Wrexham Council urges residents to fight back to stop loan sharks

WREXHAM Council urged residents to avoid borrowing money from loan sharks.

They said that people in financial difficulty can often look for a quick fix, but it is important to know that there are always better options than taking out a loan from these illegal lenders.

The Wales Illegal Money Lending Unit (WIMLU), which is the government agency that investigates and prosecutes loan sharks, has encouraged the public to ‘push back’ by reporting these individuals, which in turn could help eliminate them from your community.

Loan sharks are people who operate illegally without a consumer credit license and prey on vulnerable people, whether due to poverty or debt, or difficulties in their lives such as drug addiction or problems. health.

WILMU warns that loan sharks will rip off borrowers by charging exorbitant interest, with rates as high as 400,000% APR not unheard of, as well as adding penalties as and when they wish.

Cllr Hugh Jones, Senior Member for People – Communities, Partnerships, Public Protection and Community Safety, said: “Sharpeners may seem friendly when they lend you a sum of money, but don’t you. make no mistake – they are exploiters who will use threats, intimidation and violence to get their payments.

“They specifically target the vulnerable and don’t hesitate to add additional debt, which can pile up quickly.

“You may have planned to pay off your debts in a few weeks, but in all likelihood you will be making payments for much, much longer than that.

“There is no paperwork for your loan and loan sharks will make and change the rules as they wish.”

The message to anyone in this situation is that there is help available and you can confidentially report it to the Illegal Money Lending Team who can support you and fight the criminals.

A WIMLU spokesperson added: “The loan sharks need to be warned – we are determined to eradicate this crime.”

If you are a victim of a loan shark or suspect a shark is operating nearby, call WIMLU on 0300 123 3311 which is a 24 hour helpline.

You can call anonymously if you wish and specialist customer liaison officers will support and assist victims, advising them on debts and other issues.

For more information, you can also contact WIMLU via [email protected]

Previous CBRM to review province's low-rate loan offer
Next JLL arranges $125 million loan for The Quincy