The festive period can be expensive, and many people feel pressure to borrow money to cover gifts, food, and celebrations. Unfortunately, this is when loan sharks - illegal money lenders - often strike.

What is a Loan Shark?

Loan sharks are individuals or groups who lend money without being authorised by the Financial Conduct Authority (FCA). They often appear friendly at first, but borrowing from them can lead to serious problems:

  • Sky-high interest rates – You’ll pay far more than you borrowed.
  • No paperwork – They avoid giving clear details about the loan.
  • Threats and intimidation – If you fall behind, they may harass or even threaten you.
  • Pressure to borrow more – Many victims end up trapped in a cycle of debt.

Why Are Holidays Risky?

During Christmas and other holidays, financial strain increases. Loan sharks exploit this by targeting people who feel they have no other options. They may approach you in person, through social media, or even via friends of friends.

How to Stay Safe

  • Check the lender: Anyone lending money legally must be FCA-authorised. You can check on the Financial Services Register.
  • Avoid cash loans without paperwork.
  • Seek alternatives: Credit unions, local welfare schemes, or speaking to your housing officer can help.

If You’re Affected

You are not breaking the law—the lender is. Get help immediately:

  • Illegal Money Lending Team: Call 0300 555 2222 or visit www.stoploansharks.co.uk.
  • Citizens Advice: Free, confidential support.

Don’t let a loan shark ruin your holidays. If you’re struggling, reach out for safe and legal help.

 

Domesic Abuse Support

If you are experiencing domestic abuse, you are not alone. You can speak to any member of our staff in confidence. We will listen, support you, and help you access the right services.

Safe Reporting

  • Talk to any staff member – we will make sure you are safe. Contact us in confidence on youmatter@bchg.co.uk
  • We can help with housing options and connect you to specialist support.

If you need urgent help, call 999 in an emergency. For advice and support, you can also contact:

  • National Domestic Abuse Helpline: 0808 2000 247 (24/7, free)
  • Women’s Aid Live Chat: www.womensaid.org.uk

Your safety matters to us. Please reach out if you need help.

 

Support with the cost of living

To help you manage the increase in the cost of living we have pulled together some hints and tips on some of the small things you can do to save here and there. 

You can find the full guidance here