Wyre Forest fighting back against loan sharks
Families in Wyre Forest 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 bringing Operation Sharknet to the area from Monday, July 7 to Friday, July 10, 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 West Mercia Police, Community Housing and Citizen Housing to organise the week’s activities.
Dave Benbow, head of the IMLT, said: “This week of action enables us to reach people within the local community who may be targeted by illegal lenders. These criminals are pften well known in communities and may appear to be a friend at first, offering a favour. Sometimes people don’t realise they have borrowed from an illegal lender until it’s too late and end up trapped and facing ever-increasing repayments, threats, intimidation and violence.
“By raising awareness this way, we can keep people safe and ensure those who have been targeted by illegal lenders already know where they can get help.”
Beverley Hiden, Money Advice and Sustainability Manager at Community Housing, said “Community Housing will once again be campaigning with the Illegal Money Lending Team (IMLT), Citizen Housing and West Mercia Police to raise awareness about illegal money lending and provide advice and support to victims. We know that loan sharks are operating in the Wyre Forest area and are targeting the most vulnerable people, and we will be available to let them know where to go for help and support.”
The Stop Loan Sharks team, together with mascot Sid the Shark, and representatives from partner agencies, will be at the following locations during the week:
- Monday, July 7: 11am to 2pm Tesco, Severn Road, Stourport on Severn.
- Tuesday, July 8: 11am to 2pm shops on Bircher Green, Comberton, Kidderminster.
- Wednesday, July 9: 11am to 2pm the Swan shopping centre, Kidderminster.
- Thursday, July 10: 11am to 2pm Tesco in Castle Road Kidderminster, and 2.30pm to 4pm St Bartholomew’s primary school, Princess Way, Stourport on Severn.
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
- Keeping items until the debt is paid such as your bank card or passport
- Adding more charges so the debt never goes down
- Using intimidation or violence if you don’t pay
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.
