Beat the loan sharks this Christmas

Trading Standards officers and the England Illegal Money Lending team are turning up the heat on loan sharks over the festive season.

The partners have issued a list of top ten things you need to know to help ensure that illegal money lenders in the borough have a very miserable Christmas.

With the financial pressures of this time of year adding to the already difficult economic climate, there are fears that loan sharks could see this as an opportunity to target those short of money.

Illegal money lenders rely on the fact that their victims do not realise the dangers of getting involved with loan sharks until it is too late and are not aware of how to get help if they are being threatened over repayments.

The list of tips tackles these issues head on and gives residents the knowledge they need to help drive out the loan sharks for good.

Tony Quigley, Head of the England Illegal Money Lending Team, said:  “As Christmas approaches we would warn people to be especially aware of the dangers of borrowing from loan sharks and encourage people to avoid them at all costs.”

“They leave their borrowers living in misery and fear. We know that 20% of victims in past cases originally took out their loans to fund the festive season, with many paying back for this well into the New Year and beyond. If you or someone you know is involved with a loan shark please contact us in confidence on 0300 555 2222. Our lines are open throughout the festive season.”

Councillor Martin Burke, Cabinet Member for Internal and Environmental Services, said: “Victims of loan sharks can find themselves on the receiving end of threats and violence if they fail to meet the extortionate repayments while the community can suffer as victims commit crimes in a desperate attempt to raise money.

“Thanks to our partnership with the Illegal Money Lending Team we’re taking on loan sharks in a big way. To anyone whose life is being made a misery by them, our message is clear. There are people who can help and support you, so report it now.”

Top ten things you need to know about loan sharks

Loan sharks…
1.      …are your friend until you can’t pay
2.      …rip you off.
3.      …can’t enforce the debts through law.
4.      …often resort to bully tactics.
5.      …often don’t tell you how long you will be paying back.
6.      …cause misery and fear.
7.      …are not a community service.
8.      …are criminals by their actions.
9.      …will continue to harass their borrowers so sometimes you will never repay them.
10.  …can be reported in confidence on 0300 555 2222. You can also text  ‘Loan Shark’ and your message to 60003 or email reportaloanshark@stoploansharks.gov.uk