Stay away from Loan Sharks this Christmas

Release Date: 
Thursday, December 19, 2019 - 16:15

 

Corby Borough Council’s Safer Corby Team are supporting key messages by national organisations around the dangers of getting into debt and relying on illegal money lending over the Christmas period.

With the festive season upon us, the illegal Money Lending Team (IMLT) are urging families not to borrow from loan sharks amid fears a small loan could lead to massive repayments in the New Year.

A YOUGOV poll of over 2000 people found that a lot of families rely heavily on credit and for those on low incomes, it can be tempting to turn to illegal money lenders, or loan sharks, to help get them through the Christmas period.

The Safer Corby Team delivered a school education initiative earlier in the year to provide children with a basis understanding of money lending. 60 children from St. Patrick’s Primary School participated in a trial project, which combined using photography and class based activity to discuss a wide range of money management issues. It’s anticipated the project will be extended to other schools in 2020. The project was delivered in partnership with Citizens Advice Bureau and Clockwise Credit Union.

Evaluation from the project  highlighted that children recognised that a lot of their favourite  activities/items  don’t  cost a lot  of money and  over  50 %  of participants  would  think  more carefully about   the cost of  activities and  items before  buying them in the future. 

Corby Borough Council’s Lead Member for Housing & Neighbourhood Services, Cllr Bob Eyles, said:

‘Christmas can be a difficult time of year for many families struggling with the extra cost of buying presents, as well as keeping on top of household bills. Any initiative  helping  families to  understand the risks of  illegal  loans and  stops them getting  caught  up in a cycle of  debt  is vitally important.’ 

 

Notes to editor

Some useful tips from National Debtline could help you to manage your money better over the Christmas period:

  1. Make a list of who you need to but presents for, set a budget and tick to it!
  2. Don’t forget  you still need to  pay your  normal  household bills in December, such as  mortgage, rent council tax, gas and electricity
  3. Resist borrowing more -  It can  be tempting to borrow but  you need to consider  whether you can afford to pay  it back.

If you need advice or support over the Christmas period you can  get free  debt advice 24  hours  a day at www.mymoneysteps.org or call National Debtline on 0808 808 4000.

 

More Information: 

For press enquries please contact: Megan Gourlay, Corby Borough Council
Telephone: 01536 464022 Mobile: 07568 590 324
Email megan.gourlay@corby.gov.uk

Follow us on Twitter @CorbyBC

Last updated: Thursday 19th December 2019 04:15:59 PM
Review date: Wednesday 8th December 2021 04:15:49 PM