“When loan repayments, with inevitable hefty interest rates, are not met the lenders will use threats and violence.
“Victims with unpaid debts, and indeed their loved ones, are exploited and often forced to repay by other means, such as storing or selling drugs.
“We’ve also heard shocking anecdotes of young people being forced into sexual exploitation as a form of repayment.”
Advice NI, an independent charity which offers confidential debt advice to anyone who finds themselves in this situation, said it had “seen an increase in people contacting our free debt advice helpline over the last quarter due to the cost-of-living crisis”.
“Advisors are dealing with more people experiencing extreme financial difficulties and poverty, some of whom will turn to illegal and high-cost money lenders to make ends meet,” its chief executive Bob Stronge said.
“We would encourage anyone struggling to make ends meet to contact our Freephone helpline on 0800 915 4604 to have a benefits entitlement check carried out to ensure they are in receipt of all the benefits they are entitled to, or speak to our debt advisors who are trained experts, and can provide help and support to those in any type of debt and will work with you to find a solution that is right for you.”
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