Loan Sharks and Savings
All loan sharks are illegal. They cannot take you to court to recover the money you owe them, and as a result often resort to threats and violence.
Unfortunately some people take out loans and end up unable to pay. Loan sharks don't take your personal circumstances into account or have any sympathy, they just want to get paid.
Loan sharks also charge huge amounts of interest. This means that you will pay back MUCH more than you originally borrowed, which could leave you financially worse off, and unable to keep up with priority and existing bills.
Don’t borrow from a loan shark, however if you are already in this situation call the Illegal Money Lending Team for confidential advice on 0300 555 2222 or go to: email@example.com to report a loan shark or to see if your lender is a registered lender.
Brent Housing Partnership (BHP) can help you manage your debt so please contact the Financial Inclusion Team who can help you maximise your income. We can also arrange an appointment for you with the Citizens Advice Bureau who can help you manage your debt.
You can find out further information about stopping loan sharks from the Gov.UK website.
Don't lose your home
We understand that special occasions like birthdays, Christmas or religious festivals put a great strain on the family budget. There is enormous pressure on everyone to spend a lot on presents and entertaining, and this can be particularly difficult if you have a family.
Be very careful of spending money you cannot afford to, running up credit debt and making agreements with loan sharks; you could fall behind on essential bills. Remember that your rent/mortgage and energy bills are priority bills. Here are some helpful hints and tips for saving and managing debt.
Saving for special occasions
- Hop around for bargains
- Set yourself a budget for presents and entertaining and stick to it.
- Set aside an affordable weekly or monthly amount over the year for special occasions.
- Get paid interest - save in a bank or building society.
- Spread the cost by joining a supermarket saving scheme.