{"id":64417,"date":"2024-10-11T12:32:52","date_gmt":"2024-10-11T11:32:52","guid":{"rendered":"https:\/\/www.devon.gov.uk\/news\/?p=64417"},"modified":"2024-10-11T12:33:29","modified_gmt":"2024-10-11T11:33:29","slug":"dont-fall-for-a-loan-shark-theyre-not-your-friend","status":"publish","type":"post","link":"https:\/\/www.devon.gov.uk\/news\/dont-fall-for-a-loan-shark-theyre-not-your-friend\/","title":{"rendered":"Don’t fall for a loan shark. They’re not your friend"},"content":{"rendered":"\n

With energy prices set to rise and people on lower incomes possibly worrying about their finances this winter, Trading Standards is reminding people not to be tempted by ‘loan sharks’.<\/strong><\/p>\n\n\n\n

Loan sharks target vulnerable people who may not be able to obtain credit through mainstream providers. They may appear to be a friendly face offering a favour but can end up trapping borrowers into a cycle of debt with high interest rates. Some may use threats, intimidation, or violence if repayments cannot be met.<\/p>\n\n\n\n

Follow these safety tips to protect yourself and loved ones from loan sharks:<\/p>\n\n\n\n

    \n
  1. If you\u2019re struggling to make ends meet and need cash fast, the thought of a loan shark might seem tempting, but remember these lenders are not your friends. Debt can quickly spiral out of control \u2013 it\u2019s important to think carefully before taking out a loan and consider other options.<\/li>\n\n\n\n
  2. Never send money or give credit card, online account details or copies of personal documents to anyone you don\u2019t know or trust. This information is valuable so make sure you protect it from criminals who can use it to find and stalk you, harass you or threaten those you love.<\/li>\n\n\n\n
  3. If you\u2019re thinking about borrowing money, it\u2019s important to check that your lender is genuine. Loan sharks operate illegally without the correct permission from the Financial Conduct Authority (FCA). Do your research first and check the firm or person you\u2019re dealing with is listed on the\u00a0Financial Services Register.<\/a><\/li>\n\n\n\n
  4. When exploitative loan sharks are preying on hardship, it\u2019s vital for people to know there is an ethical, local, not-for-profit alternative available. Credit unions are a lifeline for many people, with their services helping members to save regularly, borrow responsibly and keep track of their finances. There are other community lenders who are mostly not for profit, and who reinvest any surpluses into serving vulnerable customers, which can be found on https:\/\/www.findingfinance.org.uk\/<\/a>. You can find a credit union near you on https:\/\/www.findyourcreditunion.co.uk\/<\/a><\/li>\n\n\n\n
  5. Getting trapped in a never-ending spiral of debt after borrowing from a loan shark can have devastating consequences, not only on your finances but also on most other aspects of your life, including your mental health, work and relationships with your family and friends. If you\u2019re worried about a friend or family member, or if you need help yourself, Stop Loan Sharks can offer confidential advice and support.<\/li>\n<\/ol>\n\n\n\n

    If you are worried that you or someone you know is being taken advantage of by a loan shark, contact the Stop Loan Sharks 24\/7 Helpline on 0300 555 2222<\/a> for support or visit www.stoploansharks.co.uk.<\/a> Live Chat is available on the website between 9am and 5pm, Monday to Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":34,"featured_media":64419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[34],"tags":[],"class_list":["post-64417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community"],"acf":[],"featured_image":{"ID":64419,"title":"money worries news page","alt":"A couple, with one sat on the bottom of the stairs on the telephone holding a bill, and the other adult stood by her, explaining a situation and gesturing with his 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