Rise in illegal lending 'looking likely', says Money Advice Trust

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www.moneynews.co.uk > General finance > Rise in illegal lending 'looking likely', says Money Advice Trust

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Rise in illegal lending 'looking likely', says Money Advice Trust

A rise in the number of people taking loans from illegal lenders and loan sharks will more than likely occur due to the currently tight economic conditions, according to the Money Advice Trust.

In light of this, the organisation is now urging those who have serious financial worries to seek free advice rather than turn to illegal lenders.

Beccy Wilks, spokesperson for the Money Advice Trust, advised: "If you are in a situation where you feel that you need money quickly, it's a good idea to get free debt advice first from National Debtline, Consumer Credit Counselling Service, or Citizens Advice Bureau."

She also reminded people that any utility companies have trust funds to which they can apply in the event that they cannot pay their household bills.

Research conducted this month by the New Local Government Network reveals that 200,000 people in Britain cannot access funds from legitimate lenders and are therefore vulnerable to loan sharks.

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