Lee Phillips, Wales Manager for the Money and Pensions Service shines a light on how to be in control when you borrow money, options to consider before using credit or taking out a bank loan, and where to find help and guidance, no matter your situation.
Today, a man from Llanelli was sentenced to 10 months in prison suspended for one year. On the 26th of August 2022, Clayton Liston Rumbelow (49) of Llwynhendy, Llanelli pleaded guilty to illegal money lending up to the value of £100,000, relating to evidence discovered during the execution of a warrant at the defendant’s home address.
The Money and Pensions Service (MaPS) commissioned a report to review the latest evidence on the financially vulnerable, with a specific focus on those using credit to make ends meet.
A study from the CSJ estimates that there could be as many as 1.08 million people could be borrowing form loan sharks in England.
Over the last year we have received an increase in reports of unlicensed money lenders using social media platforms. To increase our understanding, we commissioned Wordnerds to research online money lending in Wales.
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