Households urged to avoid loan sharks this Christmas

Trading Standards in Swansea is backing calls by the Wales Illegal Money Lending Unit for households in the city not to become victims of loan sharks.

The unit, based in Cardiff, investigates cases across Wales involving money lenders who create misery for thousands of vulnerable people.

This December, the ‘Don’t get bitten this Christmas’ campaign is urging families to report illegal money lenders, otherwise known as loan sharks.

Cllr Mark Child, Swansea Council’s Cabinet Member for Wellbeing and Healthy City, said: “In the run up to Christmas, some families will look to obtain extra funds by using an illegal money lender.

“This often leads to misery for the people borrowing the money who can have their lives made a misery as these loan sharks attempt to get the debt paid.”

Nationally, Illegal Money Lending teams have secured more than 310 prosecutions for illegal money lending and have helped write off £55 million worth of illegal debt.

Stephen Grey, Investigations Manager from the Wales Illegal Money lending Unit, said: “It is estimated that 310,000 households across the UK are affected by loan sharks.

“We want to spread the message as far and wide as possible that getting involved with loan sharks is the worst possible option. Debts spiral out of control and often never end until the authorities get involved.

“We don’t only investigate with a view to prosecute – we also have a dedicated team that gives support and advice to victims to ensure they can re-build their lives.

“Anyone who thinks that a loan shark lives on their street, or a friend or a loved one is involved with a loan shark, is encouraged to call our hotline number on 0300 123 33 11.”

In Swansea, residents living in Communities First areas can get free advice on managing debt. Swansea Council also works in partnership with LASA Swansea Credit Union who can offer low cost loans to individuals and help set up savings plans.

Cllr Child added: “We are continuing to work with a number of local organisations to provide sensible alternatives to using a loan shark. Hopefully we can prevent families in the city from getting into problems by avoiding these illegal money lenders.”