Know the law when you borrow money

Know the law when you borrow money

If you borrow money from an illegal lender, for example a loan shark, you have no rights of redress under the Consumer Credit act.

Please do not borrow from this source.

We advise you to investigate whether a lender is authorized by the Financial Conduct Authority. We will refer to this body as the FCA.

The loan Shark who lends money without being authorized by the FCA is breaking the law.

The loan shark may also take illegal action to recover the money they have lent. They are known to resort to threats of violence and even forced debtors into drug-dealing and prostitution.

If you have borrowed money from this source, Call the police.

UK Homeowner loans only works with lenders who are FCA authorized. As we are a responsible broker, you can call us to provide you with advice on replacing your illegal loan.

As well a providing advice on consolidating all your outstanding debt, we will also put you in touch with the Illegal Money lending team at [email protected].

Written by: Christopher Davy, Sales Director