Cllr Angela Dobbins.
PAY DAY loan sharks – some charging interest of up to 1,000 per cent – are targeting vulnerable Derry families over the past few days.
Some families have had up to ten calls a week from the same companies, SDLP councillor Angela Dobbins warned.
“Nuisance marketing calls can be harmful and push struggling consumers deeper in the downward spiral of unsustainable borrowing,” she told Derry Daily.
“I know of cases of people being bombarded with marketing calls.
“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.”
She said people in Derry 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, 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,” she said.
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