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voluntary organisations, social enterprises and volunteering
voluntary organisations, social enterprises and volunteering
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Choose a Loan Shark Free Christmas
Created: 16/12/2024
News/Events Category: General News
According to recent research carried out by the Scottish Illegal Money Lending Unit (SIMLU), almost a third of Scots are struggling to cover Christmas spending on top of bills, food and other necessities. 51% of people view their debt as having an adverse impact on their mental health.
SIMLU has this week launched their festive campaign, urging people to choose a loan shark free Christmas this year.The rising cost of living has led to a rise in illegal money lending, with millions of people across the UK turning to loan sharks to help pay bills. This is despite the fact that loans from illegal lenders end up costing on average three times as much as a legal loan.
Illegal lenders are increasingly operating online, offering quick and easy loans via social media and WhatsApp. These loans can seem attractive to those in crisis situations, however the lenders are not usually authorised by the Financial Conduct Authority and often charge huge interest rates.They don’t always provide paperwork or clear terms of the loan, which allows them to exploit people and trap them in a seemingly never-ending spiral of debt.
The campaign is also targeting those who are worried that a friend, relative or client they work with has borrowed from a loan shark and is struggling with repayments.
Anyone can reach out to SIMLU confidentially to ask for support and advice on behalf of someone they are concerned about.If you are in a financial crisis or if you have already borrowed money from a loan shark and are feeling trapped, out of control or isolated, please reach out and talk to one of the many organisations who can help you.
You may feel that you have nowhere to turn, but help is available - you are not alone.
The free and confidential 24-hour loan shark helpline will remain open 7 days a week throughout the festive period.Call 0800 074 0878 or fill out an online contact form at stopillegallending.co.uk/report-a-loan-shark
Find out more about the work the SIMLU do and how they can support people at stopillegallending.co.uk
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