tara_dad Posted February 9, 2009 Report Share Posted February 9, 2009 At the moment in the news and in these grim times people are turning to licensed lender But you could get confused with a loan shark as people and government calls them. So what the difference ? A loan shark is an unlicensed moneylender. Licensed moneylenders are regulated a code by Office of Fair Trading and must by followed to practice. loan sharks are not licensed and operate outside the law. If you borrow from them it's likely you'll, get a loan on very bad terms, pay an extortionate rate of interest, harassed if you get behind with your repayments, pressured into borrowing more from them to repay one debt with another. If you have borrowed money from a loan shark you are under no legal obligation to repay the debt as the law says If a lender isn't licensed then they have no legal right to recover the debt Harassment of people in debt by creditors or their agents is a criminal offence under the Administration of Justice Act 1970 Trading Standards office Warrington Borough Council Palmyra House Palmyra Square North Warrington WA1 1JN tel 01925 442678 fax01925 442655 e.mail: tradingstandards@warrington.gov.uk web: Warrington Borough Council Trading Standards website Do you know if any are operating in warringtion? Quote Link to comment Share on other sites More sharing options...
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