The cost of living is very high, and we can easily find ourselves in financial difficulties, especially when it comes to making sure we pay the bills.
Our Customer Accounts Team Manager, Ruth Shrimpton-Dean spoke to us about the dangers of looking to resolve those financial issues via loan sharks and what support is available.
Ensuring your finances stay afloat may make you consider borrowing money from a loan shark. Loan sharks are unregulated and illegal money lenders who will offer loans with no paperwork, often very quickly.
On the surface, this may seem like a quick fix to resolve money struggles. However, loan sharks often charge extremely large amounts of interest, resulting in your debt increasing further.
There are currently around 1.1 million people in debt to a loan shark in England. If you’ve found yourself in debt to a loan shark there is free and confidential help available. You’re not alone and you’re not in trouble if you have borrowed from a loan shark. It is the lender that is committing a criminal offence, not you.
Our Customer Accounts Team recently received training from the Government-funded Stop Loan Sharks Team who investigate and prosecute illegal money lenders and provide support for borrowers in England.
If you’ve borrowed from a loan shark or are worried about someone else, you can contact Stop Loan Sharks for free confidential advice. You can call 0300 555 2222, contact via WhatsApp on 07700 102 773, email them or visit their website for more information.
Unsure if you’ve borrowed from a loan shark? If you answered yes to any of the below questions it’s likely that you have and should contact us for advice.
- Did they offer you a quick loan?
- Did they appear to be a friend at first, but now you’re not so sure?
- Did they say there was no need for paperwork?
- Did they add extra charges or huge amounts of interest to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, passport, watch or other valuables from you?
If you’re struggling with debt and need advice, please contact our Money Matters Team by calling 0800 164 0111, send us an email or use MyKarbon to get in touch.
The cost of living is very high, and we can easily find ourselves in financial difficulties, especially when it comes to making sure we pay the bills.
Our Customer Accounts Team Manager, Ruth Shrimpton-Dean spoke to us about the dangers of looking to resolve those financial issues via loan sharks and what support is available.
Ensuring your finances stay afloat may make you consider borrowing money from a loan shark. Loan sharks are unregulated and illegal money lenders who will offer loans with no paperwork, often very quickly.
On the surface, this may seem like a quick fix to resolve money struggles. However, loan sharks often charge extremely large amounts of interest, resulting in your debt increasing further.
There are currently around 1.1 million people in debt to a loan shark in England. If you’ve found yourself in debt to a loan shark there is free and confidential help available. You’re not alone and you’re not in trouble if you have borrowed from a loan shark. It is the lender that is committing a criminal offence, not you.
Our Customer Accounts Team recently received training from the Government-funded Stop Loan Sharks Team who investigate and prosecute illegal money lenders and provide support for borrowers in England.
If you’ve borrowed from a loan shark or are worried about someone else, you can contact Stop Loan Sharks for free confidential advice. You can call 0300 555 2222, contact via WhatsApp on 07700 102 773, email them or visit their website for more information.
Unsure if you’ve borrowed from a loan shark? If you answered yes to any of the below questions it’s likely that you have and should contact us for advice.
If you’re struggling with debt and need advice, please contact our Money Matters Team by calling 0800 164 0111, send us an email or use MyKarbon to get in touch.
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