scheming loan sharks beware.

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.