Know Your Rights

Warwickshire Trading Standards Service is working with Birmingham's Illegal Money lending Team to assist people who may be getting into debt over the Christmas period. It is estimated that over Christmas 2009, up to 100,000 households may have turned to illegal money lenders known as loan sharks. They are criminals who are often also involved in gun and knife crime, counterfeiting and drug dealing. Loan sharks prey on vulnerable people such as single parents, the elderly or people on benefits who do not have access to traditional forms of credit e.g. bank loans, and as a result can suffer harassment, threats and spiralling financial difficulties.

Loan sharks usually:

Offer you a cash loan but do not give you any paperwork
Take your benefit or bank card as security on the loan
Don't tell you when you will finish paying
Charge extortionate high rates of interest
Increase the amount you owe even if you are making regular payments
Threaten or use violence to get money from you.

The problem can often more widespread than is imagined as people do not like to reveal financial problems and are afraid of reprisal.

If you owe money to a loan shark or want to help someone else who is in trouble with one, call the National Loan Shark Hotline, 0300 555 2222

email reportaloanshark@stoploansharks.gov.uk

text loan shark and the details you want to pass on to 60003

All calls and messages will be dealt with confidentially.

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Send mail to the editor of the Oxhill News at news-editor @ oxhill.org.uk.

Last modified: November 29, 2010