Sefton Council has issued a warning for people not to turn to loan sharks in times of need.
The cost of living is set to rocket this month with gas and electricity bills due to increase by an average of 54% as of today.
Some people unable to pay their bills have become trapped by unscrupulous and unlicensed lenders providing loans with interest rates at astronomical levels.
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Loan sharks have been targeting people through local, online selling, and community sites as well as through groups on social media. According to the council, they advertise loans requiring no credit checks.
They have also been known to ask for people’s details including copies of their passport or pictures of their house, street, and house number.
Simon Burnett, Sefton Council’s Head of Communities said: “At times like this we tend to see an upsurge in the activities of loan sharks preying on vulnerable families facing hard decisions over their finances.
“They make it sound like they want to help but they do not have their victims’ best interests at heart. In fact, they are actively looking to trap struggling families into sky-rocketing debts backed up with threats, intimidation and violence as they demand payment.
“Sefton Council can help people who are in financial difficulty and the sooner they contact us the greater the chance that we can work with them to find workable solutions.”
Anyone who thinks they have been targeted by a loan shark can report it in confidence to an Illegal Money Lending Team by calling 0300 555 2222, by texting LOAN SHARK and the details to 60003 or by emailing reportaloanshark@stoploansharks.gov.uk
