Christmas should be a season of joy and celebration, but for many, it also brings added financial strain. Rising living costs mean some households may feel pressured to borrow to cover festive expenses. Sadly, this is the time when loan sharks prey on those in need, turning a season of goodwill into one of worry and risk.
Real-Life Story: A Christmas Loan That Turned Into a Nightmare
“I just wanted to make Christmas special for my kids,” says Mark, a father of two from South Wales.
Last December, Mark borrowed £500 from someone in his community to buy presents and food. There was no paperwork—just a handshake. He was told he’d pay back £750 in a few weeks. When he couldn’t, the lender started turning up at his home, demanding money.
“I felt trapped and scared. I didn’t know where to turn.”
Mark eventually contacted Stop Loan Sharks Wales, who helped him get out of the situation and got him support.
If you’re in a similar situation, there is help available.
Signs You Might Be Dealing with a Loan Shark
There are some telltale signs to look out for:
- There’s no formal paperwork or clear repayment plan.
- They allow you to take out extra loans, which further confuses how much you have to pay back.
- The debt keeps growing, even when you’re making payments. This is often down to extremely high interest or late payment fees.
- They might take personal items like your passport or bank card as “security”
- And if you miss a payment? Threats, intimidation, and harassment are common tactics.
What To Do If You’ve Borrowed from a Loan Shark
Remember, you are not alone, and you won’t get into any trouble for coming forward. If you suspect you’ve borrowed from a loan shark or know someone else who has, contact Stop Loan Sharks Wales for confidential advice and support:
- 24/7 Hotline: 0300 123 3311
- Online: stoploansharkswales.co.uk/tell-us-about-it/
- Email: stoploansharkswales@valeofglamorgan.gov.uk
Reaching out and having a chat could be the first step toward getting help and taking back control.
This Christmas, remember that the best gift you can give yourself and your loved ones is peace of mind. If money worries are casting a shadow over the festive season, don’t make things worse by borrowing from a loan shark. Support is out there, and reaching out could be the start of a brighter, safer new year.
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