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Avoid illegal money lenders this Christmas

stay safe at Christmas

As Christmas fast approaches and money is tight, Dudley borough residents are being warned by safe & sound, Dudley's community safety partnership, not to be bitten by loan sharks.

At this time of year people can be tempted by loan sharks as they struggle for cash to cover the expense of the season.

This makes it easier for lenders to exploit people with a small loan to tide them over Christmas, but it ends up costing borrowers much more financially and having a huge impact on their lives.

Loan sharks will act like friends and make the offer seem hard to resist, but very quickly the situation can spiral out of control and borrowers can be subjected to threats, violence and intimidation.

Councillor Laura Taylor, cabinet member responsible for community safety, said:

“Loan sharks aren’t licensed to lend money legally and they will often resort to the most extreme methods to enforce repayment.

“They want to exploit people and have no care for how they do this.

“If you suspect there is one operating in your area please report it.”

Credit unions are recommended as a safe, alternative lending and saving facility. To find out about Castle & Crystal Credit Union in Dudley call 01384 815771 or visit www.castleandcrystal.co.uk

Loan sharks can be reported confidentially by visiting www.direct.gov.uk/stoploansharks by calling the Illegal Money Lending England on 0300 555 2222 or Crimestoppers on 0800 555 111, 24 hours a day, seven days a week or by emailing reportaloanshark@stoploansharks.gov.uk

To find out more about safe & sound's Christmas safety tips, visit www.dudleysafeandsound.org

News Release Contact Information

To find out more pressoffice@dudley.gov.uk