There is no denying that many people in the United Kingdom are struggling financially. The most important thing is how people deal with their financial problems and the worrying thing is that some people turn to bad solutions. Sometimes, the solution you take can make matters worse and this is definitely the case with people opting to work with an OAP loan shark.

The story of the OAP loan shark is one that has arisen at the start of this year. With over 300,000 households in the United Kingdom turning to loan sharks and illegal money lenders, this shouldn’t be a surprise but the worrying tales that people are dealing with provides a sobering start to the New Year. The Illegal Money Lending Team has spoken out about these money lenders and the ways that they prey on people.

It has been reported that people like the OAP loan shark operate around Post Offices, they can be seen in casinos and worryingly, they are even found hanging around schools. In a study undertaken by the Financial Conduct Authority, it appears that money lenders have been handing cards to children and asking them to tell their parents to call the number on the card if the child needs new trainers. This is extremely concerning and something that shouldn’t be allowed to happen at any cost.

Have you deal with an OAP loan shark?

However, the FCA has admitted that it is hard to identify and quantify the unauthorised lending that is going on. This is why people like the OAP loan shark, who does his businesses in pubs, can be hard to catch. There is also the fact that many of the people who have turned to the OAP loan shark don’t want to publically state the issues they have been going through. Loan sharks know that these emotions provide them with an additional level of protection, which is of considerable benefit to them.

Any illegal lender that is caught faces imprisonment or fines but as it is so difficult to catch them or to get people to make complaints or statements against them, many of these people get off with their crimes. Anyone starting the New Year in financial difficulty needs to seek help. It is best to speak to professionals to obtain support and backing that will make a difference.

The fact that an OAP loan shark can cause so much trouble in a local community is a worrying sign and there needs to be more done about it.