Fake And Loan Shark Warningposted on 10 August 2011 | posted in General Category | ( 0 ) CommentsA warning has been issued for borrowers struggling to get credit from their banks and building societies. The warning has been issued by advisors at Integrity Financial Services Limited as borrowing levels have increased steadily through 2011. They urged people to beware of companies offering fake loans for a fee. There is enough evidence to prove that there are bogus companies out there in the market who are preying on people who are already in debt. These companies offer fake loans by advertising directly on the internet or sometimes via a cold call or text. The modus operandi is to persuade borrowers to pay an initial set up fee that can range from anything between £35 to £2,000 to secure a loan, and then ask for bank account details too. As you may have guessed, the promised loan then fails to materialize. In a recession loans can be hard to get, and people falling into debt or unable to get mainstream credit are being targeted with ads and direct contacts offering loans that really are too good to be true. It has been pointed out that the problem is further likely to be compounded with public sector cuts because of cutbacks in services such as Trading Standards that are in a position to crack down on rogue lenders. The problem has also added to the existing problem of loan sharks which operate with no licence, charging huge interest to the people who borrow off them and sometimes leading to brutal tactics to recover monies owed to them, including violence. Research conducted by R3, a trade body for insolvency practitioners, shows that up to 67,000 or 7% of people struggling with debts have contacted a loan shark or doorstep lender, while a further 13% have considered doing so. Going to this source for financial resolution will simply build up a larger store of debt and create more pressure and stress. We must highlight the importance of obtaining professional advice over panic measures that will worsen the problem. We stand on the brink of a personal insolvency crisis that will take years to work through the system, stress does take its toll when you are in debt but it is essential to proceed cautiously and seek debt advice before deciding on a course of action. We offer debt advice that is real, professional, fair and totally impartial, and by consulting us you can avoid falling into more difficult situation. Remember, advice and help is at hand if you’re struggling and help and guidance is available. Please contact us now on 01743 272900. Share this blog entry:
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