Say No to Illegal Moneylenders - where the lending has no ending
“Say No to Illegal Moneylenders” is the message from Kerry MABS, Kerry and West Limerick Credit Unions, Society of Saint Vincent de Paul and the Gardaí who have come together to highlight the fact that illegal money lending has no ending."
John O Regan, PRO, Chapter 23 Kerry and West Limerick Credit Unions stated "the lead up to Christmas can be a challenging time for a lot of vulnerable people who may be caught up in a cycle of moneylenders. Loan rates can be very high and people can be caught in a vicious cycle of repeat borrowers without ever getting out of debt. Although we are all independent organisations, we have come together to advise people to avoid borrowing from illegal moneylenders in the lead up to Christmas”.
Support organisation MABS are on hand to help and offer free financial advice. The credit union can assist with a much lower rate of interest and flexible repayment terms. The Society of Saint Vincent de Paul can also help to put practical measures in place and offer services such as meals on wheels, food hampers, fuel poverty, education etc.
Speaking to Eamonn Foley, Kerry MABS “Illegal moneylenders and are not to be confused with legal moneylenders. While legal moneylenders charge very high interest rates they are regulated by the Central Bank of Ireland where legal credit agreements are in place and set code of practice under the Consumer Protection Code for Licensed Moneylenders must be adhered to.
Eamonn added “Illegal Moneylenders are different they are people who use their own money to lend to people. What may or may not start off as a gentleman's agreement can end up turning very nasty. Illegal moneylenders are not legal, there are no legal credit agreements in place. In a lot of cases we have heard there may be intimidation, threatening behaviour and harassment. The Gardaí are involved in this campaign to highlight the level of illegal moneylenders activity in Kerry. We would ask people to think twice before getting involved with illegal moneylender activity, if you do go down this route and need support then we would encourage you to contact the gardai confidentiality who will investigate this matter.”
For a list of support organisations:
MABS: 076-1072190 – www.mabs.ie
Garda Siochana – Contact your local garda station
St Vincent de Paul – 066-7128021 www.svp.ie
Credit Union – www.creditunion.ie 064-6631344
For details of our Micro Finance (Personal Micro Credit Loan) here