LISTEN A Woman Whose Loan Shark Debts Spiralled Out Of Control
Radio City News has spoken to a mum who has told us how she considered taking her own life after falling deep into debt with a Liverpool loan shark The latest figures show one in three people are turning to informal money lenders as a quick fix.
Nearly four in ten (39%) people claim that loans from informal lenders are easy to get, only one in seven (14%) feel in control of their finances once taking out the loan.
The research also shows that many are struggling to pay the money back; almost two in five (38%) resorted to selling personal belongings when struggling to keep up with payments, almost a third (32%) go without food or household essentials to ensure that they don’t go into arrears, whilst nearly 1 in 5 (16%) have had to take out a further loan to juggle repayments.
Anyone lending money must be FCA authorised, as without this, they are breaking the law2. Even if someone is authorised to loan money, they are not allowed to harass people for repayment.
My Home Finance, with the support of the National Housing Federation, leading housing associations, and other supporting organisations, are today launching an anti-loan shark awareness campaign – Be Shark Aware. The aim of the campaign is to highlight and advise people about the risks of taking out money through loan sharks.
Click below to hear Mary's story.
If you are affected by Mary's story and want to contact us you can email us at news@radiocity.co.uk
Support services are available:
https://www.liverpoolmutualhomes.org/your-home/money-matters/beware-of-loan-sharks/
https://www.gov.uk/report-loan-shark