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Loan Sharks

Never borrow money from an unlicensed lender!

Never borrow money from an unlicensed lender or loan shark, no matter how bad your financial position seems.  They may randomly increase the interest on the money you owe, demand extortionate repayments, and use illegal methods (such as threats and violence) to get their money.

Some debts are more serious than others so if you have several debts you need to work out which to deal with first and try to make arrangements to pay them.

If you are experiencing Loan Shark issues, contact the 24 hour hotline - 020 7364 6886.

SMS: text 'shark bait' (+ your message) and send to 60003
Email: sharkbait@lotsa.org.uk

Further links:
  • Loan sharks http://stoploansharks.direct.gov.uk/index.html
  • Details about loan sharks and how you can easily and in confidence report any suspected illegal lenders.
  • Watch this brief clip about the dangers of loan sharks from the Office of Fair Trading:

Report a fraud

Action Fraud http://www.actionfraud.org.uk is the UK’s national fraud reporting center. Their online fraud reporting service is available 24 hours a day, enabling you to report a fraud and find help and support.

They also provide help and advice over the phone through the Action Fraud contact centre. You can talk to their fraud specialists by calling 0300 123 2040.

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