Loan Sharks at Christmas

Posted on Dec 10, 2024

Christmas is coming – a time of parties, presents, good food and family celebrations. But it can also bring stress, worry and financial pressure. Loan sharks are using the Christmas period, and the financial pressure it brings to take advantage of their victims and pretend they are helping during the most expensive time of the year.

This Christmas, The Illegal Money Lending Team is warning people that however tempting that offer of a loan might be and however friendly someone might seem, they should be aware that there could be a loan shark lurking beneath the surface.

Illegal money lenders, known as loan sharks, are not always easy to spot. They could be a neighbour who always stops to chat, a parent who you know from the school gate, a popular work colleague, even a family member or friend.

Borrowers often aren’t aware that they have borrowed from a loan shark until it’s too late. Things can quickly turn nasty as they demand repayments and issue threats of violence when you can’t pay.

There are warning signs to look out for which may all indicate that someone is a loan shark. They include:

• Being given no paperwork or details about the loan
• The lender demanding repayments that add up to much more than you initially borrowed
• Being intimidated or threatened by the lender if you struggle to pay
• The lender demanding you hand over items like bank cards or a passport until you can pay

Voyager Alliance could help

If you do need to borrow, credit unions are a great alternative to high interest lenders, and the IMLT advises people to contact their nearest credit union, who can offer an ethical and safe way of borrowing for people who may have been refused credit elsewhere. Voyager Alliance is here to help.
Voyager Alliance has been supporting our members working in the passenger transports industry, DWP and Manchester Airport Group for more than 30 years. Voyager Alliance Credit Union is a financial co-operative which provides savings, loans and a range of financial services to its members. Our members are our customers and shareholders and are at the heart of everything we do.

Think you may have borrowed from a loan shark?

If you think you have been targeted by a loan shark, get in touch with the IMLT as soon as possible in complete confidence. Their specialist officers can offer advice and support and investigate the illegal lender.

To get in touch:

• Call the 24/7 confidential hotline 0300 555 2222
• Text a report to 07860 022116
• Join a live chat on the website www.stoploansharks.co.uk (available Monday to Friday 9 to 5)
• E-mail reportaloanshark@stoploansharks.gov.uk