As the cost of living continues to increase and with the withdrawal of the Winter Fuel Payment, for some of our residents borrowing money may be an option many are considering. However, it is important to think about where you’re borrowing from and the long-term impact it may have.
If you have borrowed money recently and can answer yes to at least one of the below questions you may be borrowing from a loan shark:
- Were you offered a cash loan?
- Were you given paperwork?
- Was there a huge amount of interest or ‘APR’ added to your loan?
- Were you threatened?
- Were you scared of people finding out?
- Did they take your bank card, benefit card, passport, watch or other valuables from you?
If you think you have borrowed money from a loan shark, or you are worried about someone who may have, you haven’t broken the law, they have. You can report them and get advice in complete confidence from Stop Loan Sharks.
Stop Loan Sharks investigates and prosecutes illegal money lenders and provides support for borrowers in the UK. Their specially trained employees will provide you with emotional and practical support that is tailored to your needs and all in complete confidence.
You can contact them by calling their Illegal Money Lending Hotline 24/7 on 0300 555 2222, texting the lender’s details to 07860 022116 or email them at reportaloanshark@stoploansharks.gov.uk.
Visit their website for more information www.stoploansharks.co.uk.
If you are struggling financially, please speak to your scheme manager about Helping Hands and other support that may be available.
Be aware - possible scams
Meanwhile, we’ve been made aware that some residents are receiving SMS texts impersonating the UK Government for you to reapply for the winter fuel allowance by clicking on a link. Please do not click on any links you receive via text and if you aren’t sure if a SMS text is legitimate, please speak to your scheme manager who will be able to advise whether it is real or a scam. The government will not text you if they try to make contact with you. If you do receive this text, please delete it straight away.
