Residents are being advised to avoid using loan sharks to pay for Christmas.
Illegal money lenders, also known as loan sharks, may initially seem helpful but charge extortionate interest rates and borrowing from these individuals can have serious consequences.
Many illegal money lenders will use intimidation, threats and violence to ensure repayment is made leaving the victim terrified and unsure where they can turn to for help.
Cllr Shelley Powell, Cabinet Member for Communities and Neighbourhoods, said “Christmas can be an expensive time of the year, but you don’t need it to be. You can speak to people you would normally buy for an make a pact to not buy for each other or agree a limit on what to spend on each other.
“If you are already in debt to an illegal money lender and you are worried about what to do, or you are worried about someone else who is a victim, please don’t feel embarrassed or suffer in silence – there is a lot of help available.
“You can seek advice by either contacting the Illegal Money Lending Team or call Citizens Advice.
“The first step is reporting the loan shark and this can be done anonymously by calling the 24-hour Stop Loan Sharks helpline on 0300 555 2222, text a report to 07860 022116 or complete an online report form at www.stoploansharks.co.uk.
“While I understand that for those with poor credit rating or difficult circumstances a loan shark may seem like your only option to obtain extra money, I urge anyone who desperately needs financial help to not turn to a loan shark but talk to Citizens Advice or a credit union instead.”
Stop Loan Sharks investigates and prosecutes illegal money lenders and provides support for borrowers.
Anyone who believes they might be the victim of a loan shark, or is worried about someone else, can contact the Stop Loan Sharks 24-hour confidential helpline on 0300 555 2222, email reportaloanshark@stoploansharks.gov.uk or complete an online report form at www.stoploansharks.co.uk. There’s also a new WhatsApp messaging service which is available Monday to Friday, 9am to 5pm. Messages can be sent to 07700 102773 and they will be monitored and responded to by an officer during those times.
Alternatively, you can access free, safe and anonymous support via Stop Loan Sharks Live Chat, available on the website 9am to 5pm, Monday to Friday.
You can also visit Knowsley Citizen Advice website or call 0808 278 7839 or email advice@citizensadviceknowsley.org.uk