MoneySolve Warns Consumers Against Illegal Lenders

MANCHESTER, England, March 8, 2010 - Debt advice specialists at MoneySolve have set out to warn consumers
about the dangers of borrowing money from loan sharks.

An estimated 100,000 families borrowed money over the festive season
alone from unlicensed lenders and MoneySolve's experts believe most are
driven to illegal lenders by desperation, noting that:

"Poor credit ratings mean that some people struggle to get a loan through
banks or licensed lenders and illegal lenders prey on desperate people.
However desperate your circumstances look, though, borrowing money from an
unlicensed lender is almost certain to make your situation much worse."

Loan sharks operate outside of the law and this, MoneySolve advises,
means that their borrowers are subject to higher interest rates and potential
harassment.

"Operating illegally, loan sharks don't abide by any OFT or Banking codes
of practice. This means that their interest rates, charges and general
conduct aren't regulated. This in turn means that people run the risk of
being harassed if they miss a payment and of paying excessive and
extortionate rates of interest."

Personal debt is an ongoing issue in the UK, with 2009 presenting over
134,000 personal insolvencies (resulting in an individual entering into an
Individual Voluntary Arrangement (www.iva.org.uk/), Debt Relief Orders
or Bankruptcy).

MoneySolve is keen to emphasise the availability of help for those in a
desperate financial situation.

"Whatever your circumstances, seeking out professional advice is the
first step in the right direction. Regardless of how desperate it looks,
there are options available that do not involve going to loan sharks."

Contact: MoneySolve, Elizabeth Beesley, Astute House, Wilmslow Rd, Handforth,
Cheshire SK9 3HP, +44(0)1625-544789