Warwickshire News Mine

Trading Standards Officers are concerned that consumers struggling with debts in this difficult financial climate may be tempted to approach a loan shark when there are safe and legal avenues they can explore to deal with their money problems.

A loan shark is someone who lends money illegally. They are unlicensed moneylenders who charge very high interest rates, rarely, if ever, give any paperwork and if payments are missed often use intimidation and violence to get money from their ‘clients’.

They may also pressurise people into borrowing more from them to repay one debt with another.

Trading Standards Officers say ‘the best advice for dealing with loan sharks is ‘don’t’’

There is help available. If you, or someone you know owes money to a loan shark, or you have been approached by a loan shark, you can speak to the Illegal Money Lending Team in total confidence.

Phone: 0300 555 2222 (local rate call, including inclusive minutes from mobiles)
Email: reportaloanshark@stoploansharks.gov.uk
Web: http://www.direct.gov.uk/stoploansharks
Text: loan (space) shark (space) + your message to 60003
Remember: If you have borrowed money from a loan shark you are under no legal obligation to pay the debt and it is the loan shark who has broken the law - not you.

If you are in debt there are a number of agencies and organisations that can offer practical help and advice.

Warwickshire Credit Unions

Credit Unions can help people who may find it difficult to borrow money from banks and may therefore be tempted or forced in to borrowing from a money lender or loan shark. They are particularly helpful for people looking to borrow small amounts of money.

Credit unions are financial cooperatives owned and controlled by their members. They offer savings and great value loans plus they are local, ethical and know what their members want. Many credit unions now offer a range of services including a current account, benefits direct, ISAs and Child Trust Funds.
Each credit union has a "common bond" which determines who can join it. This determines who can become a member of the credit union. The common bond may be for people living or working in the same area, people working for the same employer or people who belong to the same association, such as a church or trade union.
To find out more, contact your local credit union:

South Warwickshire Credit Union
Community Link, 4-6 Clemens Street, Leamington Spa, CV31 2DL
Tel: 01926 833913
Email: info@leamingtoncu.co.uk

Citizens Advice Bureau
The Citizens Advice Service helps people resolve their legal, money and other problems by providing free information and advice, and by influencing policy makers.
Information and advice is available on-line or by contacting your local CAB office, details of which can be found in your phone book or on the CAB website.
Web: http://www.citizensadvice.org.uk

National Debtline
National Debtline is a national telephone helpline for people with debt problems in England, Wales and Scotland. The service it offers is free, confidential and independent. There is also comprehensive information and advice on their website.
Tel: 0808 808 4000
Website: http://www.nationaldebtline.co.uk

Link to WCC