Customer Services
Loan Sharks
Don’t get in with a loan shark
If you are facing debt or money problems, don’t ever be tempted to use a loan shark. They not only charge astronomical rates of interest, but very often threaten violence, intimidation or blackmail if you fall behind with re-payments. They may seem like a friend at first but don't be fooled – they will soon turn on you when they don't get what they want.
Christmas is just around the corner, a time of happiness, a time of giving; a time of peace and goodwill to all men.
But unfortunately this isn’t always the case. Illegal lenders have been known to take advantage at this time of year.
Around 310,000 households in the UK have turned to illegal lenders or loan sharks as they are more commonly known. Loan sharks can not only charge extremely high interest rates, trapping their victims in a never ending spiral of debt but they can resort to the most extreme methods to enforce their debts; threats, blackmail, violence and even rape.
At Christmas Time the strain on your purse can be worse then ever, but the England Illegal Money Lending Team would urge you never to turn to a loan shark. The team are cracking down on these callous criminals and putting them behind bars.
Would you know how to spot a loan shark? The following warning signs can help you avoid illegal lenders, and ensure you have a stress free Christmas.
- Look out for a lender who offers little or no paperwork. They may ask you to sign something but never give you a copy. In doing so, illegal lenders keep their customers in the dark as to what they still owe.
- A lender who will not tell you the interest rate or the amount which you still owe- illegal lenders have been known to charge up to 131,000% APR.
- A lender who takes item as security; this could be anything from jewellery to electrical goods or even passports, driving licences and bank cards.
- A lender who is intimidating, threatening or violent. If you are in immediate danger contact the police.
A specialist Illegal Money Lending Team is cracking down on loan sharks in Surrey and your help is urgently needed.
• Have you, or anyone you know, been offered a cash loan without paperwork?
• Have you been threatened when you couldn’t pay?
• Has your benefit or bank card been taken from you?
• Does what you owe keep growing, even though you are making payments?
• Has anyone offered to pay your rent for you, and you ‘owe’ them?
• Is anyone telling you to pay them instead of your rent?
If you are using a loan shark to borrow money or, just as crucially, know of any information relating to loan shark activity in your area, please contact the Illegal Money Lending Team in the strictest of confidence:
• Phone: 0300 555 2222
• Text: 'loan (space) shark (space) + your message' to 60003
• Email: reportaloanshark@stoploansharks.gov.uk
More information can be found at www.direct.gov.uk/stoploansharks
MVHA resident review 2010-11 
