In this month’s episode on the Debt Talk podcast, Ripon Ray explored: ‘Debt advice, MaPs and advisers’.
During the pandemic, free advice charities noticed a demand for debt advice. This demand had substantially increased during the cost of living crisis due to high inflation and people’s income not increasing simultaneously. Many debt advisers left the sector to join other sectors, such as the National Health Service or local councils. Their move from the industry was mainly connected to high-stress levels, targets and audits. Save Debt Advice Campaign was launched to respond to the impact in the debt advice sector.
Tanis Belsham Wray, a former debt adviser, shared her experience at Step Change during the pandemic when many unresolvable cases due to clients having a deficit budget and complex priority debts. After returning from maternity, she fainted twice due to stress whilst giving advice.
Tamra Mannin - Co - CEO of Talking Money - an advice charity based in Bristol. The Money Advice & Pension Service (MaPs) funded its debt advice service to deliver debt advice work. They decided not to renew their contract with MaP's due to the bureaucracy involved in audit, targets, management of the service and supervision of debt advice work compared to other projects it delivers.
Michael Agboh- Davison, Unite the Union representative, who has been leading the campaign in the sector, explained some of the challenges faced by the industry and the need for an increase in funding from companies profiting from consumers. He emphasised non-FCA regulated providers such as fuel companies to contribute to funding debt advice. He also explained that some issues impacting debt clients are interlinked with national policies.
Debt Talk also approached MaPS to participate in the podcast and Ripon Ray read MaPS’s statement on the issue.
The panellist also provided top tips near the end of the podcast. In the next episode, Ripon Ray will speak about "Mental health & debt' during the cost of living crisis.
If you want to listen to a particular debt-related topic or you want to share your experience on the Debt Talk podcast, you can get in touch with Ripon Ray on Twitter: @yourdoctordebt.com or email: ripon.ray@yourdoctordebt.cm
