New Trading Standards Team Launch Clampdown
Wales Heads of Trading Standards have launched a new Wales Illegal Money Lending Unit and Hotline number. The eight strong team of officers who comprise the Illegal Money Lending Unit will help people having problems with illegal money lenders throughout
These lenders, more commonly known as loan sharks, are people who lend money and charge extortionate rates of interest. They are not licensed as they should be, and sometimes use threats of violence to intimidate those who cannot pay the money back on time.
Anyone who is a victim of a loan shark, or knows a friend or family member who is affected by their activities can call the newly launched hotline number on 0300 123 3311 and speak to a specialist officer. Calls to the hotline will be completely confidential.
The service is a further step forward in the battle to get loan sharks off the streets by helping to create a climate in which victims can come forward without fear of reprisals.
The team will protect people from loan sharks. Illegal lenders are criminals who target vulnerable people and the Government is determined to get them off our streets.
Thousands of households face debt problems in Wales and are exploited by illegal money lenders every year. We encourage loan shark victims to contact our confidential hotline for help and support on 0300 123 3311.