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Stop loan sharks!
Published: 21/10/2022
天涯社区 is supporting a campaign aims to raise awareness of illegal money lenders, more commonly known as loan sharks, and educate those at risk of the implications when engaging with these individuals.
Illegal money lending is on the rise and is known to have serious consequences and yet, people across Wales are still seeing this as their only option. Times are tough and the impact of the pandemic, combined with the increase in the cost of living, means people are struggling to make ends meet - with many unable to cover everyday expenses such as clothing, paying bills or feeding their family. The temptation of falling into an illegal money lender鈥檚 trap will seem like the only option.
We want to make people aware of the dangers of illegal money lenders, who they are, where they are and what they can do. We need to raise awareness of Stop Loan Sharks Wales as a place where victims can get the help and support they need.
Cabinet Member for Planning, Public Health and Public Protection, Councillor Chris Bithell, said:
鈥溙煅纳缜� is committed to helping residents cope with financial difficulties in the current climate and that鈥檚 why we recently launched the 鈥�cost of living support hub鈥� on our website.
鈥淓qually, we need to make people aware of how to avoid these unscrupulous individuals who prey on vulnerable and desperate people.听 They may appear friendly and helpful at first, but they can lead people down the path of spiralling debt.听 That鈥檚 why we are supporting the 鈥榃ales Illegal Money Lending Unit鈥� campaign to raise awareness of how to avoid loan sharks and how to get help and support.鈥�
The cost of borrowing from the wrong people could be higher than you think.听 A victim in a Welsh community borrowed 拢100 from an illegal money lender, but over 10 years they were forced to pay back 拢96,000!听 For safe, confidential advice and support call
0300 123 3311 or visit .
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