In debt to an illegal lender?
Millions of people are being hit by the downturn in the economy. Some, in desperation, are turning to illegal lenders for an "easy loan".
These criminals are exploiting people in trouble, so the government has created specialised Illegal Money Lending Teams as part of Trading Standards.
The national freephone number to report an illegal lender is: 0300 5552222.
Alternatively you can email them on: stoploansharks@birmingham.gov.uk
Please note: This is not a general advice service - do not call if you are in legitimate debt.
Also; click here to go to the Trading Standards website that let's you report rogue traders.
Or click here to find your local Citizens Advice Bureau.
There is also the CCCS (Consumer Credit Counselling Service) - a charity offering free, confidential advice to anyone who is worried about debt. Click here to visit their website.
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Comments
Please don't use doorstep lenders or loan sharks - credit unions in your local area can help, even if you are on benefits or a low income.
It would be helpful if there was a link to the Association of British Credit Unions. If you want to find out if there is a credit union in your area then go to www.abcul.org
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The show tonight was great at the problem of illegal money lending...sensational numbers 17,000%. But the solutions? Citizens Advice Bureau mentioned twice, Credit Unions only once and then not by a presenter but by a member of the public.
Loan Sharks are NOT a new phenomena nor has the "Credit crunch" brought them out for extra scrutiny. Thay have always been there. Even legal "Doorstep lenders" cause pain charging upwards on 185% APR....and making vast profit. NB Provident profits up nearly 30%.
Make more time to explain the solutions and how people can avoid money lenders - loan sharks and expensive legal ones. Talk more about CAB and credit unions whose maximum APR is 26% which means that for a loan of £100 paid back over a year you pay £113!!! You also get full details of what you have borrowed and a record of repayments. You can also learn to save. Give good case stories to balance the bad... they are out there. I can provide some! People can learn to save. They can learn how to manage their money.
More positive reporting - role models will help....too much emphasis in programme on the downside.
Explain that your social landlord (Housing Trust / Association) can point you in the right direction.
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jbense absolutely right. Put a link on website to ABCUL. Maybe even for a search on credit union in your area. Start a credit union - we can help set one up.
Credit Unions can help those on benefits. We had a young mum who had her benefits paid into us & took out what she needed to live. then there was an emergency. Washing machine broke. She was distraught - but when we explianed that she had enough savings to establish a loan to cover her new machine and keep saving afterwards he was overjoyed!
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I am writing to you in respect of your programme on loan sharks. I was insulted by the report on Thursday evening about the way money lenders were confused with Loan Sharks I like most people diplore any form of exploitation when people are in need. However I also feel that the BBC and professionals working in the community really need to get their facts right. Money Lenders are legally registered they pay their taxes and have helped many people in the community in the past. My husband has been a registered money lender in the City of Hull for 33 years and during that time he has never asked anyone if they wanted to borrow any money, his buisness has been built up by word of mouth because his customers have always been satisfied with his transactions. He has never put up his percentage rate up during the time he has been in buisness and most of his customers have been with him for many years. My husband is not on his own he knows several money lenders who work with the same ethos as he does. My husbands customers are the sons and daughters of my fathers customers, he was also a money lender. My husband takes people to hospital for appointments, he does tax returns and helps people when they dont understand information that they recieve through the post, he is invited to family wedding and funerals and has more Xmas cards then anyone I know. My husband doesnt charge anything like the percentages stated on the One Show. THe programme made out that money lenders have the same ethos as loan sharks NOT TRUE! Alot of people do not understand how to differentiate betwen loan sharks and money lenders due to bad publicity and poor research. I am so cross because my husband is a good man and respected by all his customers. One of my husbands customers has just lost her husband and he has written off the family loan as he does with all his families when there is a bereavement. His ethos is I have earned a reasonable living from them so if I can give something back I will. We are not wealthy and as his wife I have always had to work to ensure we have a reasonable life. Please please it is about time someone made a programme about this profession to enable people to understand that not all people in this profession are bad and that some of them do some good within society.
Get the facts right.
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There are teams in every area of the UK that are set up to take down Illegal money lenders "loan Sharks" and also help and support there victims.
The North East Team can be contacted on 0800 0304210.
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what rate does yr husband charge tombarney?
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Unfortunately, people like that will always exist to take advantage of others in times of desperation. Imagine if people were to start getting large land loans from individual lenders and then had to repay an outlaw money for years..
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