10
MONEY MATTERS
DON’T FALL
PREY TO
LOAN SHARKS
We’ve all been there. Sometimes, there just isn’t enough cash
to go around. Christmas, birthday celebrations, too many
household bills... it can be difficult to make ends meet.
It’s at times like these that it’s tempting to borrow. With careful planning
and professional advice, a loan can be a good solution to get you out of
a fix. However, there are some people, be they sat behind a desk in an
office or at the bar in your local, who exploit people with offers of easy
cash when times are hard. They are loan sharks.
A loan shark is an individual or company that are not authorised to lend
money by the Financial Conduct Authority (FCA). Loan sharks often
charge very high rates of interest and don’t give you much paperwork
to confirm the arrangements they have made with you. They often take
illegal actions to collect money they have lent you, such as threatening
violence or taking away your credit cards or valuables.
Remember, there is always a better choice if you need to borrow money. For instance, you could
try your local credit union. Typically, you don’t need to be a member of a credit union to borrow
money from one. New members can usually apply to borrow up to £300. Visit moneysavingexpert.
com/banking/credit-unions for more information.
But what if you already owe a loan shark? If you think a money lender is operating without
being FCA-authorised, you can speak in confidence to the Illegal Money Lending Hotline on 0300
555 2222. The government also has a special team that shuts down loan sharks. You can email
them at [email protected] or text ‘loan shark’ and your message to 60003
and special advisers can give you help. The information you provide helps them take action to
stop illegal money lending. Your local branch of the Citizens Advice Bureau can also help. Visit
citizensadvice.org.uk or pop in to your local branch to speak to an adviser in person.
MAKE THE
SWITCH
The average UK
utility bill comes
in at £784 a year.
Could switching
providers save
you cash?
It’s really simple to see if you could save money on your energy bills.
It just takes a little time to get some information together. You will need:
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n
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Your postcode
Details of your current supplier(s)
How much you usually spend, i.e a recent bill
Your bank details
Access to the internet (consider choosing an online account with
your new provider - you may see savings if you’re happy to receive
your utility bill(s) by email). If you need help, ask Shelby.
Visit facebook.com/digitaltortoise
Once you have everything, visit switch.which.uk and follow the instructions
(other services are available). Let us know if you make a saving!