Don’t fall victim to loan sharks this Christmas, urges Wrexham Council

With Christmas just around the corner and the rising costs of energy and food bills, people are being warned against the risks of using loan sharks.

A loan shark is an illegal moneylender who, as well as charging high interest rates is likely to use threats, intimidation and possibly violence to secure repayment.

Even a small amount could end up becoming much, much larger with interest payments adding up week after week after week.

Wrexham Council are advising anyone struggling financially this Christmas and in need support, to contact a Credit Union.

The credit union is licensed and legal and is a properly regulated lender who will lend responsibly.

It is also a far cheaper and safer way of getting a loan, along with:

• Easy application
• Low interest rates
• Quick decisions
• No early repayment penalties
• You can find out more and how to apply here.

If you’re already in difficulties with a loan shark the message is that there is help available.

You can report in confidence to the illegal moneylending team who can support you and tackle the criminals. Specialist client liaison officers will support and assist victims, advising on debt and other problems.

You can contact them on 0300 123 311.

Cllr David A Bithell, Chair of the cross party Cost of Living Group, said, “Illegal money lending, however tempting it might be, will only increase pressures during the cost of living crisis we have today.

“I strongly advise the use of the Credit Union, they’re legal and have excellent advice and expertise to help those needing loans.

“If you’ve never contacted them before please be assured they treat everyone and everything in a professional and confidential manner.”

Useful contacts for those in need of help or financial support, include:

• Citizens Advice Bureau, Wrexham (Social and Welfare Service) – phone 01824 703483
• Citizens Advice Bureau, Wrexham (Legal Service) – phone 0844 826 9690
• Vesta SFS (Specialist Family Support – for Polish families in Wales) – email [email protected] can also contact Citizens Advice’s Consumer Advice Line on 0808 223 1133.