They're unlicensed moneylenders who charge very high interest rates and sometimes use threats and violence to frighten people who can't pay back their loan. In fact, that was used in the schemes’ marketing: no approach from the Revenue meant they were Revenue approved … The county council did not warn her, and the people behind the agency running the scheme, as is usual in these cases, were selective about the information that was made available. Otherwise you will be prompted again when opening a new browser window or new a tab. He told me: “She said: ‘I believe your father’s passed away’ and asked whether I had any inheritance”. We will not tolerate this sort of criminal activity in our country and loan sharks who are caught flouting the law will be pursued and prosecuted.

The House of Lords Economic Affairs Committee has also looked at the Loan Charge. If the loan shark threatens you after you make a witness statement to us and you are in danger call the police immediately on 999.

Correspondence from HMRC is also routinely received on a Friday, so individuals’ weekends are ruined by worrying about the content with no ability to contact either HMRC or a tax adviser… We have seen evidence of bankruptcy notices arriving in the days immediately before Christmas and bank holidays. An employer paid a contractor’s wages to an agent who then ‘loaned’ the money to the employee. For queries or advice about employment rights, contact the Labour Relations Agency. Cloudflare Ray ID: 5eca91882a1ef9ce … It has a farewell party on the Friday and on the Monday it said: “If you join this agency and use the scheme, we will re-engage you as a contractor.”. The charge has hit freelances and contractors who used loan schemes provided by umbrella companies to receive their pay. A loan shark might harass or intimidate you if you don’t pay them back. Changes will take effect once you reload the page. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. I’ve seen several letters which would appear to bear this out. They may even behave nicely after a period of intimidating behaviour, to keep you off balance and ‘train’ you to stay on top of your repayments. The schemes were sold as a legal way of minimizing tax liability, and were promoted by tax advisers (some of whom continue to promote them) as totally above board. It is important for people to realise that alternatives to borrowing from loan sharks are available if you are in financial difficulty. Over 300,000 people are in debt to illegal money lenders in the Britain and they need to know that we’re on their side. You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

I reported a couple of weeks ago on the Loan Charge, which has left thousands of people with unexpected tax debts of hundreds of thousands of pounds and has caused stress and anxiety to the point of causing marital breakups and even suicides. They are the people committing a crime, not you. It will help you deal with your situation and the loan shark. click me to quickly go to Google and hide this page from anyone. Credit unions encourage you to save what you can and only borrow what you can afford to pay back.

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