We’ve received the following warning about an internet financial loan company called Financial Solutions Ltd.
They are taking large amounts of money up front from families to cover credits checks, solicitors fees etc and then not providing the loan. One family in Leeds has so far paid £510.00 in varying amounts over a short period of time and have still not received the loan they applied for. They have now been asked for another £180. This is an illegal scam.
Payday loans, from companies like Wonga and Kwik Cash are legal, but charge very high interest rates. These are short-term or emergency loans, but if you are using them regularly to make ends meet you may quickly end up in a spiral of unmanageable debt. For example, borrowing four £300 payday loans for just one month will cost around £500, and if you are rolling over such loans month after month, the chances are you can’t afford to pay them back.
The Payday Loan Survival Guide has been produced by Govan Law Centre. It explains how you can break free from payday lending debts, and take control of your money and life. There is no magical wand but you do have important legal rights. There are a few simple steps you can consider taking right now to regain control of your finances and improve your quality of life.
If you cannot afford to pay back your loan(s) on time, the guide will explain how to:
- Stop the payday lender taking money from your account
- Challenge interest and charges where possible
- Manage the debt on an affordable basis
- Access fairer forms of credit
You can download the guide here: PaydayLoanSurvivalGuide
Citizens Advice Bureau (CAB) offer personal advice and representation. As well as their main office in the city centre, they run sessions at Children’s Centres (if you have a child under 5) and the following GP surgeries:
- City View Medical Practice, Cemetery Road, Beeston (anyone from LS10 or LS11)
- Cottingley Community Centre (for registered patients only)
- Leeds City Medical Practice, Cemetery Road, Beeston (anyone from LS10 or LS11)
- Lingwell Croft Surgery, Shelldrake Drive, Middleton (for registered patients only)
- Parkside Medical Centre, Dewsbury Road, Beeston (anyone from LS10 or LS11)
Full details of CAB services are on its website: www.leedscab.org.uk