John and Mary are an elderly couple who were having to pay back a few pounds each week to several different lenders. Here is their story:

“We had several cash loans with a few different lenders.  We had to pay each lender a few pounds each week and it was hard to manage.

“We tried to consolidate our loans to one loan from one lender. One cash lender who came to our house every week told us not to give his details to any other company. He told us we would both be dead before our loans were fully paid.

“We contacted a debt consolidation company and told them what we wanted to do and what one of our lenders said.  It was only then we found out that this was a loan shark.

“The advisor at the debt consolidation company kindly passed our details to the Stop Loan Sharks team – after we agreed it was ok for them to do that – and it just changed our life.”

How Stop Loan Sharks helped

The Stop Loan Sharks team investigated the loan shark and he was arrested. The team discovered the lender had hundreds of customers who he as giving cash loans and leading white goods. He had been a reputable lender previously and had worked in a Financial Conduct Authority registered company. However, he had left the company and not told his customers anything different.

As he was the one breaking the law, not John and Mary, he was sentenced to 16 months in prison. Without information from John and Mary, the Stop Loan Sharks team would not be able to put this lender in prison.

We can help. Loan sharks are the ones breaking the law, not you. Call us on 0300 555 2222 to complete our online form to safely and anonymously report a loan shark.

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