What Do I Do When I Owe Someone Money?
Borrowing money from friends or family can be a convenient and cheap way to get the means to settle a debt to a creditor. However, if you are relying on friends and family often to get by, you are in an unsustainable situation and should seek professional help immediately.
You also have to consider the negative effects it might have on your relationship with the person. If it happens time and time again it may lead to guilt and stress for you, and perhaps a resentful feeling towards your ties to them. There might be no one else to turn to, and the situation can very quickly become awkward and difficult.
How to Deal with Loan Sharks.
Loan sharks will often target people that they know are in a desperate financial situation. If you’ve exhausted all your credit with regulated lenders, and have no family or friends to turn to, it can be a very tempting offer.
However, it is never a good idea. Owing money to a regulated lender or service provider is one thing; things can get bad, but you aren’t going to be physically threatened or harmed. Loan sharks, however, have no standards to adhere to. Their whole operation is illegal, and they are not above threatening your home, your family, or using other various shady tactics.
If you have found yourself indebted to a loan shark, then get free advice on how to proceed from a legitimate financial expert like us. Our team deal with these situations a lot and are only a phone call away on 0800 808 5124.
If a loan shark has threatened you in any way, then it is time to contact the police immediately.