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Money Lending Harrassment (Part 4)

Posted on January 5, 2015

Money Lending Harrassment (Part 4)

Illegal Money Lending

You may have been loaned money from a illegal money lender who someone who is not FCA authorised or approved. These lenders are often called loan sharks. In some cases they have been known to physically or verbally threaten you if you don’t or can’t pay back the money they allege you owe. They may also charge extremely high rates of interest. As a result they might allege that you end up owing more money than you originally borrowed.

It’s very important to reflect and remember that loan sharks are (as opposed to might) breaking the law by lending you money in this way. They are not permitted to enforce the high and extortionate rates of interest. You can’t be legally made to pay back the money! You have not broken the law if you don’t pay it back.

If you are being harassed or threatened by a loan shark, you can report them in confidence in the following ways:

Telephone: 0300 555 2222. Calls, including mobile phones, will be charged at local rate.
Text/SMS: text loanshark and your message to 60003. Texts will be charged at your network’s standard rate. E-mail: reportaloanshark@stoploansharks.gov.uk
Website: www.stoploansharks.direct.gov.uk

Trade and Professional Associations

The alleged creditor may belong to a trade or professional associations which have a code of practice (as explained) You can find a list of members on the organisations’ websites:

Consumer Credit Trade Association (CCTA)
Suite 4 The Wave
1 View Croft Road
Shipley
West Yorkshire
BD17 7DU

Credit Services Association
Wingrove House
2nd Floor East
Ponteland Road
Newcastle upon Tyne
NE5 3AJ

Tel: 0191 286 5656
E-mail: info@csa-uk.com or complaints@csa-org.com
Website: www.csa-uk.com

Tel: 01274 714979
E-mail: info@ccta.co.uk
Website: www.ccta.co.uk

The Finance and Leasing Association
Imperial House
15 -19 Kingsway
London
WC2B 6UN

Tel: 020 7836 6511
E-mail: info@fla.org.uk
Website: www.fla.org.uk

Financial Conduct Authority (FCA)

25 The North Colonnade
Canary Wharf,
London
E14 5HS

Consumer helpline: 0800 111 6768 (free phone), 0300 500 8082
E-mail: consumer.queries@fca.org.uk
Website: www.fca.org.uk

For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk

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