Student Finance Centre
Don't swim with sharks!
Thu, 03 Mar 2011 12:15:00 GMT
They may not have fins or killer jaws, but loan sharks – or illegal moneylenders – are every bit as dangerous and predatory as their name suggests.
Loan sharks are criminals who lend money at high rates of interest, without having a licence required by the Customer Credit Act and can cause misery to those who they lend money to. Victims are not only charged astronomical rates of interest, but very often face violence, intimidation or blackmail.
Have you, or has anyone you know:
- Been offered a cash loan without paperwork?
- Been threatened when you couldn’t pay?
- Had your benefit or bank card taken from you
- Had a loan which keeps growing even though you are making repayments?
If you can answer yes to the above you may have been bitten by a Loan Shark. Don’t panic! A specialist trading standards team is working to hunt down these illegal money lenders.
For confidential help and advice contact the Stop Loan Sharks Team. Phone: 0300 555 222 (local rate including inclusive minutes from mobiles), email: reportaloanshark@stoploansharks, or text: loan shark + your message to 60003.
Some national statistics to date:
- More than 1500 illegal lenders have been identified
- More than £37million of illegal debt (money that victims would have had to pay back) has been written off
- The Loan Shark Team has helped more than 16,000 people
- Over £1.3 million in cash has been seized and confiscated
