WARRINGTON Borough Council is urging people not to borrow from loan sharks to settle bills in the aftermath of Christmas – the costs could be more than financial.
Loan sharks, or illegal lenders are well-known to take advantage of people needing easy credit at this time of year.
The council is backing a Trading Standards North West campaign to make sure that residents are aware of the risks 
and their rights.
Cllr Mike Biggin, (pictured) the council’s executive member for climate change and public protection, said: “After Christmas, the financial strain can be overwhelming. It is crucial that people don’t turn to loan sharks, even if they are desperate. Becoming a victim of a loan shark is easy but breaking free from one is incredibly difficult.
“Illegal lenders have been known to charge up to 1000 per cent APR which means that if you borrow £100 for six months you will pay back £32 each month and altogether you will pay back £190.”
Around 310,000 households in the UK have turned to loan sharks who not only charge extremely high interest rates, trapping their victims in a never ending spiral of debt, but they can also resort to the most extreme methods to enforce their debts – threats, blackmail, violence and even rape.
The Trading Standards North West illegal money lending team is cracking down on these criminals and putting them behind bars.
The Stop Loan Sharks hotline is 0300 555 2222 or email [email protected] or visit the website www.direct.gov.uk/stoploansharks
Loan sharks warning
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Gary Skentelbery
Experienced journalist for more than 40 years. Managing Director of magazine publishing group with three in-house titles and on-line daily newspaper for Warrington. Experienced writer, photographer, PR consultant and media expert having written for local, regional and national newspapers. Specialties: PR, media, social networking, photographer, networking, advertising, sales, media crisis management. Chair of Warrington Healthwatch Director Warrington Chamber of Commerce Patron Tim Parry Johnathan Ball Foundation for Peace. Trustee Warrington Disability Partnership. Former Chairman of Warrington Town FC.
