Dont know where to turn!!!!

di3004

Mark

Normally I would not suggest this, because personally I don't think its the right thing to do in borrowing more money to pay off another, but if its worrying you like this, maybe your bank could help, so that you can get that shark paid up?
Or is anyone in the family that can help you through this?

Once this is paid, try to get some sort of receipt from the guy, with his signature, tell him to Write "settled in full" with his signature.
And try to make sure you have someone there with you.

advent1122

What will the police do if you go to them?
You will say Mr Big has demanded his money back and threatened to send the boys around if you dont pay.
Mr Big will say he said no such thing and the police will leave you alone and in an even worse situation than you are now.
It is all fine and dandy sat at the end of the computer to say - go to the police - after all it is the RIGHT thing to do..... but look at the big picture and what the outcome of a police visit to Mr Big will bring.
I would speak to him and say, as you cannot afford £500 will he accept £100 a month or whatever you can afford to keep him sweet.
I am afraid he will not say "Sorry, I realise I was wrong and will no longer ask for my money and threaten the client with violence" when the police call on him.
Yes, this is the cowards way out by pampering to him, but I would like to keep workable kneecaps for a while and calling the police would only make him worse.

di3004

advent1122 wrote: »

What will the police do if you go to them?
You will say Mr Big has demanded his money back and threatened to send the boys around if you dont pay.
Mr Big will say he said no such thing and the police will leave you alone and in an even worse situation than you are now.
It is all fine and dandy sat at the end of the computer to say - go to the police - after all it is the RIGHT thing to do..... but look at the big picture and what the outcome of a police visit to Mr Big will bring.
I would speak to him and say, as you cannot afford £500 will he accept £100 a month or whatever you can afford to keep him sweet.
I am afraid he will not say "Sorry, I realise I was wrong and will no longer ask for my money and threaten the client with violence" when the police call on him.
Yes, this is the cowards way out by pampering to him, but I would like to keep workable kneecaps for a while and calling the police would only make him worse.

You do have a good point here.
I would not want to be looking behing my back all the time either.

di3004

If it does mean getting another loan, obviously you know not to go for these loan sharks again lol......:D;), but check on Martin's site for more information, for the cheapest possible, for some then, and example of borrowing £500 on say an 8.4APR as an example that is a repayment of roughly £43 a month, its still cheaper than what your paying that guy and its legal this way.

However rates will vary depending on your circumstances.
But if you decide to take it this direction do not borrow any more than you need to and get advice as well, good luck.

Link here of Martin with calculators for cheapest loans.
http://www.moneysavingexpert.com/loans/cheap-personal-loans#calc

But as I said in my earlier post, I would not suggest this otherwise, but its best to not have that stress and worry.;)

fozmcfc

Obviously you don't have a great credit rating, otherwise you wouldn't have borrowed in this way.

Why not apply for a £500 payday loan, as 99% of people can get them and give him the money.

You just pay the interest to whoever you get the loan from, might be upto £100 but still better than £500 outright and at least the payday companies, won't send someone round to break your legs.

You might have to live on beans on toast for a month, but it's still better than the risk of injury.

downrollings

Really Cool!
But the message system is not very clear

Morglin

I wouldn't bother about going to the police - loan sharks have operated for donkey's years under the noses of the police, and are rarely hindered by them. All going to the police will do is increase your risk of being hurt.:rolleyes:

Borrow the money from someone - friends, family or a payday loan and then pay the debt off.

After that, learn from this - join a credit union or something like that, where, in time, if you save, you will be able to borrow from them.

Loan sharks really are a low form of life, and should always be avoided like the plague.:mad:

Lin

tealady

Hi. Birmingham City Council have a loan shark team, they may be able to help with advice and info. Thanks to some brave people they have stopped one or two scumbags in their tracks. You don't have to be in the Birmingham area either, the Council works with other agencies to try to help people.

I_luv_cats

Loan Sharks



With millions of consumers in the UK finding it difficult to meet monthly bills it is inevitable some will fall fowl of the 'loan Shark'. If you know of someone that has or is about to use this facility then it is important you steer them to this article first.
What is the definition of a loan shark?

According to the English thesaurus a 'loan shark' is a 'swindler', 'crook', 'double-dealer' or 'con artist'. I can't really argue with that but what is clear within the law is that a 'loan shark' is an unlicensed moneylender. This is someone or a firm that has lent you money and is not licensed by the Office of Fair Trading, often referred to as OFT.
A person or firm can only legally lend money if they are licensed and regulated by the OFT and they must also follow the OFT's strict codes of practice.
By going to a loan shark you may experience some or all of the following;

• You pay a very very high rate of interest of interest
• You get a loan on terms that suit the lender and not you
• You may be put under pressure to borrow more to pay another debt off as this makes more money for the loan shark.
• You may be harassed or intimidated if you get behind with your repayments

Remember loan sharks are not licensed therefore they operate outside the law.
How do you find out if a lender is licensed?

The OFT has recently formed a 'Consumer Credit Public Register' that lists everyone with an OFT licence. This will also include anyone that has previously applied for one or has had one taken away or suspended. The register will also detail trading names and the activities for which a business is licensed.
You will not be charged to gain access to this information, it's free.
You can search the 'Consumer Credit Public Register' by either visiting www2.crw.gov.uk/pr/Default.aspx then click on CCA SEARCH or telephone 020 7211 8608, between 9.30am and 4pm, Monday to Friday.
If you find that the lender isn't listed as having a current licence to lend money then don't borrow money from them.
Who else can I borrow money from?

If you are unsuccessful with the bank then try joining a 'Credit Union'.
The Government recently relaxed the rules on ‘Credit Unions’ to make it easier for them to operate. They will help you save a little each month and in return they will eventually make an advance to you but with a very fair interest rate, sometimes these ‘Credit Unions’ are offer lower interest rates than other recognised UK lenders.
For example if you had a £200 loan then often the interest will only be at 1% which will make in this case the interest applicable to be £2 per month.
I'm worried now as I have borrowed from a loan shark

You may wish to contact your local Trading Standards office as they have staff trained to help you deal with the 'Loan shark'
Do I legally have to repay the debt to a loan shark?

No, you are under no legal obligation to repay the debt. If the lender is not licensed by the OFT then they have no legal right to recover the debt. Remember it is not a criminal offence not to repay a loan from an unlicensed lender.
How do I find my nearest Trading Standards Officer?

Click on this link www.tradingstandards.gov.uk/ to find your nearest Trading Standards office, then enter your postcode in the box located on the right-hand side of the Trading Standards website homepage.
What to do if you're being harassed

It is an offence for any lender, whether licensed or unlicensed, to harass you.
Keep a note of any harassment, dates and time it took place and if you can get a witness. You should report any harassment to your local Trading Standards office. Any threats or use of violence should also be reported to the Police.
Word of warning

It is always advisable to go to a licensed lender as this gives you protection under the Consumer Credit Act. But bear in mind that just because the lender is licensed it does not necessarily mean that the lender is offering the best interest rate. The licence is to cover practices and codes of conduct and is not given to a lender because they have a good interest rate, so always shop around and try and seek the best deal form 3 or 4 lenders.
Door step lenders

These are completely different and are regulated by the OFT, however they can have higher interest rates than normal High Street lenders, but serve a purpose and for many they work well.
Hotline Numbers for the Illegal Money Lending Teams

Central England (West Midlands) South East, North West, Yorkshire and Humber and East of England

You can contact stop loan sharks by phone on 030 0555 2222 or email at [EMAIL="stoploansharks@birmingham.gov.uk"]stoploansharks@birmingham.gov.uk[/EMAIL] This e-mail address is being protected from spambots. You need JavaScript enabled to view it
North East

You can phone 0800 030 4210 or contact the confidential text messaging service by texting net shark plus message to 60003.
London

You can contact by phone on 020 7364 6886 or text shark bait plus message to 60003 or email at [EMAIL="sharkbait@lotsa.org.uk"]sharkbait@lotsa.org.uk[/EMAIL] This e-mail address is being protected from spambots. You need JavaScript enabled to view it
South West

You can contact stop loan sharks by phone on 030 0123 4247 or email at [EMAIL="stoploansharks@bristol.gov.uk"]stoploansharks@bristol.gov.uk[/EMAIL] This e-mail address is being protected from spambots. You need JavaScript enabled to view it
East Midlands

You can call one of the hotline numbers below that cover this region:
Nottingham call 01158 510 351
Derby call 01332 644 000
Leicester call 01162 179 550
Northampton call 016046 511 099
Lincoln call 01522 848 299
or text shark loan plus message to 60003 or email at [EMAIL="stoploansharks@nottinghamcity.gov.uk"]stoploansharks@nottinghamcity.gov.uk[/EMAIL] This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Wales

You can contact by phone on 03001 233 311 or email at [EMAIL="imlu@cardiff.gov.uk"]imlu@cardiff.gov.uk[/EMAIL] This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Scotland

You can contact by phone on 01412 876 655

Tassotti

Try and tell the dodgy lender about legal rules and regulations when he he is taking one of your fingers....

These nasty monkeys give bad names to us legitimate lenders....

Hmmm

Police wil do nothing......Pay him by any means and sort out payments after...