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Illegal Money Lending Team

The England Illegal Money Lending Team are cracking down on unauthorised lenders who...

  • rarely offer paperwork to those who borrow from them
  • keep people in the dark about how much they still owe
  • can charge extortionate rates of interest - rates of 131,000% APR have been seen
  • add additional amounts to the debt so the borrowers struggle to repay.
  • take items as security - including passports and bank cards
  • resort to extreme methods to reclaim their debts including threats, intimidation, violence or worse.
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Loan sharks are not a community service and should never be used under any circumstances. Many loan sharks start out as a friend to their borrower but quickly change.  If you have borrowed money from an illegal source you are under NO legal obligation to repay the debt, and if a lender is not authorised by the Financial Conducts Authority (FCA) they have NO legal right to recover the debt.  Loan sharks sometimes frighten people by saying they'll be prosecuted and even sent to prison if they don't pay up. This cannot happen – failure to repay a loan from an unauthorised lender is not a criminal offence.

If you have borrowed from an unauthorised lender you have not broken the law, they have. Contact the Illegal Money Lending Team in confidence for advice and assistance.

Telephone: 0300 555 2222 - lines are open 24/7

Text ‘loan shark + your message’ to 07860 022116

E-mail the Illegal Money Lending Team

Visit the 'Stop Loan Sharks' website

Read Jayne's story and Mike's story to find out how the Illegal Money Lending Team can help.