Borrowing on the doorstep?

If you are borrowing money on the doorstep, please read these tips:

Tip 1 – Only borrow from legal lenders
Ask for proof the lender has a Consumer Credit Licence

Tip 2 - People lending without a licence are illegal
You are not breaking the law if you borrow from someone without a licence but you are likely to be ripped off and worse.

Tip 3 – Illegal lenders are loan sharks
You may have been bitten by a loan shark if your loan keeps growing even though you pay regularly. One loan shark customer had to pay £50 a week out of her benefits of £74 per week. Another was charged 117,000% interest (APR).

Tip 4 – Some loan sharks threaten you when you can’t repay
These kind of loans are unenforceable without a court order

Tip 5 – Most loan sharks don’t provide paperwork
You never know how much you have paid

Tip 6 – Report your lender if you don’t think they have a licence
Phone our confidential help line 0300 555 2222. It is staffed 24 hours a day 7 days a week, 365 days a year:

We will check to see if they are legal
You will not get into trouble with the authorities
Remember, it is the loan shark who is behaving illegally.

Tip 7 – You probably won’t have to repay loans from an illegal lender
Contact our helpline for guidance.

Tip 8 – If you think you’ve been bitten by a loan shark

Call: 0300 555 2222 (charges are local rate including inclusive minutes from mobile phones)

Or email:

For Norfolk residents
stoploansharks@norfolk.gov.uk

For Suffolk residents
stoploansharks@suffolk.gov.uk

Tip 9 - If in doubt give us a shout!

The help line is staffed by members of an Illegal Money Lending Team working with Norfolk and Suffolk Trading Standards to ensure that loan sharks are brought to justice.

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