Scheming Loan Sharks Beware. By Kim Eccott on - Updated Oct 15, 2011
I have had many dealings with various private loan providers and not all of them have been good ones.I never used to think about getting a loan untill i found myself struggling with my bills and payments i thought maybe a bank loan would have been a better choice.However it was very difficult to obtain a loan when i was recieving such a small income every week was impossible to try to pay ot back.Couldnt really afford to opot for an overdraft, th manager of the bank had asked if i had thought about a personal loan company as with my income i might be better off trying that route.I was very anxious about where to go who to apply with didnt even know what APR meant!i soon found myself looking throughthe phone books and browsing the internet when i came across thousands of loan companies and after weeks of trying to apply i gave up.Then about a week alter when i was starting to feel the stress of my finanacial difficulties i found a company had emailed me he claimed to be a middle ages guy who had run his own business for four years and provided loans to people on low income in fact he had left his number and details i decided to check out his website and company it all looked ok to me and knew i was desperate and he was my last hope.So i arranged for him to visit my address and discuss a possible loan. He turned up on time and was wearing a little id badge so i knew he was ok.After providing my proof of income and my id to him i soon found myself with an envelope containing £500 i had signed a form to pay back £11 per week.Easy i thought this going to be a big help to me and my children.To cut a long story short a was paying him back for about a month when he suddenly said i need your bank details so i can take out the repayments as a direct debit as wont be in the area for while i agreed and handed them over and what a mistake that was! after a few weks i found out money was going to his account and was more than i had signed for! within a few months i had bank charges and money going missing i had to stop the direct debit and was advised i go to the police and they would investigate and put me in touch with people who could help.About a month later i found out in the papers this guy was a fraud and a loan shark with a bad reputation and preys on single mums with low income i now know i was very stupid but vunerable and just a warning to anyone who gets in touch with a loan shark.
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