If you have borrowed money from a loan shark you are under no legal obligation to repay the debt. You should contact your local Trading Standards office immediately. They will help you deal with your situation and the loan shark.
To find your nearest Trading Standards office enter your postcode in the box located on the right-hand side of the Trading Standards website homepage.
Is it a crime not to repay a loan from a loan shark?
If a lender isn't licensed by the OFT then they have no legal right to recover the debt.
Loan sharks sometimes frighten people by saying they'll be prosecuted and even sent to prison if they don't pay up. This can't happen - not repaying a loan from an unlicensed lender isn't a criminal offence.
1 comments:
Why people still borrow to loan shark although we have a legal company?
from: che maimunah che mat
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