Avoid loan sharks to pay for Christmas

Ve Nutter, Fair Trading Officer at Rochdale Borough Council joins Sid the Loan Shark to warn shoppers against approaching illegal money lenders.

If money’s tight this year think twice about turning to a loan shark for the extra dosh this Christmas.

The warning comes from Rochdale Borough Council’s trading standards team who is concerned that the current tough economic climate will lead people to turn to drastic measures to fund their festivities this year.

To drive the message home to residents, Sid the loan shark will be on hand at Rochdale Exchange Shopping Centre on Tuesday 9 November, warning residents about unlicensed lenders, offering advice and support to victims.

Andy Glover, Public Protection Manager at Rochdale Borough Council, said: “Loan sharks love to prey on vulnerable people by charging extortionate interest rates then often harassing and intimidating their clients for repayments. There are other legitimate options available to people who are experiencing financial problems and help is available to obtain affordable credit without turning to loan sharks.”

The council works closely with enforcement agencies to track down and take action against illegally operating loan sharks in the borough. The unemployed and low income workers are particularly vulnerable to illegal lenders.

With an estimated 310,000 households borrowing from illegal lenders nationally, the Trading Standards North West Illegal Money Lending Team is cracking down on these callous criminals. The teams nationally have secured almost 80 years in prison sentences for illegal money lending and related offences, written off illegal debt to the value of £25million and seized and confiscated £2.5million in cash. They have also helped 16,000 victims.

Dale Mulgrew, cabinet member responsible for community safety at Rochdale Borough Council, appealed to residents to avoid temptation: "Stand strong and say no to loan sharks. It can seem like an easy option if you’re struggling financially but loan sharks have a devastating effect on individuals, families and communities. As far as I’m concerned there’s no place for loan sharks in this borough and we’ll be putting in extra efforts to put them out of business."

If you’ve been affected by a loan shark, or know of loan sharks operating in your area, contact the 24-hour confidential hotline on 0300 555 2222. You can also text – just send the word ‘loan shark’ plus your message to 60003.

Email reportaloanshark@stoploansharks.gov.uk

Or visit www.direct.gov.uk/stoploansharks