An elderly resident in Gosport who had endured many winters in his freezing cold house with no central heating and single glazing, has had both installed thanks to  low cost finance backed by Gosport Borough Council.

The resident, who has asked not to be named, will have nothing to repay, thanks to an affordable loan scheme offered through responsible lender South Coast Moneyline, in association with five local authorities including Gosport and Portsmouth.

Nick Webb, Home Trust Loan Manager at South Coast Moneyline, sees many cases where people are putting up with substandard conditions and aren’t aware that these affordable options are available. He recalls: “He was at his wit’s end and although he had no mortgage or other debts, he could not find affordable finance to do anything about it. Our interest roll-up loan meant he was able to have double glazing and central heating fitted, without having to afford any monthly repayments.

“Many vulnerable homeowners in Portsmouth and Gosport do not need to put up with homes in need of maintenance and repair,” Mr Webb adds.  “We have a large fund available to offer and, as a responsible lender, we ensure that people are not taking on any kind of debt that they can’t repay.” 

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More than 100,000 families in the UK are being forced to pay back debts at an interest rate of up to 1,500% after being targeted by loan sharks. An estimated £29m worth of illegal loans were taken out to fund the festive season alone, which is the highest figure for this type of borrowing for a generation. 

The Financial Inclusion Centre estimate that the number of families lured into using loan sharks who knock on their door is growing year on year, with vulnerable families borrowing on average £300.  Loan sharks do not have a consumer credit licence and are not authorised to lend money, which means the person taking out the loan has no protection.

Have you ever been bitten by a loan shark and why? Share your experiences here.

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