Frontline organisations across Coventry have pledged their support for the fight against loan sharks at a charter-signing event held in the city.
The event, hosted by the England Illegal Money Lending Team (IMLT) in partnership with Coventry City Council, took place at the Council House in Earl Street on September 15. Around 50 representatives attended from the Council, local housing associations, credit unions, foodbanks, the Department for Work and Pensions and West Midlands Police.
The charter aims to raise awareness of the dangers of illegal lending, encourage victims to seek help, and strengthen partnerships across the city to protect communities.
Dave Benbow, head of the IMLT, who hosted the event, said the team had investigated several cases in Coventry in recent years. He highlighted a case last year where a loan shark was jailed for two and a half years after targeting vulnerable people.
“These illegal lenders cause devastating harm to individuals and communities,” Mr Benbow said. “In this case we were successful in obtaining the IMLT’s first ever Criminal Behaviour Order which means even after his release from prison, this lender remains subject to strict rules that mean he must not enter the Stoke Aldermoor area, where he operated, and not provide loans.
“This investigation in particular shows our determination to remove these criminals from communities and keep people safe.
“Our partners are vital in helping us spot the signs of loan sharks operating and ensuring people can access support. We are hugely grateful for the commitment shown here in Coventry.”
As part of the event, organisations signed pledge sheets agreeing to undergo specialist training with Stop Loan Sharks and support ongoing awareness campaigns. Coventry City Council’s Revenues and Benefits section has also received official partner accreditation from the IMLT for its work tackling illegal lending. Councillor Richard Brown, Cabinet Member for Finance, was presented with the official partner certificate at the event.
Councillor Brown, Councillor Rachel Lancaster, and Theresa Manning MBE, chief executive of Clockwise Credit Union (which has more than 20,000 members), also spoke at the Charter signing.
Cllr Richard Brown said: “I’m really pleased that Coventry is a partner with the Illegal Money Lending Team. This demonstrates our support for people affected by loan sharks. We want to help prevent people needing to seek a loan shark and we also want people, who have been a victim or are aware of any loan sharks, to be able to report the details anonymously. As a Council we are very aware of the financial difficulties many people face, and we want to sign post people to other help where we can.”
Illegal money lenders are often well known in communities and can be introduced through family or friends. But they operate outside the law and exploit borrowers with no paperwork, inflated interest rates and charges and threats of violence. Borrowers often struggle to repay and can be left unable to cover essential bills such as rent and utilities.
The IMLT, a national body hosted by Birmingham City Council, was set up in 2004 to investigate and prosecute loan sharks and support borrowers. It has secured 430 successful prosecutions against illegal lenders, resulting in more than 612 years’ worth of prison sentences. The team has written off £91.6 million in unlawful debt and supported over 32,500 borrowers.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 confidential helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
