Don't get bitten by loan sharks when they surface this Christmas
MUIR Group Housing Association is urging its residents to beware of borrowing from loan sharks.
The National Trading Standards Illegal Money Lending Team are working with partner agencies across England to warn people of the dangers of borrowing from loan sharks in the run up to Christmas.
The National Team, who investigate and prosecute illegal money lending offences, are advising residents to steer clear of loan sharks who may be offering quick cash loans to afford luxury items.
Muir Money Advisor, Wayne Pearson (pictured) said: “Don’t be tempted by offers from illegal money lenders.
“Loan sharks don’t operate under official financial regulations and can cause misery to those who choose to use them.
“If you have money worries you can speak with Muir’s Money Advisors on 0300 123 1222 where you can receive proper financial advice.
“Borrowing from a loan shark will make your situation worse so please don’t be tempted.
“You can report a loan shark confidentially to the NTS Illegal Money Lending Team by calling 0300 555 2222.”
What is a Loan Shark?
A loan shark is someone who lends money without the correct permission from the Financial Conduct Authority.
Loan sharks may initially appear friendly and act as though they’re offering a community service.
This behaviour soon changes once monies are owed. Loan sharks will commonly resort to bullying tactics such as violence and intimidation to enforce repayment, causing borrowers endless misery.
Loan sharks rarely provide paperwork on the loans they give out and will often refuse to tell the borrower how much they owe, the period they have to pay it back by and how much interest they are being charged.
In July, a Manchester loan shark was prosecuted for his illegal money lending business whereby he charged his victims a staggering 4.5 million per cent APR.
How can I help?
The England Illegal Money Lending Team are urging residents to get talking about loan sharks on social media during Christmas by using the designated hashtag #StopLoanSharks
Keep up with the latest news stories from IMLT on Twitter (@LoanSharkNews) or Facebook www.facebook.com/stoploansharksproject
Tony Quigley, Head of Service for the England Illegal Money Lending Team said: “We are working with partner organisations and local communities to promote the Stop Loan Sharks message.
“Our aim is to let those borrowing from loan sharks, especially in the run up to Christmas, know that help is available.
“If you or someone you know has been a victim of a loan shark, we urge you to call our 24-hour hotline on 0300 555 2222 where your call will be handled confidentially by one of our trained Officers.”
You can also report a loan shark by emailing reportaloanshark@stoploansharks.gov.uk