17 December 2019
We have joined forces with the England Illegal Money Lending team to combat unscrupulous loan sharks who are preying on people in the run up to Christmas.
Borrowing from a loan shark might feel like your only option when you’re in a pinch and need cash fast, but these illegal lenders operate outside the law and use violence when demanding payments from victims. Anyone lending money should be authorised by the Financial Conduct Authority.
Licensed lenders have to comply with legal obligations in dealing with customers, including the use of proper paperwork and fair collection methods. You are not in trouble if you have borrowed money or have been paying back a loan from a loan shark – they are the people committing a crime, not you.
If you think you have borrowed from a loan shark and want help or advice, please contact the Illegal Money Lending Team on 0300 555 2222. The Stop Loan Sharks helpline will open as usual over the holiday period and all information is treated in the strictest confidence. You can also make a report online by visiting this page.
There are legitimate services that you can access for help with money, such as credit unions, which offer affordable repayment options. You can find out exactly what a credit union is here. We work in partnership with Westcountry savings and loans who are a fantastic credit union who have a great range of products and services. You can find out more about what Westcountry savings have to offer by clicking here.
Remember: You can follow us on Facebook to access all our regular updates and range of useful information! Click HERE and give our page a like