In an interview on BBC Radio 2 in 2014, Dragon’s Den Star Peter Jones cited refusing credit insurance as one of the reasons for losing his business and becoming homeless at the age of 28. While Peter is now worth an estimated £485 million, not taking out a credit insurance policy must still be on his mind as he has once again talked about the subject in an interview, this time on the Chris Evans Virgin Radio Show.
After telling the host how he had built up his career and business, Peter then tells the tale of its downfall:
“And then, late twenties, everything sort of… I got a bit carried away and made huge mistakes and then lost everything…”
“I lost everything. I had people who owed me money, didn’t pay me, international couriers which were massive, they were originally owned by BA, they went bust. And then at 28 I just literally lost everything. Cars, house, the whole lot.”
“It was quite devastating and, to be fair, about 3 years before I was asked by a guy ‘do you want to take out credit insurance?’ and I said ‘No. What do I need credit insurance for? I don’t need credit insurance.’ So, it was just naivety, and I had to start again.”
Only finding out the true value of a credit insurance policy after losing everything and sleeping on the floor of a warehouse is a hard lesson to learn. So why not request a credit insurance quote today? Turning it down may cost you more than you think.
First broadcast from the Chris Evans Breakfast Radio show on Virgin Radio on 20th August 2019. A recording of which can be found here: https://www.thesun.co.uk/tvandshowbiz/9760690/dragons-den-peter-jons-chris-evans-breakfast-show/