Carmarthenshire alert on loan sharks
Carmarthenshire Trading Standards Service is urging people to be wary of loan sharks, particularly at this time of year.
A Loan Shark is someone who lends money without the appropriate license issued by the Office of Fair Trading.
Loan Sharks rarely, if ever, give any paperwork and if payments are missed they often use intimidation and violence to get money from their clients.
Victims often find they are unable to repay the extortionate interest rates and can face threats of violence unless they pay up.
Carmarthenshire Trading Standards Service Manager Roger Edmunds said: “Loan sharks tend to prey on people in desperate need of financial help. They offer seemingly helpful solutions to money worries in return for unrealistic and unaffordable repayments.”
Carmarthenshire County Council executive board member for public protection Cllr Pam Palmer said: “Loan sharks are dangerous people to get involved with and I urge anyone thinking of borrowing money from them to stay clear.”
Carmarthenshire Anti Poverty Champion Cllr Kevin Madge said: “There are realistic alternatives out there, such as credit unions, and I would encourage anyone in need of financial assistance to use these reliable sources.”
The Wales Illegal Money Lending Team has been set up to help combat Loan Sharks.
If you have any information, however small, on loan shark activities the Wales Illegal Money Lending Team can help.
Have you been offered a cash loan?
Have you been threatened when you couldn't pay?
Has your bank card been taken from you as a security?
Does what you owe keep growing even though you are making payments?
If you can answer yes to any of the above then you may have been bitten by a loan shark. If you, or anyone you know, is experiencing any of the above or has any knowledge of loan shark activities then contact the Wales Illegal Money Lending Team in confidence. The 24 hour Hotline is 0300 123 3311.
A Loan Shark is someone who lends money without the appropriate license issued by the Office of Fair Trading.
Loan Sharks rarely, if ever, give any paperwork and if payments are missed they often use intimidation and violence to get money from their clients.
Victims often find they are unable to repay the extortionate interest rates and can face threats of violence unless they pay up.
Carmarthenshire Trading Standards Service Manager Roger Edmunds said: “Loan sharks tend to prey on people in desperate need of financial help. They offer seemingly helpful solutions to money worries in return for unrealistic and unaffordable repayments.”
Carmarthenshire County Council executive board member for public protection Cllr Pam Palmer said: “Loan sharks are dangerous people to get involved with and I urge anyone thinking of borrowing money from them to stay clear.”
Carmarthenshire Anti Poverty Champion Cllr Kevin Madge said: “There are realistic alternatives out there, such as credit unions, and I would encourage anyone in need of financial assistance to use these reliable sources.”
The Wales Illegal Money Lending Team has been set up to help combat Loan Sharks.
If you have any information, however small, on loan shark activities the Wales Illegal Money Lending Team can help.
Have you been offered a cash loan?
Have you been threatened when you couldn't pay?
Has your bank card been taken from you as a security?
Does what you owe keep growing even though you are making payments?
If you can answer yes to any of the above then you may have been bitten by a loan shark. If you, or anyone you know, is experiencing any of the above or has any knowledge of loan shark activities then contact the Wales Illegal Money Lending Team in confidence. The 24 hour Hotline is 0300 123 3311.
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