I live in County Down in Northern Ireland and if anyone knows of any loan sharks in this area but does not want to post on the forum then please PM me.
People at the lowest end of the scale aren't feeling that success.
Mothers end up not eating so their children can.Third sector organisations in this area of Birkenhead are working overtime to catch families falling into crisis.They report that they're helping more working families than ever before.Problems they deal with every day include rent arrears, unpaid utilities and debts to the Department for Work and Pensions.Because the Bank of England's figures don't include these types of loans and unpaid bills when analysing household debt, the reality for the country's poorest families is likely to be even worse than their data has revealed.This month the number of people in work in the UK reached a record high.
Call our 24 hour helpline 0300 555 2222 or use live chat in the bottom right hand corner to speak with a member of the Stop Loan Sharks Team. \"It's pay back time.\" 8. But if you're experiencing poverty you're likely to be ignored by mainstream lenders.Sky News has spent the last six weeks in Rock Ferry in Merseyside to see for ourselves what this looks like.This is an area in the heart of Birkenhead, where at least one in three children live in poverty.This time of year is when finances are most stretched.Traditionally, loans came from the state or friends and family but those safety nets either don't exist or are unavailable for some people and a new industry has grown to fill that hole.Doorstep loans and loan sharks are two of the main sources of income for people living in deprivation and in need of credit.The country's largest provider of home credit is doorstep loan company Provident, with 440,000 customers in the UK.The stretch before and after Christmas sees leaflets from Provident dropped through letterboxes in the poorest streets of Rock Ferry, offering cash loans at 535.3% interest.Debt often impacts women more than men because they generally earn less and have more childcare pressure.Single mum Mary (not her real name) took out a £300 Provident loan to get through last Christmas. \"Time to pay up.\" 6. The real cost of debt on the UK's poorest families After she'd repaid half she was offered another.By this Christmas, she'd stopped making the £55-a-month repayments because she couldn't afford it.She told Sky News she has been sent letters saying people will turn up at her door asking for the repayments. Claim £6/week tax back on extra costsMartin Lewis: My Coronavirus Fund – £3.4m donated to 415 charities – how we selected, who got it, and some thanks
But that doesn’t make them less dangerous.
And thats legal? I knew I only neede a short-term loan and paid it back within one month. They presented themselves as legitimate and operated openly out of offices.
These loan sharks operated more informally than salary lenders, which meant more discretion for the lender and less paperwork and bureaucracy for the customer. Legal loan sharks are circling our poorest families. We think it's important you understand the strengths and limitations of the site. Gamblers, criminals, and other disreputable, unreliable types were avoided. In 1987 BBCs Panorama investigated loan sharking.
Terms such as Licensed payday advance businesses, which lend money at high rates of interest on the security of a postdated check, are often described as loan sharks by their critics due to high interest rates that trap debtors, stopping short of illegal lending and violent collection practices. Okay thanks, I just wondered I could do something with me being nieve and it's my first loan I should of read everything but it was pretty straight forward when I went to there office like sign this this and this. The firm claims these high charges are justified by the risk it takes in lending to people ignored by the high street banks, and by the cost of collecting the customers cash on the doorstep.
Larger organizations were more likely to fire employees for being in debt, as their rules were more impersonal, which made blackmail easier.
Thanks anyway
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