COVID-19 Announcement - Due to the COVID-19 pandemic and the impact on our community, we've taken the difficult decision to shut our offices to the public until further notice. However we are here to support you with a range of services. More Information
Age UK North Yorkshire & Darlington
HomeNewsFestive warning: Don’t get involved with a loan shark – yule regret it!

Festive warning: Don’t get involved with a loan shark – yule regret it!

Posted on Monday, 16 December 2019 9:49 am | Category: General News The England Illegal Money Lending Team (IMLT) are warning people not to turn to loan sharks to cover the cost of Christmas.

The England Illegal Money Lending Team (IMLT) are warning people not to turn to loan sharks to cover the cost of Christmas.

These unlicensed lenders charge extortionate amounts of interest and have been known to use threatening language, intimidation and even violence when demanding payments from their desperate victims.

Tony Quigley, Head of the England Illegal Money Lending Team said: “People may feel under pressure to borrow money in the run-up to Christmas but might not realise the situation they will find themselves in if they use a loan shark.

“Our advice to residents in need of financial support would be to turn to a Credit Union rather than a loan shark who could take advantage and charge exorbitant interest rates.
“We hope by turning the spotlight on loan shark activity we can help more people spot the dangers signs and seek help if they are affected.”

All money lenders require proper permission from the Financial Conduct Authority (FCA) to lend money and those who do not are acting illegally.

Stay safe, borrow responsibly and start saving for next Christmas

• Remember: loan sharks should be avoided because they will make a difficult financial situation much worse.

• If you need to borrow money, check the lender is authorised and regulated by the Financial Conduct Authority.

• There are legitimate services you can access for help with money, such as credit unions, which offer safe saving and affordable loans options. Find your nearest Credit Union.

• Start preparing your finances for next Christmas and open a savings account with your local credit union.

• For advice on money matters, including pensions, benefits and allowances, contact our Information and Advice service on 01325 357345

• You are not in trouble if you have borrowed cash or have been paying back a loan from an illegal money lender, the loan shark is. They are the people committing a crime, not you.

 

Where to find us
Find your local Age UK
Subscribe to our newsletter
Connect with us
Age UK Darlington is a registered charity (Registered Charity No. 1128377) registered in England and Wales as a Limited Company no. 6817492). Registered address: Bradbury House, Beaumont Street West, Darlington, County Durham, DL1 5SX.

Feedback & Complaints / Privacy Policy

This website uses cookies to ensure you get the best experience on our websitePrivacy Policy (Updated 24/05/2018)