Many millions of viewers are currently gripped by the Coronation Street story line which sees the character of Joe McIntyre struggle to pay off his ever increasing debt from an unscrupulous loan shark. Whilst Corrie fans may be shaking their head at the mess he is in, according to local housing association Peak Valley – loan sharks are not figments of a script writer’s imagination and could be operating in a street near you.
“This particular story line has obviously been written for dramatic impact,” said Joanne Danaher, Housing Manager at Peak Valley. “However, many people in this area will have dealt with a loan shark or certainly been tempted to do so.”
In fact a recent report by the think tank Financial Inclusion Centre says around 100,000 of the UK's poorest families will be crippled with £82 million of debt during 2010 after borrowing money from loan sharks to fund the cost of Christmas.
“If you don’t have enough disposable income it’s tempting, especially at Christmas, to borrow a few hundred pounds to make sure your family has the latest gifts,” said Joanne. “However, people don’t realise that loan sharks can charge such high interest that they simply can’t pay back the loan.
“This causes debt problems to increase even further and of course there is added stress as some loan sharks can threaten violence.”
Residents living in Hattersley & Mottram can approach Peak Valley Housing Association in confidence if they are getting into debt. Peak Valley can help residents manage problems surrounding rent arrears, but will also point people in the direction of practical help on issues surrounding debt advice and money management.
Joanne said: “Financial problems and mounting debt can seem like the end of the world and cause a great deal of stress. But remember there are numerous organisations, agencies and services in this area that have been set up to help you. They can provide free debt advice and they will even liaise with your debtors to help manage the problem.
”If you are in debt, don’t bury your head in the sand like Joe. You don’t have to suffer in silence and help is freely available. Contact the Income Management Team on 0345 270 3501 and take a step in the right direction.”
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