What are loan sharks?
Loan sharks are illegal lenders. They often take advantage of people’s financial vulnerabilities and may appear as a lifeline for those experiencing severe financial issues. If you have trouble getting by, they will often lend you more money. Thus, appearing overly helpful. However, this only manages to create a spiral of debt that can soon become all-consuming.
If you miss payments, they can quickly become unfriendly or even aggressive. This often includes threats or implications of violence. As the lender loaned you the money without being a Financial Conduct Authority, they cannot pursue legal action against you to recover the debt leaving only illegal methods of recovering any debt.
Checking if they are legit
All lenders must register on the FCA Financial Services Register. This is free and easy to check but provides a safety net for all involved. Lenders registered to the FCA are all accountable to the law and thus can be dealt with safely. If the lender is not listed, then you should seriously consider the decision to borrow money.
If you are approached
If you feel threatened in any way but are uncomfortable going to the police then just let us know and we will pass the information on.
How we can help
Lestons can intervene and discuss option with you to resolve the matter, each loan shark is different, some are more approachable than others. If you are having trouble and need legal help just open a case – click the link on the top of the page and our staff will do their utmost to help.
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