Illegal Money Lenders - Loan Sharks
An estimated 310,000 households across the country are in debt to a loan shark - someone who is illegally lending money to people.
- People are particularly targeted in the lead up to Christmas - 20% of victims in previous cases took out a loan to pay for Christmas.
- Paperwork is rarely offered so victims often have no idea how much they are repaying. Exorbitant extra amounts and interest are added randomly, and in some cases the loan sharks have been known to take items as ‘security’ - including passports, driving licenses or even bank cards with the PIN in order to withdraw cash directly from borrower’s accounts.
How do I report a loan shark?
- Call 0300 555 2222
- Call GMP on 101 or 999 in emergency
- Report to the government's Illegal Money Lending Teams