Debt Advice, Mortgage Costs and Savings
Money Box
BBC
4.2 • 825 Ratings
🗓️ 18 February 2023
⏱️ 26 minutes
🧾️ Download transcript
Summary
As hundreds of people at two large debt advice charities face redundancy – we visit a local debt advice centre to see who they help and how.
Mortgage rates are at their highest for 14 years - the average is five and a half per cent for a two year fix, nearly six and half for the standard variable rate. The regulator, the Financial Conduct Authority, predicts more than half a million people will be at risk of falling into arears over the next couple of years. We'll discuss what to do if you’re struggling to afford your mortgage
When and how will people who live off grid - without a gas or electricity supplier - get the government help with their energy bills?
And what are the options for saving if you're on a low income? We'll discuss the government's Help to Save scheme.
Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle
(First broadcast, 12pm Saturday 21st January, 2023)
Transcript
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| 0:00.0 | You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one. |
| 0:06.5 | I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds. |
| 0:11.2 | I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects, |
| 0:16.0 | relationships, identity, comedy, even one that mixes poetry, music and inner city life. |
| 0:22.4 | So one day I'll be helping host develop their ideas, the next fact-checking, a feature, |
| 0:28.3 | and the next looking at how a podcast connects with its audience, and maybe that's you. |
| 0:33.6 | So if you like this podcast, check out some others on BBC Sounds. |
| 0:39.5 | BBC Sounds, music, radio, podcasts. |
| 0:43.2 | Hello, welcome to this Moneybox podcast. |
| 0:46.3 | Over half a million people are predicted to have mortgage arrears over the next two years. |
| 0:50.8 | What should lenders be doing to help them? |
| 0:53.5 | Thousands of people are still waiting for the government help with their fuel bills to arrive. |
| 0:58.0 | We reveal when they should get it. |
| 1:00.2 | And less than one in ten people on benefits have joined a savings scheme that gives them a bonus of 50%. |
| 1:06.3 | How can more be encouraged? |
| 1:08.7 | But first, when some of the most poor and vulnerable people in society are struggling with bills, |
| 1:14.3 | can't make ends meet and have nowhere left to turn for help, where do they go? |
| 1:18.8 | Well, the answer for many is to train, dedicated and expert debt advisors based across the UK. |
| 1:24.3 | They can help press pause on their bills, deal with their creditors and give a breathing |
| 1:28.9 | space to help people get their finances back on track. But now, hundreds of people at two of the |
| 1:34.5 | largest debt advice providers are facing redundancy. Moneybox reporter Dan Whitworth has more on this |
| 1:40.0 | and joins us now, Dan. Well, those two organisations you mentioned, Paul, are Step Change and Christians Against Poverty. |
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