RESIDENTS are being warned not to turn to lurking loan sharks in a bid to help fund their Christmas festivities this year.

Durham County Council’s fair trading team is issuing the timely reminder as people struggle to enjoy the Christmas break.

Figures released by the council show that The Stop Loan Sharks Project found 20 per cent of victims in past cases had borrowed money for Christmas.

The fair trading team though is stressing that a small loan in December could become a costly black hole in the new year.

Councillor Brian Stephens, cabinet member for environment and local partnerships, said: “Throughout the festive period, some residents might feel under pressure to borrow money to buy items like gifts, food and drink.

“But by turning to the wrong people for loans they risk turning their dream Christmas into a nightmare.

“Loan sharks are dangerous and can victimise the most vulnerable in society – they should never be approached, no matter what situation you may be in. They are never the answer.”

Loan sharks rarely offer paperwork outlining the terms of the loans and so they can add extra payments and amounts at random creating a never ending debt.

The impact may not just be financial and it can have devastating consequences for victims and their families.

Lenders often resort to threats and violence to force the borrower to pay the money back.

For help and advice on managing money visit durham.gov.uk/financialhelp and anyone worried about loan sharks can call the Illegal Money Lending Team on 03000-555-2222.