Cornwall Council’s Trading Standards are warning local residents not to fall prey to illegal money lenders, or loan sharks.

Loan sharks are unregulated, often give cash loans without any paperwork and charge extortionate interest rates.

When the New Year arrives and you struggle to make the repayments they may use violence, threats and intimidation, to ensure you keep paying them, warn officers.

Geoff Brown, cabinet member for communities said: ’I am really proud of the work that Trading Standards has been doing to stop the work of loan Sharks in Cornwall. Loan Sharks bring fear and intimidation into the homes of their victims and many families do not realize the loans are unenforceable and that help is available.’

If you think you are in debt to a loan shark, or would like to report one, you can contact the Illegal Money Lending Team for specialist advice in confidence:

Call: 0300 555 2222 (local call rate, 24 hour helpline) 

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