“Loan sharks keep biting” says Dobbins

SDLP Councillor Angela Dobbins. 1708JM04

SDLP Councillor Angela Dobbins. 1708JM04

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Financially vulnerable people are being plagued by nuisance calls from payday loan companies, a local councillor has claimed.

SDLP Councillor Angela Dobbins says she has heard reports of up to ten calls a week being made to vulnerable people with callers offering high cost loans and enticing some of those vulnerable people into taking out expensive credit.

Colr. Dobbins said: “Nuisance marketing calls can be harmful and push struggling consumers deeper in the downward spiral of unsustainable borrowing. We are fast approaching Christmas and a lot of families are struggling to make ends meet.

“For those in financial difficulty, the offer of an easy, no questions asked loan can seem to be like a financial lifeline, but the reality is that it can be a financial noose around the neck of those who embark on these loan agreements and to their families also. Borrowers are being offered inappropriate and excessively high loan options and have had money taken from their bank accounts without consent for unnecessary fees.

I would advise anyone who is in financial difficulty to seek advice from the Citizens’ Advice Bureau or resource/advice centres throughout the city, or even visit the local Credit Unions before contemplating using these pay-day loan companies. Remember loan sharks keep biting.”