Illegal Loan Sharks Cash-In On Cost-Of-Living Pressures
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.
Money & Pensions Service – Talk Money Week 7 – 11 Nov
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.
26.10.22 – Llanelli Loan Shark Sentenced To 10 Months
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.