Don’t get bitten this Christmas - Say No to Loan Sharks

Christmas is a time which brings extra pressure on our finances and in turn, can lead to many debt related problems. Some people think turning to loan sharks to borrow money is a quick solution but they don’t think about the consequences this may lead to.

A loan shark is an unlicensed money lender which is not regulated by the Office of FairTrading and are breaking the law if they loan you money.

Loan sharks often seem friendly at first and will give an easy cash loan, often with no forms or paperwork. They might operate in your local neighbourhood, in a pub, gym or even where you work, making it easy for you to get the money – but then really easy for them then to harass you. 

Loan sharks may target you, leaving you in position where you are struggling to get through each day because of the amount you are paying to the loan shark.

We strongly advise you not to borrow from an illegal money lender. There are many risks associated with doing so and it is highly likely that your loan will be on very bad terms.

Not only will you have to pay extremely high rates of interest but you are more than likelyto be harassed if you get behind with your payments and you may be pressured into lending more money.

Don’t be tempted to borrow from loan sharks.

Report a loan shark in complete confidence

If you know of a local Loan Shark, or need help, please contact the Illegal Money Lending Team (also known as Stop Loan Sharks) on 0300 555 2222, you can also email reportaloanshark@stoploansharks.gov.uk

There is also lots of useful information on the Stop Loan Sharks website here.

If you are struggling with money, please contact our Money Matters Team. Our Money Matters Caseworker can provide free and confidential advice and guidance whatever your circumstances.

Money Matters are experts in benefits and money, so if you’re worried about increasing bills, getting into debt or you just need some handy tips and hints on discounts and grants that could help you through these difficult times, you can speak to us. We’re here to help you.

Here are just some of the ways the team can support you:

Benefits Advice

The team can check your benefit entitlements, maximise your income and help you to challenge benefit decision that are wrong.

Managing your bills

We’ll help you to work out where you can make savings on your bills and cut costs. We can point you in the right direction to get this sorted and help you get support.

Budgeting

Creating a personal budget is a great first step towards taking control and is a really smart investment of your time. We can give you advice about how to make a personal budget planner. When you’re finished, you’ll know how much money you have left at the end of each month – and if you can make savings.

Debt advice

We’ve partnered with the Money Adviser Network (MAN) so can get you debt advice quickly – sometimes on the same day. We can also advise on loan sharks and illegal lending and sign post you to trustworthy alternatives such as credit unions.

Rent

Every 54North Homes customer has a dedicated Income Officer who you can speak to if you have any concerns about paying your rent. We do everything we can to make paying rent as easy as possible, finding a rent payment plan that fits best with your income and circumstances, and getting you set up with a direct debit so you never fall behind.

Remember, you can also view rent statements and manage your payments all online with your My54North account which is available 24/7, 365 days a year.

Contact us

If you want to speak to one of our Income Officers or our Money Matters Caseworker, please call Tel: 0345 521 1993 or Email: hello@54northhomes.co.uk

Our debt advice service is authorised and regulated by the Financial Conduct Authority (FCA) FRN 775843