Debt companies and online marketing: audio interview with Zero Credit UK

by on August 20th, 2012

In this four part audio interview, Emma Bryn Jones of Zero Credit UK explains how a personal quest of offering credit free living tips through social media evolved into UK cooperative serving debt professionals and indirectly borrowers looking for richer information to base decisions on.

Zero Credit UK purpose

the point of zero credit is that it trades in research and development information so that borrowers own information on which decisions are made.

Zero Credit UK have authored a substantive Digital Presence Guide and Emma goes on to explain it’s purpose:

listen to ‘Zero Credit Interview part 1 of 4’ on Audioboo

the primary customer of the document [The Digital Presence Guide] is any debt professional hoping to have a presence online of any kind…

With proliferation of choice of debt companies the credibility of debt professionals to borrowers is crucial these days:

the consumer is probably looking for a little bit more than just a statement of I’m good because of somebody says I’m good, you want the background of professional associations of this body says I’m good.

Debt organisations and transparency

In part 2, I ask Emma if it is a positive development that debt companies increasingly reveal their employees.

I think it is really important to showcase the employees because any kind of service related to advising on debt is a service not a product.

Emma also notes that digital media can humanise the relationship between debt advisor and a debtor.

you may feel happier revealing your circumstances to somebody who is a cricket fan because you’re a cricket fan and you’ll feel that they abide by the same sort of moral compass….you need to feel comfortable if you’re going to tackle a debt as a debtor.

listen to ‘Digital Presence Guide from Zero Credit UK’ on Audioboo

Emma’s team also carry out mystery shopping on debt websites to test the waters for industry compliance with increasingly stringent standards and produce the Digital Presence Guide document to address common industry weaknesses such as greater emphasis of complaint procedure policies.

Debt Industry Compliance

In part 3, I mentioned that ClearDebt, during the OFT Debt Management Guidance Consultation period in 2011 had defended the right to revert to social media where appropriate.

listen to ‘Digital Presence Guide social media debt marketing’ on Audioboo

Some people still continue to use social media as a sort of advertising channel.

There was a worry it [social media] was a just a new advertising channel to put links to get people into things.

Social media remains a legitimate channel but there was agreement that transparency practised by virtue of bio and profile links that link back to the company is essential.

In the final part of the audio interview I ask Emma if there is more scope for regulation of non compliance.

Emma believes this is almost an impossible task.

We have done a lot of work on business directories in debt advice, debt collection and ppi and the number of people listed in there who clearly have no compunction to follow any code of conduct at all is quite formidable.

listen to ‘Debt Marketing Social Media Guidelines Zero Credit UK’ on Audioboo

Consumer choice for debtors

I asked Emma if consumers had enough resources to make independent choices among debt companies and debt professionals.

It’s very easy for a consumer to make the wrong decision….that they didn’t realise how much debt they were in because they were meeting the minimum repayment….some people are are using short term credit [fast loans, payday loans] to deal with a debt problem and this need for speed is encouraging those people to make decisions that are probably not rationale given their circumstances.

The Zero Credit UK Digital Presence Guide is a must have document for debt professionals and organisations marketing their services in this era.

Digital Presence Guide – Zero Credit UK

It’s value packed with useful advice and examples of not only how to practically comply with industry standards but also how to excel in open customer communications following the best practice of UK organisations and professionals.

Obtain the full version from the Zero Credit UK website or enjoy an extract below.

ClearDebt Group plc is a corporate supporter of Zero Credit UK.

What’s your opinion of debt companies online behaviour? Leave your comment below.

Posted in Debt Management | 1 Comment »

Coastal Areas in the UK More Likely to Suffer High Rates of Personal Insolvency

by on August 12th, 2012

Personal insolvency rates in England and Wales have been rising over the last 12 years.

A new report from ClearDebt shows coastal areas in the UK are significantly more likely to suffer high rates of insolvency. The report explores why this is the case and whether this situation is likely to change in the foreseeable future.

In total, there are 348 local authorities in England and Wales. Only 88 (25%) of these can be considered coastal.

In 2011, 6 of the 10 areas with the highest insolvency rates were coastal

80% of the top ten in 2010 were coastal, while only 25% of all local authorities are coastal.
The table below lists local authority areas and the number of times their insolvency rate has been among the top ten highest in England and Wales (since 2000).
With the exception of Basildon, all of the most frequently reoccurring local authorities are located on the coast.

Part of the problems for some coastal towns may be their continued dependency on tourism.

However, not all coastal towns are experiencing the same difficulties

The full report compares some of the best and worst performing coastal areas, and identifies organisations seeking to make a difference in these struggling areas.
You can  download the full report here.

Posted in Debt Data | No Comments »

The £3bn cost of Premier League Football TV rights. Will it ever stop rising?

by on August 7th, 2012

August has arrived and the 2012/13 Barclays Premier League season is on the horizon. Those lucky enough to get their hands on season tickets for their respective clubs will see the campaign unfold before their very eyes while the aptly named ‘armchair’ supporters will have to settle for the next best thing, live television coverage.

The battle to secure the television rights for the world’s richest competition has reached epic proportions with the latest deal, split between BSkyB and BT for the three seasons starting from 2013/14, worth a whopping £3.018 billion. This represents a 70% increase (£1.25 billion) on the current three-year contract shared by BSkyB and ESPN.

It seems incredible to be talking about such huge sums of money when you consider the fact that we’re a nation shrouded in debt and deep into a recession. But as we all know, football is big business and the demand for the Premier League is arguably as strong as it’s ever been throughout its 20 year duration. The manner in which the final day of last season concluded has never been seen before and may never be seen again. Manchester United were on the brink of snatching the title from under the noses of their bitter rivals Manchester City until Sergio Aguero’s 94th minute winner against Queens Park Rangers ensured that it would be the blue half of the city celebrating their first league championship since 1968. It’s the sort of drama that keeps the fans coming back for more, season after season after season (even if you’re a Red).

2013 - 2016 Premier League Football TV rights in detail

Graphic source: SportingIntelligence.com

Such is the ever-growing appetite for football in this country, it begs the question whether the cost of televising it will ever cease to increase? To put the past 20 years into perspective, the latest three-year deal for the Premier League rights is worth ten times more than the five-year deal agreed in 1992 (£305 million) when the league was formed. BSkyB will undoubtedly continue to up the stakes to fend off any challenges from its competitors as it would be catastrophic to lose the stranglehold they have on their most prized asset. Their success was built upon securing the rights and their future is dependent on the renewal of them.

The worry for the clubs outside of the top flight is that the distribution of the funding is causing an unassailable gap in revenues. The rich are getting richer and to the detriment of the less financially sound clubs, transfer fees and players’ wages are becoming over inflated. UEFA’s Financial Fair Play Rules, which are due to come into effect from the 2013/14 season, should nullify this trend to a certain extent but they’re unlikely to have any major bearing on the financial hierarchy.

The concept of charging fans to watch live televised football was perceived as a major gamble back in the early 90’s. How ironic it is then that many of these fans, and even more so their beloved clubs, are as dependent on this concept now than ever before.

Posted in Managing Your Money | 1 Comment »

Mark Arrandale talks about his experience in an IVA and what it felt like to cross the finishing line

by on August 3rd, 2012

Whilst we’re all watching the Olympics and rooting for team GB, we spoke with one of our IVA completers about how he felt “crossing the finishing line”

Read Mark Arrandale’s honest account of being in an IVA, the highs, the lows and what he advises people in debt who haven’t yet come to terms with the reality that they now need help.

Q: Can you explain the circumstances which led to you being in debt and how you felt at that time in your life?

Mark: At the time, my wife and I both worked. We earned good money, had credit cards and bank loans and could manage the bills with a bit shuffling here and there. Then the recession kicked in. I am a tradesman so my business was hit hard and the work dried up. We still tried to pay all of the bills but it was getting harder. As time went by we were getting further and further into debt and consequently, depression set in.

ClearDebt comments: Being in debt is often stressful and can put pressure on any household. It is something that can easily spiral out of control especially when circumstances change for the worse. Recognising when you are walking the debt balance beam and taking action are key to staying in control of your finances. You can’t always avoid life’s hurdles but taking action, the earlier the better, to get over these, will mean that you can still be in control of your own race.

Q: At what point did you decide to seek out professional help with your debt and why?

Mark: We decided to seek help when the bank that we had the mortgage with refused us more money. Until that point I don’t think we had genuinely realised just how much debt we were in.
ClearDebt comments: It is easy to turn a blind eye on your finances and believe that ‘everything will sort itself out’. Making the decision to take the bull by the horns and honestly analysing your household income and expenditure with the help of a professional means you are taking steps to resolve your problems. You should feel proud that you’ve had the courage to do this and start addressing your finances.

Q: How did you feel about asking for professional help and what were the options presented to you?

Mark: In honesty, we felt very sad having to ask for professional help with the debt we’d accumulated. I felt ashamed of how we had gotten into this mess. When we spoke with an advisor, they explained we had too much debt to go on debt management and that an IVA would be the most appropriate solution for us.

ClearDebt comments: It is always difficult admitting that you need help when you feel you have made a mistake. Focusing on what went wrong won’t help. If you have been able to identify that you need help to solve your problem, then be encouraged as you have taken the difficult first step on your own. No one is an expert at everything in life so seeking expert advice in a field where you don’t have the expertise is the logical and most sensible thing to do.

Q: Once entering into an IVA and having a proposal, how did your life change?

Mark: When I got the call from ClearDebt to confirm we’d had the IVA accepted and it was all official, we were so elated – as if a great weight had been lifted.

ClearDebt comments: Having been proactive and made the initial positive step to resolve your financial problems you then put a proposal of repayment to your creditors. You may worry that creditors will reject your offer as it is ultimately the creditors’ decision to accept any offer you make. If you know you have made your best possible offer and there is nothing more you can realistically and reasonably give, then your creditors should recognise this. When your proposal is accepted you will know exactly what you need to do to become debt free and the light at the end of the tunnel turns on.

Q: Did you tell anyone you were in an IVA or have you kept this a secret?

Mark: We didn’t tell people at first about the IVA but in hindsight I wish we had. My wife didn’t want people to know so we didn’t tell anyone…but then people expected us still to do the same things that we always did and spend as we always had. Not telling them and trying to disguise the fact we couldn’t spend just got too hard for us and became an unnecessary stress. To anyone reading this and going into an IVA, I would recommend confiding in friends and family.

ClearDebt comments: It is a personal decision whether to tell anyone about your financial difficulties. It’s ok to just say that you can’t afford to do something without telling people every detail. It’s also ok to tell those you are closest to that you are having problems. The saying goes “a problem shared is a problem halved” and remember resolving financial difficulties is not something to be ashamed of.

Q: An IVA is a lengthy process, once the relief of entering it passed, how did you feel a year or two onwards?

Mark: Like anything of this nature, at the beginning you’re enthused and relieved. But after a couple of years, of course it becomes tough. Despite that, if you’re disciplined, it is very worthwhile.

ClearDebt comments: An IVA is not just a way to resolve the financial difficulties you are having. It can be viewed as a training course on how to manage your income and expenditure with the end goal being a life in which you continue to remain debt free. Imagine how liberating it would feel to know that you had acquired the skills to live within your means and that you are in full control of your finances. Of course it takes work and discipline to achieve anything in life and sometimes it will be hard, but with each step you will be taking yourself from ‘in debt’ to ‘debt free’.

Mark with his new girlfriend as he enjoys life after his IVA

Q: You finished your IVA early – how did this come about?

Mark: Sadly, we finished our IVA early because we split up. I worked with ClearDebt to arrange a full and final settlement with my half of the house sale and cut the IVA short. I know not everyone sells their property in an IVA but based on my situation, it was the best option. I can sleep at night knowing I repaid what I could and did everything I could.

ClearDebt comments: Whilst you are in your IVA it’s good to know that in a time of difficulty, you can work with your Supervisor to resolve any issue which means you’re unable to honour the proposal. An IVA has to have some element of flexibility because circumstances do change. You should feel confident that if you are honest and open with your Supervisor, they will make every attempt to help you resolve any problem. Remember your end goals are the same – to repay your debt, leaving you debt free.

Q: Now you are an IVA completer, how do you feel about your future life and what will you be doing differently?

Mark: Now I am out of debt it is such a relief. I’m so glad I completed the IVA and feel as though I have my life back again. It’s been a roller coaster ride from time to time but I’ve come out of it with my head held high.

ClearDebt comments: It’s an achievement to successfully complete your IVA and one which you can be proud of. Many entrepreneurs and celebrities have been at rock bottom, or close to it, at one point or another but they worked their way back up and have gone on to be successful again. You too, will have the tools to go forward, successfully managing your finances and knowing that you can overcome future financial surprises.

Q: Overall, what was your impression of ClearDebt and how did we as a company make you feel during your IVA?

Mark: ClearDebt helped me out when I was at the lowest part in my life. I kept them informed about what was happening with my ex and they were fantastic with me.

ClearDebt comments: ClearDebt’s founding principle is “to be a safe place for people to come for advice and debt solutions – guaranteeing a transparent and ethical service at all times”. We understand how difficult it can be to admit that you are struggling financially but if you have the determination, we will supply the know-how and by working together, you can get yourself across the finish line.

Q: Finally, what would you say to other people who are in debt and have yet to seek out help?

Mark: Don’t let it get too far and don’t feel ashamed! Be honest with yourself and seek help as soon as possible – the sooner you get yourself talking about your debt the better it will be. I hope if people read this it will be of help to them. Some might think this is a sad story but it’s not really – I was in a terrible place with debt I couldn’t cope with and didn’t know how to repay. Now, I am debt free and have met a wonderful woman who means the world to me – see, every cloud has a silver lining as long as you’re prepared to put in the hard work and have a little patience.

ClearDebt comments: It only takes one call to get the advice that could change your life for the better. I would encourage anyone who is struggling to juggle their debt to make that call immediately and avoid letting the problem get worse. There are companies that have the expertise to resolve your debt problems and want to help you. ClearDebt is one of those companies and we are here to work with you and help you to cross that finish line and win your very own debt free medal.

If you have questions about any aspects of an IVA, we can help. See examples below of the most recent questions posed to our experts.


Posted in IVA | No Comments »

ClearDebt and Abacus take over client care for Sterling Green clients

by on August 2nd, 2012

A large percentage of Sterling Green clients have recently been passed over to DRSP Limited to improve the standard of customer care delivery.  As part of this activity, DRSP Limited has passed these cases to Abacus (Financial Consultants) Limited (“Abacus”), part of ClearDebt Group plc.

Abacus are one of the most respected and ethical organisations within the debt solution industry. Providing a dedicated Customer Services Officer for each client; our priority is made clear from the very beginning of our relationship with a client – providing everyone with the most appropriate, honest, consistent and highest standard of care.

Award winning company

Most recently, one of ClearDebt’s advisors, Matthew Foley, was awarded the Debt Resolution Forum (DRF) Advisor of the Year award – an annual award given by the DRF, a respected trade body for the debt solution industry. This is just one example of the high standards ClearDebt Group plc and our associated businesses have achieved.

Please be assured that with us, you are in safe hands.

Founding and Registered members with a Trade Association

ClearDebt Group plc is one of the founding members of the Trade Association, Debt Resolution Forum (DRF). Our CEO,David Mond, is Chairman of the DRF and a highly respected Insolvency Practitioner within the debt solution industry.

We believe in the high standards of DRF and the training qualification they offer (CertDR) to ensure a consistently high level of advice and care is always provided to you, our client.

Staff training and qualifications

The development and training of employees within our Group is taken very seriously.

The Certificate in Debt Resolution (CertDR) is a qualification managed by the Debt Resolution Forum and is offered to all of our employees – fully funded.

We also provide staff with the extensive training and support they need to pass their examinations and improve their skills and service they provide you.

Of all DRF member companies, ClearDebt and Abacus have collectively, the highest number of CertDR qualified staff.

Trust is often one of the key issues in maintaining relationships with clients and creditors. We will always act ethically in your best and fairest interest, and ensure accurate advice is given at all times. Due to our strict in house training programme, dedicated customer relations and creditor liaison teams, we are confident we are always able to meet, if not exceed client expectations.

Free Resources and Guides

Talk to us!

If there is ever something you are not happy with or dissatisfied with, please contact us. We value your feedback as well as your business and take great care to act on information you send us. We do our best to ensure you experience with us is a positive one.

Frequently Asked Questions (FAQs)

You can find on our website a myriad of FAQs regarding Debt Management Plans and IVAs.

The Blog

You can read our blogs on the ClearDebt website. These are updated several times a week and talk about key issues you might be concerned with. We address both political and practical issues regarding debt and people who are struggling to repay it in a time where theUKis still in economic instability.

The Community

This space is available on the ClearDebt website and has been specifically designed to give people in debt a platform to connect with others in a similar situation to their own. Through this area of the site, you can register anonymously; ask questions, offer ideas and tips, offer praise or even report a problem. In addition to other users answering your queries and adding to the debate, the team here will also help advise you.

What our clients say

No one says it better or more honestly than our clients, so please click here to read the latest reviews submitted to our website. To see independent website reviews of our service, please see iva.com, reviewcentre and trustpilot.

 

Posted in Inside ClearDebt | No Comments »

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