Wales Illegal Money Lending Unit

Poster

Anyone who is a victim, or knows a friend or family member affected by a loan shark’s activities, should call the Wales Illegal Money Lending Unit.

This Unit has been set up to tackle the problem of illegal money lending in Wales. Many illegal money lenders (loan sharks) have operated without impunity and use fear and intimidation to carry on their business.

The loan shark usually charges extortionate rates of interest which can run into thousands of percent, creating a situation where the borrower is never able to repay the loan. Remember that the debt to a loan shark is illegal and does not have to be paid.

The 24 hour hotline number is 0300 123 3311 and all calls are confidential.

If you are a victim of a loan shark or know of someone who is, it is important to know that borrowing from an unlicensed lender is not an offence; the offence will have been committed by the lender. The illegal money lending unit will not take action against any individual who has borrowed money but will endeavour to give any help they can to get you back on the right track.

Illegal loan sharks are not the only people who target vulnerable tenants. Licensed door step lenders also prey on tenants and can charge anything from 272.2% APR (The Provident) to 2,345% (Quickquid)

There are a number of other organisations who can offer FREE advice and support, and others who can provide you with a loan for a fraction of the interest charged by doorstep lenders. 
 

Housing Associations

Moneyline Cymru is a new community development finance initiative, part funded by eighteen housing associations. The aim of Moneyline Cymru is to provide money, advice and credit for people who are usually denied these from the mainstream outlets like banks or credit unions.

There are five high street shops in operation in south Wales, and these outlets will give loans and financial advice to customers while setting up basic bank accounts for them. The offices can be found at the following locations:

• Newport                      56 Bridge Street
• Cardiff                        184 Cowbridge Road East
• Cwmbran                    6 The Arcade
• Pontypridd                   8 Ceridwen Terrace
• Bridgend                     92 Nolton Street

The Citizens Advice Bureau (CAB) provides free, confidential and independent advice, available face-to-face and by telephone. Most offer home visits and some also provide email advice. You can find your nearest bureau by opening the CAB document on the right, or visit their online advice guide for practical, reliable, up-to-date information including frequently asked questions in English, Welsh, Bengali, Gujarati, Punjabi, Urdu and Chinese.  
www.adviceguide.org.uk

National Debtline

National Debtline is a telephone helpline for people with debt problems in England, Scotland and Wales. The service is free, confidential and independent. To contact National Debtline telephone 0808 808 4000.
www.nationaldebtline.co.uk/england_wales

DirectGov

DirectGov provides a range of useful information on managing debt.

www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/index.htm

Also available on the site is a ‘Beginners Guide to Benefits’, including an on-line benefits advisor.

Consumer Credit Counselling Service (CCCS)

CCCS is a registered charity offering free, confidential advice and support to anyone worried about debt. As well as direct telephone advice, the Service provides an online Debt Remedy Service. To contact the Consumer Credit Counselling Service, telephone 0800 138 1111. www.cccs.co.uk

Community Legal Advice

Community Legal Advice can give you free help or legal advice over the phone for problems with debt, housing, employment, education and welfare benefits, and tax credits. Also available online is a debt management tool to get free, impartial debt advice and free legal information leaflets and factsheets. To contact Community Legal Advice, telephone 0845 345 4345.
www.communitylegaladvice.org.uk

Credit unions help people who are struggling to manage their money, and provide vital support for people who are unable to access mainstream banking services. Everyone who lives or works within the Credit Union area, and any member of their family who lives with them, can join. Many Credit Unions also have a Junior Savers Section for those under 16 years of age.

Credit Unions offer an easy and convenient place to save, and give access to low cost loans. Many now offer a range of other services including Child Trust Fund accounts, ISAs, insurance products, budgeting advice and debt management. If you would like more information on Credit Unions in Wales see the Wales Co-operative Centre’s website, www.walescoop.com, or contact the Credit Unions in Wales Freephone Hotline on 0808 145 4550. You can download a list of Credit Unions from the resources on the right.

Shelter Cymru works to prevent homelessness, improve housing conditions, and ensure a safe, suitable and affordable home for all.

To get advice, call the Shelter Cymru helpline on 0845 075 5005. www.sheltercymru.org.uk/shelter


Mortgage rescue

Wales was the first country to implement its own mortgage rescue scheme, which is now helping Welsh families with a £9.5m package. The scheme may be able to help if you are an owner occupier in mortgage difficulties and in danger of having your home repossessed. If you are eligible, a housing association can provide an equity loan to cut your mortgage outgoings – or even buy your home so that you can continue to live there as a tenant.

Unfortunately, funding for the scheme is limited and so it will not be possible to assist everyone. Help will be given to those in greatest need. If you think that the Mortgage Rescue Scheme could help you, you should contact:

• Your local authority (local council). You can find the telephone number on the useful links page. Their homelessness team or housing strategy officers will be able to help you to get in touch with a housing association; or
• The Welsh Assembly Government Housing Directorate at: shg@wales.gsi.gov.uk Telephone: 01685 729156 or 01685 729157.

The Welsh Assembly Government has produced a booklet called ‘Support When you need it’, which can be downloaded from the resources on the right. This document contains useful information on housing benefits and income maximisation, council tax, child trust fund, paying your bills, keeping your home warm and useful contacts with regards to your health, your job and your lifestyle.