Don't let a loan shark ruin your Christmas

Christmas is an exciting and joyous time of year for many but for some it can also bring stress, worry and financial pressure.

Loan sharks recognise this, and there can be an increase in them taking advantage of the most vulnerable by pretending they are helping them out in a time of need.

They can offer tempting short term loan options, but these can quickly escalate into large debts.

The Illegal Money Lending Team (IMLT) is a national organisation covering England, better known as Stop Loan Sharks, that works to investigate and prosecute illegal lenders and are helping to raise awareness this Christmas of what to look out for and how to spot a loan shark.

Warning signs that may indicate someone is a loan shark:

• Being given no paperwork or details about the loan
• The lender demanding repayments that add up to much more than you initially borrowed
• Being intimidated or threatened by the lender if you struggle to pay
• The lender demanding you hand over items like bank cards or passports until you can pay.

If you’re worried that you, family or friends have been targeted by a loan shark then you can find information and support here.