Families in the Droitwich area are being offered help and advice about how to stay safe from loan sharks during a special week of action.
Stop Loan Sharks, the national team dedicated to tackling illegal lending, is holding a series of events from Monday, June 23, to Friday, June 27, to raise awareness about the dangers of illegal lenders, how to get help and how to borrow safely.
Stop Loan Sharks is the community name for the England Illegal Money Lending Team (IMLT), which investigates and prosecutes loan sharks and supports borrowers across the country.
It is working together with partners including Wychavon District Council, Platform Housing Group and West Mercia Police to organise the week’s activities.
Dave Benbow, head of the IMLT, said: “Weeks of action like this one help us reach people within the local community who may be targeted by illegal lenders. Many illegal lenders are well known in communities and may appear to be a friend at first, but people can end up trapped and facing ever-increasing repayments, threats, intimidation and violence.
“By raising awareness during events like this, we can keep people safe and ensure those who have been targeted know where they can get help. Thanks to all our partner organisations in the area who are helping us reach people in this way.”
Marion Duffy, chief operations director at Platform Housing Group, said: “Platform is proud to support the ‘Biting Back Against Loan Sharks’ campaign in Droitwich.
“Illegal money lending can have a devastating impact on individuals and communities, and raising awareness is key to helping people stay safe. By working together with our partners and raising awareness with our customers, we can help ensure that everyone has access to the support and information they need to avoid falling into the hands of illegal lenders.”
The Stop Loan Sharks team, together with mascot Sid the Shark, and representatives from partner agencies, will be at the following locations during the Bite Back event:
- Monday, June 23, 8.30am to 10am – Westlands Community Centre, Meadow Way
- Wednesday, June 25, 10am to noon – Stalls Farm Road shops
- Friday, June 27, 10am to noon – Copcut Estate Sainsburys
Loan sharks are lenders who are not authorised by the Financial Conduct Authority (FCA), meaning they don’t have to abide by the rules that protect borrowers, such as having to complete affordability checks.
The warning signs of an illegal lender include:
- Giving you no paperwork or agreement on a loan
- Refusing to give you information about the loan
- Keeping items until the debt is paid such as your bank card or passport
- Taking things from you if you don’t pay on time
- Adding more charges so the debt never goes down
- Using intimidation or violence if you don’t pay
Since it was set up in 2004, the IMLT has supported around 32,500 borrowers. It has secured 429 successful prosecutions, with illegal lenders locked up for more than 612 years and more than £91.6 million in illegal debt has been written off.
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.
