Charities warn of debt ticking time bomb 

Couldn’t agree more

Why I never take the promotion not worth the stress your mental heath more important.

@@katieturner5651 for real, I got a weekend contract at Primark in late 2020 after losing a good job overseas and having to return to the UK. They wanted me to apply to be a supervisor, but it was only 20p extra an hour, plus you weren't able to do overtime during the week during busy periods (such as Christmas run up) as supervisor shifts weren't available. And you had way more stress and responsibility. I didn't apply.

Food was cheap in the Uk , but housing is expensive.

@Weird guy it's very strange when you live in other places and realise how different our pricing is. I lived in Japan for a year. My rent was very low, maybe 25% of my pay and I was on a low income. In £ terms, it was about £250 including bills. Eating out and alcohol was cheap compared with the UK, but clothing and some groceries were more expensive. A single carrot was about 60p, but you could get a piece of frozen salmon for £1. Apples were huge and £2.50 each- there wasn't the option to buy a bag of small apples.

… says some privileged internet troll who's probably never experienced the misery & deprivation of poverty in his life. 🙄 You only think you're clever, but you're not.

It’s one of the many ways the powers that be wage war on humanity.

@@sg-zd8eb indeed

Definitely

The UK is a business not a country. And the population is passive enough to contribute to it.

You mean country... Sorry I mean business.

Time to eat the rich.

is this a reference to the UK or just a general statement ?

Banksters

well to do that they need to be "RE-EDUCATED" because they originally where indoctranted.

Like they do in France for the moment! ✊ Asking permission to protest and holding hands singing cumbaya will not change anything and is exactly what our government wants us to do. The French will not give and made the streets theirs! We should do the same. "It is not the populations who should fear their governments but the governments who should fear their populations"

Russian gas is the solution but climate change scams will make people suffer and make the rich richer!

Standing up for yourself is something else then taking on a debt by asking others for money. People in the video don't even understand what they are signing.

British people are too polite. They will let vultures stab them before protesting.

And the Labour party are only interested in fighting the tories culture wars.

Thats Tory Britain for u. No wonder the tories n the freinds in the gutter press want people to focus on the rwanda policy, rather than the bread & butter issues like this debt crisis.

History repeats itself. That's what Europe, especially England, is known for. Medieval, cold, backward, dirty, and barbaric.

Charles Dickens times, Chaplineque lives.

It's not just Britain. It's a global problem I'm afraid.

In other words, no one should sign up to an IVA unless they’re financially secure enough not to need one? Agreed. Looks like a scam. The Citizen’s Advice Bureau should be people’s first stop. But even then, you need to check that your CAB is NOT one of those that the government has infiltrated and now work to benefit government policy more than their client. I learned that the hard way, in a previous life. Granted, it was a different type of matter, but it was shocking to discover that the CAB person who said they were, “representing,” me, when we had a group call discussion between me and the company I was fighting, was actually employed by the government and NOT a volunteer. I discovered that DURING THE CALL, when she suddenly started saying things that were clearly against my interests. So, just make sure you KNOW exactly WHO you’re getting your advice from, and WHO they work for. Who pays their wages? When you know that, you know what to do. ✌️ 🇺🇦

P.S. I won that fight in the long run, but it took research and a bit of legal learning for me to get there. Your exploiters count on you not having the time or the will to fight back. Prove them wrong and you will win. Especially at the point where you started costing them time and money. That’s when they do the math, back off, and pay up. When it’s cheaper for them to let you win. If we all did that, the debt collection agency market would collapse, as there would be no profit in it. Exploitation of people’s need, debt and their darkest hours of life, is a despicable trade, however you slice it. May everyone in that industry be sent to the front lines of some war, where they might do some good.

When you say.. > Nobody should do an IVA unless you have a house or a job you'd lose if you go bankrupt. An awful lot of people have a mortgaged house that they don't want to lose.

the cab are vastly underqualified and rarely ever follow thorugh on helping people in debt, they also are massively understaffed. saying cab is an answer is outdated advice. theyre useless

Well I'm a qualified debt adviser at a citizens advice, and a lot more qualified than these shysters who try pushing IVAs onto those who shouldn't have them.

The high % is because it’s offered to everyone regardless of their credit history or high risk so there needs to be a high reward

@@cjjk9142 We also have credit unions in every town offering loans at 8%

I never knew that about Ireland. That's actually amazing.

Well all the big banks like Citi Banks, bank of America , Chase etc simply created a credit card subsidiary and incorporate in the state of South Dakota where's there's no cap on interest rate From that state they can mail out credit cards to the other 49 states and be protected

The aim of the HMO regulation is good. But it is used as a cash cow without noticeable benefits. It costs thousands a house per year, a few hundred quid per unit, for 5 people, in London. And another licence for renting out any dwellings. Two licences to the local council. And they apply ambiguous rules that are applicable to guest house on shared house, like emergency lighting that is permanently on with green light, inflate the cost even more. It is reducing the supply of legal shared house. People need somewhere to live. The councils are pushing an average renter into illegal rental.

It's not the landlord. It's the banks increasing interest rates which has a knock on effect. Hey! Someone needs to pay for the Ukraine war and COVID lockdown handouts.

Wages by 10p - that's shocking. Every low paid job round my way has had to increase the pay by at least a pound an hour over the last year and some are doing the same again this April. Not enough still, but better then a poke in the eye with a sharp stick!

Yeah your beloved Labour Party prefers to spend taxpayers money on a illegal wars

What's a council tax? Don't have them here in USA

@@robertmitchell8630 its a tax...you pay to the council...

@@robertmitchell8630 its what everyone has to pay to their local council/district and covers local services- maintaining roads, streetlights, street sweepers for collecting trash, libraries, parks, some community services for elderly/disabled, police and fire services etc.

@@teainortakoy Ok thanks In USA it was a tax in order to vote But been done away with as it disenfranchised the African American voters etc

@@robertmitchell8630 ah ok and you're welcome.

And then spent the credit money on themselves rather than some project that could potentially get them out of their shitty financial situation. these people will always play victim and blame the “evil banks and evil creditors”

Tbh it’s perfectly within their right to sell the debt they need to earn too. these people are still going to own money it doesn’t matter to who. They could’ve contacted their creditors and made a plan with them before it got sold to someone else and when it does get sold they usually ask about 30% of what they own anyway if they can pay directly. People in debt are often scared to contact their creditors or have a hostile attitude towards them but they still owe the money. These problems could easily be solved before it got to bailiffs etc if they showed they were willing to pay at least a little bit regularly

I'm not in debt and neither is any of my family.

@@badda_boom8017 well then, none of what I said applies to you then does it .....🤦‍♂

​@@badda_boom8017- I'm debt and so is my wife!

@@badda_boom8017good for you, what’s your point?

@@leonhenry4861 read the original post.

I agree with the going to CAB. However they often refer you to places like stepchange who forcing IVAs and DMPs (debt management plans). They even using exact words used by scammers in this report to push them on clients.

​@@martinrolecek8837 Stepchange is a debt charity who are excellent. Remember that it's your debtor that has to agree to the proposals. They have helped some good friends of mine with a DMP. Their debtors froze the interest and they paid just £5 per month per debt.

The governments of the world set the example of that strategy (borrowing more).....

I was very lucky for inheriting an amount when my dad passed. If i didn't got that i would still be in debt Paid off 30k all at once felt great.

Many incomes are simply too low in the UK. If your basic costs are, say, £900 and your income is, say, £700, no amount of education is going to solve that. Also, it's a myth that there's a product called HELP that you can get somewhere if only you know where to get it.

Definitely true, as you get older the education gets less useful and much more about conditioning kids for a 9-5 that keeps them poor. Nothing on tax or loans, it misrepresents the reality of life. Aside from English and a bit of maths there's nothing practical I use from 13 years of education

Totally. They don't teach this stuff at all. Amazing how many working-class people don't save up money.

@@manuelpalmeira7278 how can you save on a shortage of £600 per month?

A lot of them do this. They talk rudely to and complain about ethnicminorities but can't admit responsibility for anything.

Bit optimistic. Most will be left with minus lol

@@leonhenry4861 very optimistic 😭

@@brittany1370 lol. It’s a shame the government only care about the top 2% of earners.

£100 you are lucky!

There's more ways to skin a cat...

That’s not the way to get rich 😂😂😂, you can invest in funds that invest in ethically sustainable businesses. So nobody is being exploited. Scottish widows has a fund that does that. Hope that helps.

White Americans still owe us forty acres and a mule forget the mule It's forty acres and a Cadillac For all the pre eminence in science England is nothing but a nation of cut throat pirates and as for France a den of thieves President Thomas Jefferson

​@left_blank what job ?

@left_blank there is no jobs in the market

Maybe cleaner job ? For now

Stop whinging and get a frickin' job. By the time I had just turned 17 I was out earning, and still at it age 56 .And don't tell me there aren't jobs out there. There ARE. It's that so many are WAY too picky and think the worlds owes them a living. It doesn't

@@mandalorian3865 Absolute RUBBISH!There ARE jobs, you just don't want to work for a living.

hows its the debt peoples fault they offer a contact that no one reads and thats at your own fault not the providers ..... if your in a situation where you cant pay monthly bills last thing you need is a loan .... little thinking goes along way

which is often, themselves

People in debt is how they make record profits.

@@WookiRahh in a world where its easier to blame someone for whats clearly their own fault.. its not like these companies go around, just handing out debt.. without people signing up and seeking these providers in the first place

One way People are getting into debt is by not having a prepayment meter. When they get their bill all at once, Some companies change some of their customers to prepayment but the customers don't like it.

not only do the banksters gouge us with high interest rates, they pay us almost nothing back in interest on our savings deposits. we are being robbed.

It was taught in schools, called 'Home Economics' but for some reason devolved to just cooking and baking. smbh.

I am an American living in London past seven years Lived off credit cards Seems I am at the end of the road here Time to head back to USA

Thankfully even with only Social Security as an income the only debt I have is a small car payment that I can easily afford. When a person gets into credit card debt it's hard to get back out

If rents weren’t so high people wouldn’t be in so much debt. Here in the uk rent is so high for a pookie flat that has mould will still run you about £1200 per month in the south and about 1k in the midlands. Wages are average at best. So it’s clear the system is set up to keep people down.

@@leonhenry4861 Same thing here in the US wages don't go nearly far enough to afford living in most places.

@@chrisaycock5965 oh really, I thought you guys got paid more then us.

@@leonhenry4861 How else would the capitalist system survive The idea is the Donkey chasing the carrot 🥕 If the masses could work for say twenty to thirty years of their lives save buy a home and retire the capitalistic machine would grind to a halt So the system doesn't allow one to live of savings Inflation is set up to keep you in the system Exactly why Hitler declared war on the monetary system

The Tories help the poor? Hahahahahahah

I once had a mate who was on payday loans month on month - no joke, every month he would pay off the loan and a week later he would take out another loan, this was going on for years, God knows how much interest he was paying as a whole.

There is no lower limit on a DRO so whoever told you that was wrong. It wasn't someone selling you an IVA was it?

@@lmknbhbiubjh Pay Plan. Capital One recommended them.

Get some debt advice from Citizens Advice. You may struggle to get through to them as they are really busy but it's worth perservering until you can speak to a specialist debt adviser. If you meet the eligibility conditions for a DRO then you might be able to apply but you'd have to to cancel your IVA first (and this can take some time) Get some proper advice before you make any decisions. And if you have been missold an IVA then you should complain to your IVA provider. Having said that, IVAs can work for some people. Yes you do have to pay fees to the IVA company but it is the creditors that miss out on payments as part of the agreement means you pay less overall. So if you are paying £55 for 60 months then £3300 overall. The IVA company gets their fee and your creditors get little/nothing.

In these United Snakes of great America Many consumers settle a 10k$ deny for say 2k$ Then end of the year the debt collectors send the consumer and the IRS the W4 and now the IRS looks at the unpaid 8k as a capital gain and yup you owe them taxes

Lol why it’s their right

Ever had a mortgage Mark? Or did you have the money just laying around?

A mortgage is the exception, as it replaces rent. It's the general consumerism thar leads to unsustainable debt.

@@OM617a I don't think you've thought this through....

@@vulgar_scabby_beaver Which part? A mortgage being a sensible form of debt or consumerism being a cause of debt problems?

@@OM617a If you live in the UK you live in a service/retail economy, the UK is no longer an industrial economy. People do not have the liquidity to support an economy which is based on service and retail. Major purchases such as white goods, furniture and even cars are sold on unsecured consumer debt, what do you think would happen to these sectors if everyone waited until they could afford to pay cash before making a purchase? You can forget popping down to SCS to browse the sofas, it would be closed and the staff would be unemployed as would most car dealerships and electronics and furniture retailers. The 2008 financial crisis was not brought about by someone who couldnt pay for a big TV, it was toxic mortgage backed securities that collapsed the global economy. Do you think that a bus company waits until it has the cash on hand before it buys a new fleet of buses? The comment at the start of this thread is simplistic and has no thought behind it.

Your opinion..

@@leonhenry4861 well they ain't going to come knocking if you haven't got debt... fact 1 Fact 2: they get generous benefits. We know this by how much people get vs a 40 hr a week job. In fact I gave up my job full time as an accountant when I had my 2 kids as I got 13k in benefits tax free plus other free things. Disability benefit is higher than what I get. Fact 3: benefits are going up in line with inflation. yes my benefits are and my wages are not. Facts not opinion. 😂

I agree with you.. Except that I became very ill and could not work anymore... I had an abscess in the back of my left knee the size of a tennis ball.. Four major operations in seven days later to save my leg.. I was three months in Hospital. So much morphine was pumped into me and I was released back into the world as a Junkie.. Even though I kicked it pretty quickly the after effects hang around for a few years.. I then had a heart attack and I have been waiting two and a half years for a triple heart bypass.. I am also an armed forces veteran.. But that gets you nowhere.. Before becoming ill, I was a Merchant Navy Engineer Officer on 55k a year.. So credit card debt was manageable. Now I am to ill to work and it is not my fault that I am on benefits and in the same boat as all of these other people. Just to say.. Be careful who you judge..

@@stevenwatsham5973 there is always one person that shows up in these comments who is seriously ill. That's fair but you must realise you are in the minority. Not everyone on benefits and in debt are ill. Some people are just lazy and make poor choices. Poor choices have consequences...

if your iun a need of money worst thing to do is borrow it ... youll just end upp screwing yourself over in the long run

Ha ha ha ha ha me to, they say I don’t earn enough. So I make do with investing 😂. So far so good

actually lucky tho

She knows all about lies and BS doesn't she? Can't even bear to look at her.

As a debt adviser I see many people put onto unsuitable IVAs so they are not a great solution. In fact in my experience you should only do an IVA if you have an asset you want to keep. For anyone else a DRO or bankruptcy is a far better option.

if the protection of the card is all you are worried about, some banks now have an option to create an online only card, you can freeze it or delete it any time if there are problems

Having a serviced debt will actually stand you in better stead for getting a credit card than having no debts, sadly.

We are very grateful that you live in Hawaii.

Some people went in debt because of council tax. Then the council passed the debt to private company.

As someone who has worked in money/debt advice, I can tell you that it really isn't as straightforward as you are telling yourself it is!

Tell me agian why you need to borrow at extortion rates due to immigration? Really it is very obvious you can not do the math if you borrow £ 500 to repay £ 8000. Don't blame the loan sharks for Gods sake. it must be the foreigners! Are they jews by any chance?

Immigrations fault, of course. Nice to hear from someone who works in a local CABs. I guess that if an inmigrantes calls requestint financial advise due to high debt, you would just say to them to go back to their country of origin ? The issue is way unrelated to immigration.

What does immigration have to do with people making bad financial decisions? There a millions of jobs currently available that British people just don’t want to do , cleaning and carers for example. I have never seen a white Person at those jobs

Immigration has, in some sectors, driven the wages down. Obviously when there are more people available to do the work, there will be less bargaining power in terms of wages. But I fully agree with you. I also worked at CAB for years. I took calls and had appointments with people who were dressed in Nike and I was wearing Primark. The amount of people I met who got in debt "for Christmas" was insane. However, we were not allowed to point out to them that they didn't need to spend 2k on their kids every Christmas (credit cards and payday loans of course).

Could not agree more with the cop out point. The irony is, immigrants were more likely to be susceptible to pay -day loans in the early 2010s due to a generally lower standard of English and Maths meaning on the whole, the terms are more difficult to understand. When people cite immigration, it is more likely a regurgitation of the rhetoric of the new wave of right-wing media who like to focus on immigration for the cause of the Tory party failures (GB News for example) in the past years. There is an interesting debate on immigration, we desperately need workers at the moment, I would also be careful to assume that "I have never seen white people at these jobs", this is interesting because you mentioned cleaners when if you did a sector analysis you would find that most cleaners are part-time and mums doing it on their evenings to help support kids etc. I am all for immigration btw, however, I believe in planned immigration, so when the government wants to take in 250,000 people of working age, they should build at least 200,000 affordable homes to ease pressure on the housing market for example. The argument for driving down wages is also interesting, it depends on where you live and the availability of high-skilled work. I used to be a warehouse operative (in Doncaster btw where there is a low availability of traditional "skilled work") , I was the most productive at my depot by far, we had metrics, and when I asked about a pay-rise my boss said "I could get 5 people in this position in the next hour who are willing to do this job without asking for a pay-rise so be grateful".

let's hope it goes BOOM! real soon

People taking loans in times of hardship is not a cause, it's a symptom. Their circumstances do not allow them to improve their income and with COVID and the cost of living crisis, taking a loan is the only means of paying for essentials. The root cause is our broken welfare system, stagnating wages and high inflation.

Agree. The problem is responsibility and the ability to have it. There are many people that have the 'right' to reproduce, buy things, etc.. but are not able to take care of the consequences. This 'right' is granted to all adults. So who's to blame? A similar family with more luck might not have struggled. 'luck' in life plays a big role.

​@PZL17 did you understand the text you commented on? Sympathy was expressed and there is nothing in it to suggest that it was little. One can feel tremendous sympathy while acknowledging a simple truth. It is not a contradiction.

Right wing whining.

It's not a simple truth though. It's garbage and nonsense.