Latest News
Loan Sharks
Published: Friday 5th March 2010
have you borrowed from or are you considering borrowing from a loan shark?
What is a Loan Shark?
A loan shark is an unlicensed moneylender. Licensed moneylenders are regulated by the Office of Fair Trading (OFT) and must follow the OFT's codes of practice. Because they're not licensed, Loan Sharks operate outside the law. If you borrow from them it's likely you'll:
If you have borrowed money from a loan shark you are under no legal obligation to repay the debt.
You can contact us in confidence on 0800 408 0000 option 3, option 1 or 01242 774777.
We are working in partnership with the South West Illegal Money Lending Team and you can contact them 24 hours a day 0300 1234 247
Alternatively you can contact the Citizens Advice Bureau (CAB) tel. 01242 522491. They provide free information and advice on legal, financial and other problems.
A loan shark is an unlicensed moneylender. Licensed moneylenders are regulated by the Office of Fair Trading (OFT) and must follow the OFT's codes of practice. Because they're not licensed, Loan Sharks operate outside the law. If you borrow from them it's likely you'll:
- get a loan on very bad terms
- pay an extortionate rate of interest
- be harassed if you get behind with your repayments
- be pressured into borrowing more from them to repay one debt with another
If you have borrowed money from a loan shark you are under no legal obligation to repay the debt.
You can contact us in confidence on 0800 408 0000 option 3, option 1 or 01242 774777.
We are working in partnership with the South West Illegal Money Lending Team and you can contact them 24 hours a day 0300 1234 247
Alternatively you can contact the Citizens Advice Bureau (CAB) tel. 01242 522491. They provide free information and advice on legal, financial and other problems.
