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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

Ready to seek debt help? Talk with the National Debt Help team on 0800 002 9051.

*An Individual Voluntary Arrangement (‘IVA’) is subject to the customer meeting qualifying criteria and gaining creditor acceptance. Monthly IVA payments include fees and may differ to the example provided, based on the assessment made of your own personal circumstances – these fees will be clearly explained to you in writing by your IVA company. Debt write off amounts are subject to creditor acceptance and vary by individual customer based on their own financial circumstances, and are applied upon successful IVA completion.

Substantiation example, Someone owes £60,000, they pay £100 over 60 months which equals £6000, write off amount would be £54,000 which is 90% of total debt level. Upon submitting your details on this website we will pass your details to one of our approved partners as this website does not give any advice.

Free debt counseling, debt adjusting and credit information services are available from the Money Advice Service.

National Debt Help
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