4 December 2008
Don’t get bitten by loan sharks this Christmas
Local residents who are worried about the effect of the credit crunch this Christmas are being urged not to fall prey to illegal loan sharks.
Bridgend County Borough Council’s Trading Standards team and the Trading Standards Institute are concerned that current economic conditions may mean that more people are tempted to borrow money from unsanctioned lenders in the run up to Christmas.
Lee Jones, Head of Trading Standards at Bridgend County Borough Council, said: “The festive season often causes financial pressures, and for many people the credit crunch may be adding to the anxiety.
"We want to make sure that consumers who need extra cash in the run up to the festive period don't make the mistake of turning to loan sharks."
"As it becomes harder to obtain credit, people may look elsewhere to borrow money. You should always ask to see a potential lender’s consumer credit licence as proof that they are legally sanctioned to lend money.
"If you borrow money from someone without a licence, you are likely to get ripped off, and Christmas may end up costing a lot more than you bargained for. We will not fail to investigate illegal lenders and loan sharks with a view to prosecution.”
Anyone who thinks they have borrowed money off an illegal lender can contact the Illegal Money Lending team for Wales on 0300 123 33 11 or by emailing imlu@cardiff.gov.uk
- Last Updated: 04/12/2008
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