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'The moment you can't pay is when the hassle starts'
VIOLENCE by loan sharks is rare, they use more subtle tactics to snare and then squeeze their victims.
A well-meaning friend will usually provide introductions and a would-be borrower will find it easy to obtain cash.
But then the lender will avoid talk of interest rates, amounts paid or owing, or an end date - while making it clear payments must be paid every week.
If one is missed they may threaten to take the borrower's television, or passport - which can be sold for identity fraud - or a bank card.
A victim may even be pressured into shoplifting goods or selling drugs to pay debts, says Janice Bell of Sheffield Homes.
Janice said: "It's about taking control of someone to the point that they are frightened they will lose something precious.
"The moment you can't pay is when the hassle starts.
"You are never out of debt to a loan shark. Their aim is to try to keep it going forever. If you reach the end you'll be encouraged to take out another one."
Sheffield's Credit Union, at The Gallery, Unit 6, Castle Market, is the best place to go for a low cost, low rate loan, say the money advice team. Call 0114 276 0787.
If you borrow from a loan shark you're not breaking the law, they are, and you can't be prosecuted. Any loan made by someone without a licence is unenforceable - you cannot legally be made to pay it back.
If you think you're paying a loan shark, report them to the Illegal Money Lending Team on 0300 555 2222.
For help with debts call the Money Advice Team on 0114 293 0000, or 205 3333. Or go to www.sheffieldhomes.org.uk
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Friday 10 February 2012
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