Aftab Zahoor of Debt-Simple Limited

We sat down with Aftab Zahoor, Director of Debt-Simple Limited, to find out about money management and self-regulation...

1) Firstly, what exactly does Debt-Simple do?

We specialise in debt management and bankruptcy support, but also work closely with a number of insolvency practitioners in relation to IVAs. We always strive to provide an exceptional and personal service to all clients struggling with debt problems.

2) What is your role within the company and how long have you worked there?

I’m the founder and director of Debt-Simple. We have been trading since early 2007.

3) What kind of debt management advice do you give?

We look at the client’s complete financial situation. We help them increase income where possible, reduce their outgoings and help with their debt problems through a solution which suits their needs.

There is no secret or magic solution to overcome debt. Simple things can alleviate some of the stress, like speaking with creditors as soon as you have a problem, living within your means and contacting a debt advisor if things start to get out of hand.

4) What do you think is the biggest issue at the moment in the debt solutions industry?

I think there are a number of issues. There are numerous rogue companies that give fee charging companies a bad name; they do not work in the client’s interest. Regulation within the industry has been a major talking point, but I favour self regulation, as I feel regular audits from the OFT or the two trade bodies DRF and DEMSA should suffice.

5) How does the majority of your business reach you? Do you offer incentives to brokers for referrals?

We work mainly on incoming enquires from our website and other mediums like newspaper and radio. We don’t pay for leads or data, but work with brokers on a commission structure which is mutually beneficial. The most important factor for us is they abide by the OFT guidance and hold a valid consumer credit licence.

6) What kind of cases do you deal with on a regular basis?

We see clients who have overcommitted themselves on credit cards, store cards and catalogues. With the loss of employment or reduced income, making their monthly payments can become difficult. It’s not easy to group one social class and say they are struggling with debt more than others; we help individuals from all walks of life.

7) What did you do prior to Debt-Simple?

In between graduating from Manchester Metropolitan University, I’ve had numerous jobs. The hardest being selling double glazed windows! I’ve mostly worked in the finance industry in different roles.

8) With so many people in debt do you think more needs to be done to encourage people to take a better approach to managing their finances?

I think we need to teach money management from secondary school. They need to understand the advantages and disadvantages of credit. It can help them plan their lives better and avoid falling into debt.

9) What do you predict happening in the future with regard to the debt management sector?

I feel the quality of advice available to individuals will improve, as certain companies leave the industry due to regular audits and increased regulation. The debt management sector itself will continue to thrive alongside other solutions.

10) If you weren’t working at Debt-Simple what do you think you would be doing instead?

A dream job would be as a Formula One driver, however in reality I would be working in the property sector, something I will be exploring more in the near future.

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