Sleigh No To Loan Sharks
• Nearly one in ten people turned to loan sharks to cover the costs of Christmas last year.
• More than half of victims turned to illegal money lenders in order to pay for essentials such as utilities, food and fuel in the first half of 2022.
• New campaign #SleighNoToLoanSharks aims to protect communities from the devastating effects of illegal money lending in the run-up to Christmas.
Experts have warned that unregulated lenders could try to cash in on the festive period as households struggle to cope with rising food, fuel and energy bills.
Loan sharks are targeting vulnerable people seeking credit and trapping them into a cycle of debt with exorbitant interest rates and threats of violence.
To read Stop Loan Sharks England's full article follow the link below
https://www.stoploansharks.co.uk/fears-over-debt-as-more-people-could-turn-to-loan-sharks-to-cover-christmas
Follow these safety tips to protect yourself and loved ones from loan sharks:
1. If you're struggling to make ends meet and need cash fast, the thought of a loan shark might seem tempting, but remember these lenders are not your friends. Debt can quickly spiral out of control – it's important to think carefully before taking out a loan and consider other options.
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2. Never send money or give credit card, online account details or copies of personal documents to anyone you don’t know or trust. This information is valuable so make sure you protect it from criminals who can use it to find and stalk you, harass you or threaten those you love.
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3. If you’re thinking about borrowing money, it’s important to check that your lender is genuine. Loan sharks operate illegally without the correct permission from the Financial Conduct Authority (FCA). Do your research first and check the firm or person you're dealing with is listed on the Financial Services Register.
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4. When exploitative loan sharks are preying on hardship, it’s vital for people to know there is help out there. Follow this link to our financial support page
Financial Support or contact our Money Advice team.
5. Getting trapped in a never-ending spiral of debt after borrowing from a loan shark can have devastating consequences, not only on your finances but also on most other aspects of your life, including your mental health, work and relationships with your family and friends. If you're worried about a friend or family member, or if you need help yourself, Stop Loan Sharks can offer confidential advice and support.
