'Don't turn to loan sharks to cover cost of Christmas'

Steve Barras, business development officer, at Just Credit Union, said the organisation works closely with the Illegal Money Lending Team throughout the year to educate people about safe lending and the dangers of illegal money lenders.

He said: “Christmas can be financially stretching for many people and over this period, or when January statements and bills arrive, people may be tempted to take money from unlicensed lenders.

“These lenders charge extortionate amounts of interest and have been known to use threatening language, intimidation and even violence when demanding payments from their desperate victims. Just Credit Union provides an ethical and affordable alternative.”

Tony Quigley, head of the England Illegal Money Lending Team, said: “Our advice to residents in need of financial support would be to turn to a credit union rather than a loan shark who could take advantage and charge exorbitant interest rates.

“We hope by turning the spotlight on loan shark activity we can help more people spot the dangers signs and seek help if they are affected.

“All money lenders require proper permission from the Financial Conduct Authority (FCA) to lend money and those who do not are acting illegally.

“The national team continues to investigate and prosecute loan sharks, which in past cases has included instances of blackmail, threatening behaviour, violence, kidnap, drugs offences and rape.”

If you or someone you know is involved with a loan shark you can safely and confidentially report an illegal money lender to the Illegal Money Lending Team on 0300 555 2222 or fill out a form online at www.stoploansharks.co.uk

For further information email info@justcreditunion.org or telephone 01743 252325.