Life Raft loans to beat sharks
Desperate families are turning to loan sharks to escape their debts.
With many people across Sussex unable to pay their bills, credit unions have stepped in to try to save some of those on the breadline from loan sharks.
West Sussex Credit Union – a savings and loans co-operative – is setting up “Life Raft” loans to help people in need of a financial boost make it through to payday.
They have warned that growing numbers of unscrupulous high rate “payday loans” are being offered on the high street and over the Internet.
A single father from Durrington, who was helped by the credit union, said he had been left with debts dating back more than ten years that were run up by his ex-partner.
He said: “I had loans off everyone. I was desperate. It was coming up to Christmas and I was a single dad.
“In desperation I took up an offer that seemed too good to be true from a knock at the door.
“You think these people are offering to help but pretty soon you end up in a much worse situation.
“The good thing about the credit union is you are saving at the same time.
“When you are trying to dig yourself out of debt there isn’t much chance to save up.”
A Worthing man said he and his partner had turned to the credit union for help while struggling to pay for his mother’s funeral.
The 58-year-old said: “We spoke to our bank but they would only lend us a minimum of £2,000 and it would have taken us five years to repay it.
Extortionate
“We didn’t need that much but we needed a bit to get by.
“We looked elsewhere and the rates were extortionate.
“I just think of all the people you can borrow from, apart from the staff being so friendly, it is the best possible deal.
“When people are desperate, people do it without thinking.
“Our friends are in real trouble because of loan sharks. They have been after them for more than a year and don’t know how to get out of it.
union payday loans - News
West Sussex Credit Union – a savings and loans co-operative – is setting up “Life Raft” loans to help people in need of a financial boost make it through to payday. They have warned that growing numbers of unscrupulous high rate “payday loans” are
"We can't get rid of the payday loans, but we can give people alternative choices and education so there is no need for payday lenders in the city of Birmingham anymore," Rafferty said. "We can't tell people how to spend their money, but we can give
A quarter of families are living on credit cards, five per cent take regular payday loans and one in 100 has turned to loan sharks to stay afloat. The poll also found that almost half of families have sold or pawned goods to make money to live,
A quarter of families are living on credit cards, 5% take regular payday loans and one in 100 has turned to loan sharks to stay afloat. The poll also found that almost half of families have sold or pawned goods to make money to live, while 16% are
Short- term loans under the guise of Direct Deposit Loans found their niche in the market, offered by banks and credit unions throughout the States. Although there is a similarity between direct deposit loans and payday loans, the direct deposit loan
Credit unions payday loan warning | Payday Loans UK - Instant up ...
The Irish League of Credit Unions have pronounced that 2012 will see a dump in disposable income for NI households.
The Household Income Tracker asked some-more than 500 adults in Northern Ireland how a tumble in domicile income had influenced them.
It suggested that increasing fuel bills meant that a poignant series of people were branch to moneylenders and payday loans to cover their payments.
A standard Northern Ireland consumer pays out £131 on fuel any month.
The Irish League of Credit Unions claimed that a boost in costs saw some-more than 100,000 people (8% of residents) take out loans to keep adult with other bills.
Rosemary O’Doherty of a Irish League of Credit Unions said: “It is transparent that people are awaiting a year of new hurdles and financial pressures.
“The fact that people have to spin to high seductiveness loans from moneylenders and payday companies in such vast numbers is of sold concern.”
A entertain of these who took payday loans were incompetent to accommodate their repayments on time.
The tracker suggests that approximately 170,000 people (12% of all adults) have no income left after profitable their bills.
Hear some-more on a NI Business News Podcast .
RT @: Just met with great team at Renfrewshire Wide Credit Union to discuss interest being charged for Payday Loans in Paisley.
Just met with great team at Renfrewshire Wide Credit Union to discuss the interest being charged for Payday Loans in Paisley.
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