Before and after Christmas is a prime time for loan sharks. If it sounds too good to be true, it probably is. Borrowing from these lenders can make matters worse.
A loan shark is someone who lends money illegally without the correct authorisation from the Financial Conduct Authority (FCA). Loan sharks normally appear friendly at first, but this behaviour soon changes once money is owed.
Never borrow money from someone if you:
- Have been provided with no or very little paperwork on loans
- Have had debts randomly increase or have had additional amounts added to a loan unexpectedly
- Have personal items taken as security on a loan (passport, driving license, bank cards)
- Have been subject to intimidation and threats by the money lender
You can check if someone is authorised to lend money by searching for a company, person or postcode on the Financial Services Register.
To report a loan shark visit www.stoploansharks.co.uk.
Read about one families experience with loan sharks here.
If you are worried about money please contact our Customer Accounts Team.
There are many thing we can to do help if you're struggling. Call 01225 366 000 and talk to our friendly team or email email@example.com.