This article is from page 1 of the 2013-01-08 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 1 JPG
DO NOT resort to moneylenders. That’s the stark message to people facing financial pressures this January. As Clare families face into the toughest financial weeks of the year, financial advice groups have warned that illegal money-lenders should be avoided at all costs.
Twenty years after it was set up to counteract illegal money lending in West Clare, MABS (Money Advice and Budgeting Service) has asked families under severe financial pressure not to opt for this form of shortterm loan.
By the end of 2012, numerous financially-stressed families in Clare had turned to unscrupulous money-lenders, who would charge huge interest rates and threaten them if they did not pay up. As these lenders are not legal, organisations such as MABs cannot negotiate with them on behalf of the person taking the loan.
People are particularly vulnerable to this type of lending at this time of year and Paul Woulfe from Clare Citizens Information said this is leading to worry and depression.
“Many people parked their problems and money concerns coming up to Christmas so the next few months are going to be difficult.
“People also borrow on the run up to Christmas and add to credit card and store cards debt which adds to the problem now,” he said. “There is help out there as long as people do not panic,” he said.