WCHG is backing the launch of the annual Christmas campaign to highlight the dangers of using loan sharks, and signposting the support that is available.
Christmas is meant to be the most wonderful time of year but for many families who are trapped in spiralling debt and misery by loan sharks, this simply isn’t the case.
Research carried out by The England Illegal Money Lending Team (IMLT) has found that Christmas is the second highest reason that people borrow money from loan sharks, highlighting the need to raise awareness on the topic.
Look out for the #AllIWantForChristmas campaign across social media which will focus on informing people about the help that is available if they are struggling with debt and the safer ways to borrow money.
Could someone you know be involved with a loan shark?
Loan sharks often:
- pretend to be a friend at point of borrowing.
- offer a cash loan, quite often without paperwork.
- take bank card or possessions from the borrower as security on the loan.
- increase the amount owed even if regular payments are being made.
Stop Loan Sharks have a confidential helpline on 0300 555 2222 open 24 hours a day that can provide specialist information and support for victims.
There is also a Stop Loan Sharks app which is available on Google Play and the App Store.
Find out more via the links below: