Debt Talk: Alternative lending & debt

Mainstream lenders are here to stay. It does not mean we are not seeing a variety of lenders in the financial market. In this month's podcast on Debt Talk, Ripon Ray spoke about: 'Alternative lending & debt'. To navigate the subject, there were experts from financial inclusion and debt.

Gareth Evens - Co-founder and director of the Financial Inclusion Centre - spoke about the variety of lenders and the make-up of lenders in the United Kingdom. He explored the relevance of alternative lenders, such as the role of local credit unions within the consumer credit market, the benefit of such lenders compared to mainstream lenders and the obligation of any lenders when dealing with vulnerable consumers in financial difficulties whilst considering affordability to borrow.

Sam Nurse - CEO of Money Advice Hub & Zeus Design Hub - spoke about the importance of living within your means and that lenders should carry out affordability assessments and treat consumers fairly at every step. She emphasised that some debt advisers need clarification about ways to identify illegal lenders. Yet there is help at hand from the Illegal Lending Team.

Debt Talk panellists also provided Debt Talk listeners with TOPS TIPS for those considering approaching lenders just before Christmas.

The next Debt Talk podcast is on: 'Housing costs & homelessness'