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
🔗 Connect with Oye:
Website: https://www.therealdebtguy.com
Youtube: https://www.youtube.com/@Oye_TheRealDebtGuy
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TIMESTAMPS
0:00 – Savvy Wallet Ad
0:18 – Preview
1:41 – Intro
2:17 – Meet debt expert Oye
7:51 – 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!
1:02:12 – Why people feel negatively about debt
1:06:26 – How to manage feelings towards debt?
1:13:47 -How to navigate pressure to spend?
1:17:39 – Good debt vs bad debt
1:19:42 – How to leverage the debt system for your benefit?
1:20:40 – Steps to get out of the debt cycle
1:24:15 – Pitfalls to prevent you from getting into debt
1:27:11 – How The Real Debt Guy can help you
1:29:37 – Final words
Other EPISODES to watch:
EP. 149 – Investing Expert: Becoming A Millionaire Is Simple! This ONE Investment Will Make Me Rich! ft. Ryan King
EP. 148 – Wealth Manager: Don’t Aim To Be Rich! The Truth About Splitting Bills In A Relationship! ft. Natasha Percy-Baxter
EP. 147 – Financial Advisor: The Truth About Getting Rich In the UK And Building Wealth! ft. Michael Donkor
EP. 141 – No. 1 Money Expert: Do This To Become Financially FREE With An Average Salary! | Sammie Ellard-King
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.
#thetakeoff #businesspodcast #motivationalpodcast
31 Comments
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CORRECTION at 42:33 – Oye said "non-priority" he meant to say "priority"
This was a valuable watch, unfortunately people like Starmer is looking into every nook and cranny of the financial system 🥀.
This is why I’m so grateful for Islam which does not allow interest in any shape or form. Because eventually you’ll be paying the bank money that was never there to begin with! This has forced me to only live on what I have earned- no mortgage, no financed car and definitely no credit cards! As a result, this is has created community loan systems for Muslims where you form groups and borrow each other money. I.e you pay £1000 into the community pot for 15 months and on the 16th month you collect back that money you’ve been paying into the pot. Or you collect let’s say 20k the first month and pay it back slowly over the next 2 years. Just an example, of course this depends on group size, length of the loan system and how much you’re willing to pay in. No interest, no banks involved. This is how communities come together and the bank never get any of your money.
Anyways, great podcast. I have learned so much about money so thank you for educating me!
Only central banks can create money. Commercial banks have to abide by capital requirements which requires the bank to hold a certain amount of capital (shareholder funds) in order to lend.
Great podcast
What this guys is explaining is called: Fractional reserve banking – is a banking system where banks keep a small portion of customer deposits in reserve, and lend out the rest. The amount of money a bank must keep in reserve is called the reserve requirement, and is set by the central bank. The amount varies by country, but in the UK and other Anglosphere countries, there is no reserve requirement.
Here's how fractional reserve banking works:
Banks accept deposits: Customers deposit money into the bank.
Banks lend out money: Banks use the majority of the deposits to make loans to other customers.
Banks keep a reserve: Banks keep a small portion of the deposits in reserve, usually as cash or in a bank account with the central bank.
Banks make money: Banks keep most of the interest made on loans, and give a small amount back to customers as savings rate interest.
Fractional reserve banking allows banks to create money and expand the economy by lending out money. However, banks with low reserves are vulnerable to bank runs if customers withdraw more money than the bank has on hand.
Banks don't just "erase" the money like explained in the video..😅
I went through this process this year, I communicated though for free with a debt charity who help you through the whole process for free and are super professional. They really saved my situation, I ended up going down the route of a Debt Relief Order. While it has pros and cons, it certainly solved my problem a lot faster than anything else available for me.
No self accountability. Just like in law. Your ignorance doesn't make you immune.
There maybe no interest charged in Islamic banks, but it only gets shifted to bank fees. You didn't mention the bank fees? You didn't know about the bank fees?
Bssic rule of life dont borrow if you cant afford to pay it back.
This is sooo refreshing.. talking about subjects that actually matter.. FINANCIAL EDUCATION
This is the way forward..
Big up yourself 👏🏾👏🏾🎖️✨
Please take this advice with a large dose of salt… "only a default" can stay on your credit score for years and most certainly will have an impact on your ability to borrow in the future, especially for mortgages etc.
great advise
Aka Fractional Reserve Banking, i self taught myself about how money is made using youtube videos, i try to advice my not so learned friends but its too late, they are drowning up to their eyeballs in debt, my debt is £100 overdraft, i own nothing in uk, invested back home in Africa instead, if i cant take it with me then i dont need it, invested by educating my 7 siblings, family land, family house and worked full time doing night shift security work to self study, No student debt, I.T. specialist (16 Certs), A.I. engineering and Computer electronics, all free tutorials online, i hate debt, debt is false wealth and a trap, i feel sorry for my semi literate mates who have stepped on a debt landmine, poor owned sod's.
One of the most helpful episodes. This channel is diary of a ceo before it became gimmicky as guests perform on there now to sell their book/product vs this platform guests over give value to grow the audience knowledge 1st.
This is a game changer
Oye, thank you so much.
Lending is used by savings accounts of the banks, not created by thin air.
A person should not get a CCJ, as it can harm renting a home in the future, if they fail credit check they pay 7 months or 13 months or rent upfront
You will see companies like Cabot Moor croft and Lowell write off debt, customer support team because they have paid less for it.
Always check for deed of assignment as well, debt companies do not often comply with this when they should
Let me tell you now!!!!!!!!your guest, watching his videos and analysed and studied it. Was in thousandsssssssssss of pounds of debt and reduced it to nothing even getting some of them got removed from my credit file now my credit file is 999 because of that man sitting there, I just wish you would continue with his YouTube channel because that was so inspirational❤
Money represents the scarcity value of a persons or persons ancestors skills to society & the assets that society has a whole agrees they can own as a result of that.
If there is tribe of 30 people and only one of them is a doctor that tribe will cumulatively agree to reward that person by allowing them to own more assets.
This was EXTREMELY informative and actually makes me feel like at some point I’m gonna be in control of my dept, with this advice I won’t be so scared to contact dept collectors! Thank you 🙏🏽
You borrow believing thaat you can repay, but your circumstances can change. 😊
Amazing information
What a brilliant interview! 🙌🏻
Boycott Council tax on telegram will give you the freedom you need.
Omg Oye looks different and older now. I’m subscribed to his channel.. shame his not been posting for years. My credit card was Almost 20k early this year. Not cleared yet but I’m just £8k left. Gods willing I’ll pay off by mid next year. Much love from Scotland 🏴
One of the best so far! Thank you 👏🏾👏🏾💫
Banks create money from your own personal trust that you are not aware of. When they get the money from your trust and give it to you, you then give them back your money and the interest they added to it. They never sign a contract with you, only you sign. All they need is your signature to access your trust. Without your signature, they cannot access your trust. All bills are fraud, no invoice, no tax to pay, no payment due! You are lenders not debtors! Without your trust/money, they have no money!
Yes, have you noticed, when you borrow money, you never see it in your account. They can only create money from your signature. You will never see it because the house or the car has already been paid with your signature. However, they then say, you need to pay us back. So where did the money go? Ask them!. Make it make sense!. Why then do they sell your Mortgages or car finance to another mortgage or finance broker after two or so years. A contract is between two people, two signatures. The bank will get you to sign, they never sign! Check your contract. Then ask them for a copy of the original contract. They won't give you one or show you, because it is not signed by them.
They (magic up) 350k give you an invisible 350k that you never see, then they say, pay us back. Kmt
DM me for a Lawful way to deal with those cowboy crooks. There is a process you need to go through to clear it up and the whole process takes a while. You continue to pay the money until you go through the process. There are 4 simple things you need to do.
The system is a big lie to keep you poor. Every man and woman has a right to a roof over their heads, food and travel wherever they want to go. Bills and CT are another story that will also clear through the process.
😢 I know 😢 let's stay lawful (not legal) and clean up this mess.
Knowledge is power ✊🏾🫶🏾✊🏾
Great video – communication is key!
I like this concept but the problem I have with most of the guest is that most of them are in that field but no one wants to talk solutions because of interest of self now after riding on that wave why talking against the system you have helped established where is the solution still I smell 360
Thank you so much for this episode, it’s nice to to know there are people out their like Oye sharing the knowledge to really help people.