Stop Loan Sharks Wales has launched a new campaign to help communities in Wales recognise the signs of illegal money lending and signpost the support available.
We’re not talking huge amounts of money – it could be £20 for the electric meter. But that amount could end up becoming much, much larger with interest payments adding up week after week after week.
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It could also be a casual arrangement to begin with and it may take place at the school gate, on What’s App or whilst enjoying a pint after work but as repayment becomes due some situations can become threatening.
People who are struggling financially can often look for a quick fix, but it’s really important to know that there are always much better options than lending from ‘loan sharks’.
There is help available
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The message to anyone in this situation is that there is help available. You can report in confidence to the illegal moneylending team who can support you and tackle the criminals.
Stop Loan Sharks Wales urges Wrexham residents to make sure that anyone offering to lend money has a consumer credit authority. If you are a loan shark victim, or think there may be a shark operating nearby then pick up the phone and call now on 0300 123 311.
Specialist client liaison officers will support and assist victims, advising on debt and other problems.
Your Credit Union
If you’re struggling financially, and need support, using your Credit Union is a far cheaper and safer way of getting a loan.
Some benefits of doing this are:
• Easy application
• Low interest rates
• Quick decisions
• No early repayment penalties
You can find out more and how to apply here.
If you are struggling with debt and don’t know what to do, there is help for you to get your money under control.
Useful contacts
Citizens Advice Bureau, Wrexham (Social and Welfare Service) – phone 01824 703483
Citizens Advice Bureau, Wrexham (Legal Service) – phone 0844 826 9690
Vesta SFS (Specialist Family Support – for Polish families in Wales) – email info@vestasfs.org
You can also contact Citizens Advice’s Consumer Advice Line on 0808 223 1133
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