Don’t get bitten by loan sharks this Christmas

With only one month to go until Christmas day, Welsh Labour’s Social Justice Minister Carl Sargeant is warning people of the dangers of borrowing money from loan sharks

Loan sharks often prey on the most vulnerable people in society, including the unemployed and single parent families. However in today’s difficult financial climate more and more people are turning to loan sharks when money is tight, and it is estimated that around 150,000 people in Wales currently owe money to an illegal moneylender. 

Illegal moneylenders can range from small time loan sharks to violent and organised criminals operating throughout Welsh communities. Launched in February 2008, and supported by the Labour-led Welsh Assembly Government, the Wales Illegal Money Lending Unit (WIMLU) raises awareness of the dangers of loan sharks and provides advice and support to victims. Since its launch, the unit has helped 1,412 victims of illegal money lending.

The Unit also works to stop illegal moneylenders operating in Wales. Since 2008 their investigations have led to the arrest of 43 loan sharks

The Labour-led Welsh Assembly Government has provided over £62,000 of funding to help the Wales Illegal Money Lending Unit, Credit Unions and partners to tackle the loan shark problem in Wales.

The Wales Illegal Money Lending Unit on the 24 hour Hotline can be contacted on 0300 123 3311, by e-mail on imlu@cardiff.gov.uk or Text 'loan shark' to 60003.