Loan sharks
Debt advice
If you fall in to debt and your repayments become more than you can afford you should get advice quickly. Sources of advice include:
- National Debtline - 0808 808 4000
- Citizens Advice consumer service telephone helpline on 0808 223 1133
- MoneyAdviceService - information and guidance from the Financial Services Authority
Debt management companies
Many people who fall in to debt find that they are contacted by debt management companies, who offer to wipe out debt or to reduce the payments. Some will also offer advice on bankruptcy or other individual insolvency options.
It is important to remember that these companies are businesses and usually take a fee for negotiating a debt management plan on your behalf with lenders.
Some charities and advice organisations such as your local citizens advice bureau may be able to offer you a similar service free of charge.
Debt management companies and charities must have a consumer credit licence.
For low cost loans, contact First for Money Credit Union