The Big 'Can't Pay' Debt Debate: Live

[Tools]

Is our money lending culture out of control?

How much do you owe? And whose fault is it? British families owe more than at any time in history - £1.4 trillion, or to put it another way, an average debt of £54,000 per household. More than two and a half million households now spend more on bills than they earn every month. Even if you take out mortgages, the average family owes more than £8,000 and many owe a great deal more. If they lose their jobs, like all of us, they're within a few days from financial disaster.
But whose fault is it? The credit card companies and banks who encourage us to spend? The pay day loan firms who've cashed in on the recession? Or is it down to the people who get themselves in debt. Is it down to a culture of spend, spend, spend?
Now, in the light of the hit series Can't Pay? We'll Take It Away!, this debate will explore our cash crisis in a vociferous, volatile live event. Those in dire debt, politicians, bankers, Yorkshire blokes, loan companies, celebrities – including those who've gone bankrupt themselves - finance experts, columnists and opinion formers will question who is responsible.



Watch Live 17th March 2014 Channel 5 22:00 - 23:00

[enaid]

Re: The Big 'Can't Pay' Debt Debate: Live

IMHO it all started when we lost our little brown envelopes which were gratefully received more often than not on a Friday afternoon. We gave control of our finances to a set of greedy, manipulative financial businesses who thrived on our up and growing 'must have culture'.
So initially I think the problem was 50/50.
Now the problem is dire and 50% of the initial problem have come unscathed as we have bailed them out and although we are seeking recompense for a lot of their bad practices they will survive. As for the other 50% of the problem who knows.........

[wales01man]

Re: The Big 'Can't Pay' Debt Debate: Live

A way is neede so the Wont pay are made to [ay through AOB or AOE And the Cant pay are are helped and put in a position so they can pay.

The system is so out of date it needs bringing into the 21st century Credit has been to easy to get for years and the collection of debt has not reflected this fact once you are deep in debt it spirals out of control ttoo many banks and lenders have in the past lent without checking anyones ability to repay when a recession hits and incomes fall and more become unemployed the reality of it all hits hard.
Instead of adding to a debt with charges and collection costs the sensible thing would be to look into the long term collection of the debt and help out those who cant pay .
The wont pays need a different approach

[meellis]

Re: The Big 'Can't Pay' Debt Debate: Live

Well said walesman, the need to add extra charges and interest to finance that people are showing they can't afford is ludicrous. Also the need to make people bankrupt just so the debt can be cleared from the books and wrote off needs to be looked at, I am almost certain some companies compound the debt with spurious charges just so when they write it off the tax claimed offsets the original debt ie no lose. The biggest thing that needs to change though is peoples attitudes to debt and in particular debtors. It is far too easy for the establishment to blame the debtors solely for the position they are in without pressing the fact that the lenders are just as responsible, because of this the lenders can get away with being seen as being hard done by and pity placed upon them. The only people who don't pity them are the debtors but in reality they are the minority whilst the majority are stuck with their pre-conceived ideas that they will not be shifted from. Because people refuse to admit the problem and address it realistically we will get the economy moving until the mortgage-endowment fiasco hits the fan where people realise they can't pay off their interest only mortgage with their poorly performing endowment. I have said all along that the establishment needs to find a way that debtors can refinance their debts in such a way that is affordable to both parties but also releases some spending money for the debtors so the economy gets moving. It seems all too easy for the banks to give customers an umbrella when it is sunny and then take it away when it rains where it seems more logical for the finance houses to find a way to get the original but not vastly inflated returns on their money.

[Tools]

Re: The Big 'Can't Pay' Debt Debate: Live

Some very good points made, if the opportunity arises I will try to voice some of them.

I particularly like your phrase meelis

It seems all too easy for the banks to give customers an umbrella when it is sunny and then take it away when it rains

[Amethyst]

Re: The Big 'Can't Pay' Debt Debate: Live

Okay this looks like a bundle of fun;

Attendees

James Jones @AskJames (EXPERIAN)
@PaulBlomfieldMP (SELECT COMITTEE BIS AGAINST PAYDAY LOANS)
@MCPOConnor ( CEO of STEPCHANGE )
@CAPuk
Paul Blomfield @PaulBlomfieldMP
Katie Hopkins,
Liz Jones
Jim Davidson
Consumer Finance Association
Eddie the Eagle
Rosie Millard @Rosiemillard - Hack, mother, runner
Mike Thomas @debtwizard
@NickFerrariLBC
''Two Payplan clients ''
Footballer Lee Hendrie
Anthony Browne from the BBA

[EXC]

Re: The Big 'Can't Pay' Debt Debate: Live

Was Peter Andre unavailable?

[Nibbler]

Re: The Big 'Can't Pay' Debt Debate: Live

Eddie the Eagle and Jim Davidson?

[Amethyst]

Re: The Big 'Can't Pay' Debt Debate: Live

They both went bankrupt so I guess that's why they are on.

[enaid]

Re: The Big 'Can't Pay' Debt Debate: Live

They both went bankrupt so I guess that's why they are on.

Eddie the Eagle: 'I went from £6,000 a year to £10,000 an hour'



Comedian Jim Davidson bankrupt after failing to pay tax

Comedian Jim Davidson has been declared bankrupt over a 700,000 pound tax bill.


Not yer average debtor imho

[EXC]

Re: The Big 'Can't Pay' Debt Debate: Live

I think we tweeted this yesterday but for info http://www.express.co.uk/news/uk/465...bt-debate-snub

[Amethyst]

Re: The Big 'Can't Pay' Debt Debate: Live

added to list

Footballer Lee Hendrie

and

Anthony Browne from the BBA

[Celestine]

Re: The Big 'Can't Pay' Debt Debate: Live

Good Luck Jules!

It doesn't sound like its going to be a particularly serious debate; which is sad. I'm sorry, but celebs like Jim Davidson going bankrupt is hardly relevant to the everyday indebtedness we know and hate.
As for Katie Hopkins - No words can adequately cover my thoughts. Her presence alone on this show has likely deterred many from taking part. :brick:

[Amethyst]

Re: The Big 'Can't Pay' Debt Debate: Live

Its a shame, the Rich, Famous and Hungry programme last week was brilliant (IMO). Boris Johnsons sister (forget her name - Daily Mail columnist) went along with all her Daily Mail preconceptions of Satellite TV and Fags and stayed in normal peoples homes for a few days and found out what life is REALLY like.

Shame the rumour of Theo going along to the #debtdebate tonight doesn't seem to be true. He's very anti payday loans.

Was quite shocking the Twitter reaction about the show, how many people had no idea so many live like this. Suspect that will all be forgotten tonight when Katie Hopkins gets going about TVs and Fags and Christmas Presents Loans.

[Tools]

Re: The Big 'Can't Pay' Debt Debate: Live

Rachel Johnson