As the use of illegal money lenders rises across the country, Watford Council urges residents to seek financial advice from Citizens Advice Watford if they are concerned about debt.
As the cost of living emergency continues to impact households across Watford, many are having to make tough budgeting decisions as energy, transport and utility bills increase.
Nationally, reports show that the use of illegal lenders has increased. These unregulated lenders exploit vulnerable people and often use callous tactics to recoup repayments.
Watford Borough Council is warning against the use of irresponsible lenders and encouraging the use of trusted advisory services such as Citizens Advice Watford. The council is also stressing the need to seek help early to avoid your situation from deteriorating.
Elected Mayor, Peter Taylor, said: “Illegal lenders are out to exploit vulnerable people by charging high interest rates and engaging in aggressive debt collection practices.
“There is support available locally. The friendly team at Citizens Advice Watford provide free and confidential advice no matter what your situation is.”
Emma Burgham, Chief Officer at Citizens Advice Watford, said: "Getting advice early will help you avoid getting in to debt. If you're struggling, please come to us for expert money advice and we will do all we can to help."
How Citizens Advice Watford can help you
- Their team of advisors can help with budgeting including helping you create a budget plan and prioritize expenses. You can use their budgeting tool to help manage your finances.
- Provide advice on debt management and how to deal with creditors.
- Check eligibility for government benefits and assist with the application process.
- Offer advice on employment rights.
- Help with resolving issues with utility bills and negotiating payment plans.
- Provide emergency support, including foodbank vouchers.
If you’re feeling the pinch, here’s a few budgeting tips to try:
- Make a budget and cut non-essential expenses to free up money for necessities.
- Look for additional sources of income. Find out if you’re eligible for any benefits, consider taking on a side job or selling unwanted items.
- Call service providers (e.g. internet, phone) to see if they can lower your monthly bills, or give you a break from making payments.
- Check if you're eligible for government assistance programs or non-profit organizations that offer financial help.
- Don't take on more debt to solve financial difficulties, this may only make the situation worse in the long term.
- Start saving and develop a plan to improve your financial situation in the future.
Remember, if you’re finding things difficult, your mental health is as important as your physical health. You should talk to your GP if your money problems are affecting your mental health. You can find other ways to get help with your mental health on the Mind website. If you need to speak to someone right now you can call the Samaritans for free on 116 123 (Monday to Sunday at any time).
Watford Borough Council continues to support local people through the cost of living emergency with the launch of Welcoming Spaces and the online cost of living hub.
