Want to hear more about Stop Loan Sharks? Why not listen to our appearance on the “Ask The Regulator” Podcast.
New research*, commissioned by Stop Loan Sharks Wales and The Welsh Government, confirms fears that current financial hardships may drive more people in Wales to borrow from illegal money lenders, more commonly known as loan sharks. 38% say they are more likely to need to borrow money or credit this year to cover everyday costs. 50% of those borrowing needed funds for everyday living expenses; of those, 66% for food and 53% to cover energy bills. 18-34s are most susceptible to targeting by illegal money lenders.
Worried about your gambling or that of someone else?
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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