High Interest Debt (Victoria Derbyshire slot) – New regulations for Firms like Brighthouse

High Interest Debt (Victoria Derbyshire slot) – New regulations for Firms like Brighthouse

I got the call yesterday to ask if I wanted to appear on Victoria Derbyshire today, 31st May, to talk about my debt situation and my view on firms whom charge unfair and too high levels of interest. I jumped at the chance!

This morning I went on live by Skype. AND I RANTED. I was on with a guy who was talking about pay day loan companies and APR’s for 500% being okay. NO. This is not okay this is exploiting people who are struggling. And Victoria let me rant.

This is the whole interview and I come on at about 5 minutes in.

If you find yourself in debt, and you cannot see a way out there is help. Charities such as Step Change and Christians Against Poverty are wonderful and will help you to find a way out. There are cheaper ways to get at money in desperate times such as credit unions. You do not have to turn to a doorstep lender, payday loan firm or a company such as Bright House who may charge you £1500 for a £300 over over the course of three years.

Sara Williams is a wonderful friend who runs the Debt Camel website, a wealth of information for people struggling with debt. She says: –

“Too many high cost loans are being given that are un-affordable and make people’s situation worse. Too many people are trapped in expensive overdrafts

The FCA should have introduced firm, clear measures to would help, as it did with payday loans. But it has ducked the opportunity, proposing some minor changes that are nice but which don’t tackle the scale of the problem to consumers. Instead of actions, there is just yet more consultations in too many areas.”

Please do watch the clip from Victoria Derbyshire and spread the word.

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Lynn Beattie

Aka Mrs MummyPenny

Personal Finance Expert

I write about personal finance made simple, lifestyle choices that will save you time and money, as well as products and services that offer great value.

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4 Responses

  1. Great rant! Impressed Victoria D let you do so much – think we know which side she was rooting for!
    There is never a good reason to get a loan from companies that charge such extortionate interest rates, same as never a good reason to pay a company to do a DMP or IVA – there are free alternatives out there.

    1. I know hon, and the more we talk about the less customers go to people like them and the more people get out of financial troubles.

    1. Totally nailed it, and Victoria was so urging me on! I still cant believe he tried to justify pay day loans are fine….

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