Loans advertised on television or on the internet
Some adverts by private companies sound too good to be true… and they usually are! Avoid companies that offer an immediate, easy solution or target customers aggressively. Their loans usually involve very high interest rates.
You could be asked to secure these loans against your home, putting your home at risk if you can’t keep up the payments.
Read more from StepChange about problems with payday loans.
Selling your home and staying on as a renter
Get independent financial advice before arranging a private sale and rent back (where you sell your home and rent it back). These schemes are very risky, and you could end up losing your home.
Get help from the Money Helper to choose an independent financial adviser.