IE Hub announces partnerships with GamCare and Illegal Money Lending Team

28th February 2024

Online budgeting specialist, IE Hub has announced two new partnerships with GamCare and the Illegal Money Lending Team (also known as Stop Loan Sharks).

According to the Illegal Money Lending Team (ILMT), 56% of the people supported by the organisation in the first half of 2023 said they borrowed money from someone they thought was a friend, which ranged from £30 and £30,000. 54% said they needed the money to cover everyday living costs like bills and food. Over half – 58% – went without food, fuel or making priority payments in order to repay the illegal lender.

Together, IE Hub and ILMT will work in partnership to help those who may be vulnerable to illegal money lenders to spot the signs of a loan shark. These signs might include being asked to hand over bank cards or passports until the debt is repaid, charged huge amounts of interest and no evidence of paperwork or a contract.

By partnering with GamCare, IE Hub will also be able to signpost additional support for those struggling with the impact of gambling and their loved ones. The debt management tool will highlight the helpline to anyone showing signs that they need extra support if they have struggled with the effects of gambling.

Dylan Jones, CEO of IE Hub, said “We’re proud to announce these value-add partnerships, allowing us to expand the support that we can provide. The colder months are always tougher financially on households, where many could find themselves in arrears and struggling to make ends meet.

“This often leads to people looking for other ways to generate income, which can come with their own set of risks and can be harmful to personal and family finances. These partnerships will mean that we can help direct those who might be affected by gambling or getting loans from illegitimate sources in finding the help that they need.”

“We know that lots of our customers use IE Hub when they are in financial difficulty, and having these two partners onboard allows us to provide the best help we can to those who are in need of extra support.”