Tenants

Loan sharks

A ‘loan shark’ is someone who is lending money without having a licence to do so from the Office of Fair Trading. Loan sharks all tend to charge extremely high interest rates and add charges whenever they want. They can often get violent if payments are missed and they rarely give paperwork, making it difficult to keep track of how much is owed.

Also be aware of doorstep lenders, they might sound like they are offering you a great deal but make sure that you are fully aware of what interest you are repaying, sometimes this can be three or four times the cost of the actual item you are buying.

If you have already borrowed money from an unlicensed money lender you are under no legal obligation to repay the debt and should contact your local Trading Standards Officer or visit the Trading Standards website

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