Loan shark are generally unlicensed money lenders. Who more often charge very high interest of rate and use threat and violence to afraid people. Who cant pay back their loan. Sometime despite of being paid the agreed amount on time. They demand more money and charge more interest rate and force people to take loan. would to like to get rid of loan shark then read further.
Even some loan shark charge 30% interest rate of a week and many innocent and poor people caught in their debt trap and never get out of debt loan and through life they lost their saving.
How to get rid of loan shark
If they have charged you extreme amount of money and blackmail and threat you can you can report loan shark. They also threaten you by saying that they can take you to court. But this cannot happen because they itself are not legal and you are not bound to pay their damn money.
Following are they way to get rid of loan shark
If you have borrowed money from a loan shark you are under no legal obligation to repay the debt. If a lender isn’t licensed by the FCA then they have no legal right to recover the debt. Sometime loan shark threaten people by saying that they will go to court and send you to prison if you don’t pay there money. But this cannot happen because not repaying payment to unlicensed loan is not criminal offense .
You should contact your local Trading Standards office immediately. It will help you deal with your situation and the loan shark.
If you are harassed
Whether your lender is licensed or unlicensed. If they are harnessing and threatening you then they are breaking the law. In this case you should contact to the your local trading standard office and police and complaint them against if they use violence against you.