A nother thought provoking podcast on Debt Talk is: ‘ Poverty & ethnicity premium ’. This time, leading experts from academia, think tanks, debt advice, and funders spoke about issues that matter in financial services. Maria Booker from Fair By Design explained the poverty premium and how communities are paying more and being financially discriminated against because many can’t afford to pay by direct debit and are also on low incomes. This is particularly the case with paying for insurance and fuel or customers who pay a fee for withdrawing cash from a cashpoint when they have no alternative option. Sara Davies from Bristol University explored how many customers are directly impacted by services in the retail finance sector based on her research on those digitally excluded or affected by disability. However, when one product has been regulated, others seem to come into the market to exploit vulnerable customers. Jerry During MBE from Money A&E, passionately spoke about how dir
I am up for helping my community by shortening my lunch break to give them a few tips on how to manage their bills. As a Debt Talk podcaster on BBC Sussex, I provided quick, sound advice on water bills, council tax, and credit reports to my community. Credit rating: First, you need to register to vote. Registering to vote means you are a legitimate person in the public record. Second, open a bank account—a standard bank account - where you put regular income and take it out when you want to. This also helps creditors to get familiar with your whereabouts and you will be on their credit file. Third, without you realising it, you may find that you are already on the credit file just by paying for your water, gas, and telephone bills. Once you are on it and paying direct debit regularly, you are getting closer to gaining exposure to credit reference agencies. You just then need to show that you are credit-worthy to pay back the loan or credit card you are thinking of borrowing. Simple!