DEVON County Council’s Trading Standards are again warning people not to be tempted by ‘loan sharks’ this Christmas.

And they advise if you do find yourself ensnared to contact the confidential 24-hour Stop Loan Sharks 24/7 Helpline (0300 555 2222) for advice.

Heart of the South West Trading Standards Service’s latest concerns follow the publication of new figures by the England Illegal Money Lending Team (IMLT).

They say that nearly one in ten people turned to loan sharks to cover the costs of Christmas last year.

And more than half of victims turned to illegal money lenders in order to pay for essentials such as utilities, and fuel in the first half of 2022.

The figures come amid national warnings that the scale of household debt will continue to rise as financial pressures on households leaves many struggling to afford their monthly bills.

Experts have warned that people are particularly vulnerable at Christmas and warn that unscrupulous lenders could try to cash in.

Loan sharks target vulnerable people who are often unable to obtain credit through legitimate means and trap them into a cycle of debt with exorbitant interest rates and threats of violence.

A report published by the Centre for Social Justice estimated that 1.08 million people could already be in debt to an illegal money lender. This is over 700,000 more people than the most recent official estimate.

The impact of illegal money lending is severe and far-reaching, with devastating consequences for the mental health and wellbeing of those affected.

The IMLT is working hard to combat the growth in illegal lending by focusing on prevention, awareness, and enforcement activities.

Since its inception in 2004, the IMLT has written off nearly £90 million worth of illegal debt and helped 30,000 victims reclaim their lives.

A new social media campaign, #SleighNoToLoanSharks, is being launched to alert people about the dangers of using loan sharks and help prevent them from falling into their traps in the run up to Christmas

Should you be worried about a friend or family member who you believe is being taken advantage of by a loan shark, contact the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 for support or visit www.stoploansharks.co.uk.

Live Chat is available on the website between 9am and 5pm, Monday to Friday.