Warnings – scams, loan sharks
Anyone who is a victim, or knows a friend or family member affected by a loan shark's activities, should call the Wales Illegal Money Lending Unit. This Unit has been set up to tackle the problem of illegal money lending in Wales. Many illegal money lenders (loan sharks) have operated without impunity and use fear and intimidation to carry out their business.
The loan shark usually charges extortionate rates of interest which can run into thousands of percent, creating a situation where the borrower is never able to repay the loan. However, remember that the debt to a loan shark is illegal and does not have to be paid.
The 24 hour hotline number is 0300 123 331 and all calls are confidential. If you are a victim of a loan shark or know of someone who is, it is important to know that borrowing from an unlicensed lender is not an offence; the offence will have been committed by the lender. The Illegal Money Lending Unit will not take action against any individual who has borrowed money but will endeavour to give any help they can to get you back on the right track.