Debt help if you owe money to illegal lenders
Since 2004, more than £73 million of illegal debts have been written off – representing more than 28,000 victims of loan sharks.
Signs that you may have borrowed from a loan shark include:
- Providing no paperwork or credit agreement
- A refusal to provide requested information about your loan
- Removing personal items that are held until you repay the debt (such as your bank card or phone)
- Adding unreasonable interest that results in you never being able to repay the debt
- Becoming violent or making threats of violence
You should also be aware that some loan sharks can appear to be a legitimate company.
Worried about debts that won't go away?
Debt help tips for tackling loan shark debt:
If you suspect that you are dealing with a loan shark, you should seek debt help from one of the government’s dedicated departments, as according to where you live.
- England Illegal Money Lending Team – 0300 555 2222
- Wales Illegal Money Lending Team – 0300 123 3311
- Scotland Illegal Money Lending Team – 0141 2876 655
- Northern Ireland Trading Standards Consumer Line – 0300 123 6262