Joining us in the booth this week is Oye, founder of The Real Debt Guy and has worked in the subject of UK debt for 18 years. In this episode we discuss: - How the UK debt system really works - What will happen if you communicate or don't communicate with the lender - Actions the lender can take to recover the debt - How to manage negative feelings towards debt - The impact of your spend circle - How the debt buying business works - How to leverage the UK debt system - How to escape the UK debt cycle and much more *CORRECTION* At 42:33 - Oye said "non-priority" he meant to say "priority" 🔗 Connect with Oye: Website: https://www.therealdebtguy.com Youtube: https://www.youtube.com/@Oye_TheRealDebtGuy 📩 Sign up to my mailing list to be the first to know about upcoming events: http://eepurl.com/hJEcLL ➡️ Follow Savvy Wallet on: Instagram: https://www.instagram.com/savvywallet TikTok: https://www.tiktok.com/@savvywallet Check out our partner who is offering an Instant Savings Account Earning 4.07% AER Variable for your Business: Tide - https://tide.onelink.me/IS48/SavvyWallet T&Cs Apply. Check out our partners who offer Stocks and Shares ISA and more: ⚡️Trading 212⚡️ (The investing platform I use) Get a FREE fractional share worth up to £100 when you open an ISA or invest account and deposit at least £1, using my link: https://www.trading212.com/join/SAVVY If you don't get the free share automatically after depositing £1. Use the code "SAVVY" in the promo code box. You can use this code for up to 10 days after opening the account. When investing, your capital is at risk. Tax treatment depends on your individual circumstances and regulations which may change. Other fees may apply. ⚡️Hargreaves Lansdown ⚡️ http://hl.7eer.net/B0mz50 Capital at risk ⚡️Interactive Investor ⚡️ https://prf.hn/click/camref:1101l3RTLM/ar:SW Capital at risk Learn AI, Cybersecurity, Project Management, Data Science & more with the education platform that I use: 📚Coursera https://imp.i384100.net/savvywallet Some of the links are affiliate links which means that we will receive a small commission if you make a purchase, however there will be no additional charge to you. TIMESTAMPS 00:00 - Savvy Wallet Ad 00:18 - Preview 01:41 - Intro 02:17 - Meet debt expert Oye 07:51 - How does the debt system work? 12:31 - Relationship between the lender and the borrower 16:31 - Getting into the Debt cycle from university 22:11 - The impact on credit report for not paying credit repayments 25:19 - What happens if you can’t pay your debts? 31:31 - Fight the fear and open that debt letter! 33:51 - Do this if you’re struggling with your mortgage? 35:57 - What actions can a lender take to recover their money? 40:42 - What happens if you communicate with your lender? 43:17 - What protection do borrowers have? 45:46 - How does it get to the stage to Bailiffs 50:55 - How does buying and selling debt work? 58:51 - Why you should avoid bankruptcy! 01:02:12 - Why people feel negatively about debt 01:06:26 - How to manage feelings towards debt? 01:13:47 -How to navigate pressure to spend? 01:17:39 - Good debt vs bad debt 01:19:42 - How to leverage the debt system for your benefit? 01:20:40 - Steps to get out of the debt cycle 01:24:15 - Pitfalls to prevent you from getting into debt 01:27:11 - How The Real Debt Guy can help you 01:29:37 - Final words The information contained on this video is not intended as, and shall not be understood or construed as, financial advice. I am not a financial advisor and the information in this video is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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