Have you borrowed money from an illegal money lender (referred to as loan sharks)?
Well, help is at hand. The Consumer Credit Act was brought in to protect people who borrow money. Any money lender must have a licence.
The first thing to know is that you don't have to pay the 'loan shark' any money back, the loan is unenforcable.
Trading Standards in Wales have stet up a team to tackle the problem of illegal money lending.
Report these individuals and help to remove them from the community. The team will provide you with help and guidance through your problem and point you in the right direction.
The unit can help you look for alternative forms of financial assistance and credit (Credit Union, individual grants), advise you on maximising your income and benefits which you can claim, assist you with any legitimate companies you have contracted with and help you through managing your debts and offer you protection from this illegal money lender.
Call the 24 hour hotline in the strictest confidence - 0300 123 3311
Web address: https://www.gov.uk/report-loan-shark
Email: [email protected]
Phone: 0300 123 3311