Glasgow mum threatened by loan shark: woman left living in fear after violent threats
A Glasgow mum was left living in fear after a loan shark threatened to harm her and her child.
The single mum borrowed £250 last year to buy a bed for her young son, with the lender charging £25 interest every fortnight.
But after Christmas, she struggled to pay as rising costs meant she had to top up her prepayment meter to keep the heating on.
When she missed a payment, the thug doubled the amount owed and later turned up at her door, threatening violence.
The frightened mum contacted the Scottish Illegal Money Lending Unit (SIMLU), part of Trading Standards, which helped her access a food bank and welfare support.
New research by the consumer watchdog shows up to 300,000 people in Scotland are at risk of falling victim to loan sharks, as criminals exploit the ongoing cost-of-living crisis.
Experts warn that illegal lenders are increasingly targeting vulnerable individuals, even scouring food bank social media feeds to find potential victims.
Loans from illegal lenders can cost up to three times as much as borrowing through legal means. SIMLU advises that those who have borrowed money from a loan shark should not feel ashamed, as the crime lies with the lender, not the borrower.
SIMLU’s free and confidential helpline is available 24/7, including over Christmas, on 0800 074 0878. People can also report their experiences through its online form.
Fiona Richardson, chief officer of Trading Standards Scotland, said: "In the build-up to Christmas, many people will feel under pressure to spend money, but the dangers of borrowing from unauthorised or informal lenders cannot be overstated.
"Our advice is to never borrow from a loan shark. If you have, or even if you’re thinking about it, please come to us so our experts can help you."
SIMLU is also urging people to look out for family, friends, or neighbours who may have fallen victim to a loan shark and to contact the organisation on their behalf if needed.
The organisation, funded by HM Treasury through a levy on authorised credit businesses, has been investigating illegal moneylenders for 20 years, working to protect victims and bring criminals to justice.
Scottish Secretary Ian Murray said: "I'd urge anyone who has fallen victim to the criminals peddling these illegal inflated loans to contact SIMLU so that they can get help and advice and also so these loan sharks can be stopped.
"We need to put a stop to criminals who prey on people who are struggling financially when they are at their most vulnerable."