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Debt Solution Still The Same

I remember it clearly: I was sitting in a coffee shop in Belfast in 2010 with my business partner James, discussing whether we should go into business to solve a huge problem facing the country.  The problem, which was very easy to identify concerned debt.  We were very aware that there was a huge debt challenge facing most households at that time, and we both agreed that there was a niche in the market for a group of professionals who DID NOT work for the banks.  The GDP Partnership was set up as a result and we went about our work robustly and efficiently. 

Being under financial duress is extremely debilating for individuals, families and businesses and at times unfortunately can have fatal consequences for some of those involved.  In 2010, we recognised that like most problems in life, the solution to debt challenges could be alleviated through education.  We felt as an organization that if we could reach out to as many debtors as possible, and educate them around their options, then that would be a great first step to take on their recovery and rehabilitation. 

Fortunately over the last four years our company has helped many people and businesses break free from debt and changed many lives as a consequence.  It’s an incredibly empowering position for me as a professional person to be in and I’m privileged now at this point that our company is able to help so many and change people’s lives.

However it also is very frustrating at times as we are now in 2015, and I am meeting people every day, who have still no idea how to deal with their debt challenges and this lack of understanding is destroying their lives and their businesses.

I have said this many times, but being under financial duress is similar to having an illness.  Generally the party concerned is often carrying the burden themselves, and fearful for different reasons of discussing it with their partners, or wider family.  What this does is deepen the problem, bring on additional stress, which normally manifests itself in other forms of illness, with poor mental health and brain health problems to the fore. 

In the last few weeks I personally have met many business people who may have a good business, however have a very poor understanding of money and finance.  They just keep on doing what they do every day and at the end of the year hand their accountant (reluctantly) a load of papers and tell them to sort out the accounts taking no real interest in the numbers for fear of what they might consist of.

This problem is routed in society and lot of it goes back to our school and university curriculums whereby none of us (outside of accountancy) are taught much about money and finance.  Its criminal and unless this is addressed, these problems around debt, lack of understanding around money and finance, will keep coming back to haunt society.

The solution to any debt challenge is the same today, as it was when James and I were discussing setting up GDP in 2010, as it was in the 90’s as it was in the 50’s and so on.  It evolves around having a better understanding of money and finance and educating yourself on solutions if you are unfortunate enough to fall into financial difficulty.

All I know is that this week I have a range of new people to see, all who have similar problems involving debt and many will be showing all to familiar characteristics of people who are in debt- namely health concerns.

The solution starts with you.  Ask for help, and reach out to those who can assist you move forward. 


Conor DevineComment