bank of England states...

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 wh...