Lending money without a licence is illegal. A loan shark is anyone who is lending money without having a licence from the Office of Fair Trading.
They rarely give any paperwork to the people they've loaned money to - making it very difficult to keep track of how much is owed. If payments are missed, they often use threats and violence to get more money.
They charge extremely high rates of interest and also add other charges to loans whenever they want. They take away people's bank cards as security.
Their intimidation and violence causes misery to their victims and the larger community. If you have borrowed money from someone who doesn't have a licence, you haven't broken the law - they have.
The Illegal Money Lending team are here to help you. They will target and prosecute loan sharks. The Illegal Money Lending Team has Financial Inclusion officers who provide support and help to the victims of loan sharks.
You can contact the Illegal Money Lending team today in complete confidence by calling their 24 hour hotline on 0300 555 2222
For more information about the Illegal Money Lending Team, Loan Sharks and other ways to get help - select the following link Stop a Loan Shark|
Remember, you don't need to turn to a loan shark for money. If you've got debt problems there are a number of different ways that for you to get advice and help both by telephone and face to face.
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The National Debtline
Provides free, confidential and independent help regarding debt.
Their freephone telephone is 0808 808 4000
www.nationaldebtline.co.uk
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Gateshead Community Legal Advice Centre
Offers specialist services relating to debt. Help is available both by telephone and face to face at locations in Gateshead, Birtley, Blaydon and Chopwell.
Telephone 0191 478 5100 for further details.
www.gatesheadcab.org.uk
www.communitylegaladvice.org.uk/gateshead/
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NHS Credit Crunch Stressline
The NHS Credit Crunch Stressline can help callers with a range of financial problems which may be the cause of stress. You can discuss the issues that are affecting you and your family and get expert advice on how to help yourself if you're in a difficult situation. Health advisors will listen, offer practical advice, guide you to useful online resources and put you in touch with other people who can help such as debt, housing and employment advisors as well as counselling and talking therapy services.
Telephone the NHS Credit Crunch Stressline on 0300 123 2000
www.nhs.uk
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Money Made Clear
The Financial Services Authority in partnership with Government has launched a money guidance service called Money Made Clear. It provides impartial and independent advice about different money needs.
You can contact Money Made Clear by telephone on 0300 500 5000
www.moneymadeclear.fsa.gov.uk
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Age Concern Gateshead
Provides a range of services and activities throughout Gateshead for older people. Information and confidential advice is available free to anyone over the age of 50 living in Gateshead or someone making enquiries on behalf of a person fitting this category. You can contact Age Concern Gateshead on telephone 0191 477 3559 for more details
www.ageconcerngateshead.org.uk