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Loan repayment fraud

Loan repayment fraud targets people who may have taken out loans.

The fraudsters often use a company name that is similar to an existing loan company. They send out letters claiming the recipient has missed a repayment deadline and now owe their original debt plus a ‘penalty charge’ of more money.

The victim pays the ‘debt’ to the fraudsters, to find out later that they still owe the full amount to their outstanding loan company.

Protect yourself against loan repayment fraud

  • Check your original paperwork – contact the company you took the loan from to check repayment dates.
  • Ask questions – if someone is legitimate they won’t pressurise you or be elusive.
  • Don’t stay silent – if you’ve been targeted by a fraudster and lost money, contact Action Fraud.

Fraud has been committed if money has been lost.

How to report it

If Fraud has been committed report it to Action Fraud. For more advice and to raise any concerns, contact the Office of the Public Guardian.

See also:
Loan scams

Source - Action Fraud

Date Published: Aug 26, 2021

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Fraud is when trickery is used to gain a dishonest advantage, which is often financial, over another person.

Advance fee fraud

Advance fee fraud is when fraudsters target victims to make advance or upfront payments for goods, services and/or financial gains that do not materialise.

Corporate fraud

Corporate fraud can be any fraud committed against a business.

Individual fraud

Individual fraud could be any fraud that targets a person directly. Individual frauds can differ from frauds affecting businesses and other organisations.

Online fraud

Some fraudsters rely on the internet to commit their crimes. Learn about some different types of internet frauds that and how to protect yourself and get safe online.

Identity fraud and identity theft

Identity theft is when your personal details are stolen and identity fraud is when those details are used to commit fraud.
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