The Community Housing Group and Wyre Forest District Council are working in partnership with The England Illegal Money Lending Team (IMLT) to launch a new awareness campaign to tackle loan sharks.

The campaign running from 14 – 18 May 2018, aims to warn residents about the dangers of borrowing from illegal money lenders and signpost victims to the appropriate help and support available.  Work will include a targeted leaflet drop on the Walshes estate and school tour with IMLT mascot “Sid the Shark” at Birchen Coppice Primary Academy and St Bartholomew’s CofE Vc Primary School.

Loan shark information will be sent home in pupils’ school bags this week and leaflets will be handed to parents at schools gates on 14 and 15 May.

Ray Brookes, Group Chief Executive for The Community Housing Group, said: “We are really pleased to be part of this important campaign and support the work of the Illegal Money Lending Team in cracking down on loan sharks in our district.

“Loan sharks appear friendly at first and act as though they are providing a community service but this is not the case, they exploit vulnerable people and make matters worse. We would encourage residents to come and talk to us if they are struggling with debt as there are many organisations that can help if you have money worries.”

A loan shark is someone who lends money without the correct authorisation from the Financial Conduct Authority (FCA).  Loan sharks often target low-income and desperate families; preying on struggling individuals and exploiting them for personal financial gain. An estimated 310,000 households nationally are borrowing from illegal money lenders, many of whom charge exorbitant rates of interest to trap people into a spiral of debt.

Tony Quigley, Head of the Illegal Money Lending Team, commented: “Illegal money lending is a despicable crime which causes nothing but harm to our communities. These illegal lenders may appear to be offering a community service but borrowers are often forced to pay back far and above what they have borrowed and can afford. Many are subjected to threats, violence or other callous enforcement methods.”

To report a loan shark:

Call the 24/7 confidential hotline: 0300 555 2222

Text a report to: 078600 22116

Visit the website: www.stoploansharks.co.uk

E-mail: reportaloanshark@stoploansharks.gov.uk  

Private message on: www.facebook.com/stoploansharksproject