Biting back against loan sharks in Milton Keynes

Families in Milton Keynes are being offered help and advice about how to stay safe from loan sharks during an Operation Sharknet roadshow.

Stop Loan Sharks, the national team dedicated to tackling illegal lending, is holding a series of events from Monday, July 14 to Friday, July 18 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 Milton Keynes City Council, the SOFEA charity, Acorn Community Bank and NatWest  to organise the week’s activities.

Dave Benbow, head of the IMLT, said: “This Operation Sharknet week enables us to reach people within the local community who may be targeted by loan sharks. Many illegal lenders are 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. Thanks to all our partner organisations in the area who are helping us reach people in this way.”

Matt Sheppard, a trading standards officer at Milton Keynes City Council, said: “It is great to be once again working with our colleagues and partner agencies, to raise awareness of illegal money lending and scams.”

Phoebe Fernandes, marketing and public relations manager at Acorn Community Bank, said: “We’re proud to support and partner with IMLT for this event. Raising awareness about the dangers of loan sharks and highlighting that credit unions are a safe, supportive alternative is vital to protecting our communities.”

Lauren Plunkett, Larder co-ordinator at SOFEA, said: “We’re proud to announce this powerful partnership between the Illegal Money Lending Team, SOFEA, and Acorn Community Bank. Together, we’re committed to protecting our communities from the dangers of illegal money lending by offering safer, sustainable financial alternatives.

“This collaboration allows us to bring vital education and support directly to SOFEA’s Larder network – now supporting 889 members – helping individuals build financial resilience and access fair credit options. Through our partnership with Acorn Community Bank, we can offer trusted financial services tailored to the needs of our members, providing a real alternative to predatory lenders. This initiative is about more than raising awareness – it’s about giving people real choices, building stronger communities, and creating pathways to long-term financial wellbeing.”

Suzanne Allard, relationship director at NatWest, added: “It’s crucial that we work with partners and educate our community as we tackle loan sharks, fraud and scams.  We are pleased to support Milton Keynes City Council and the England Illegal Money Lending Team during this week.”

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 14 – 10am to1pm Sainsburys, Shenley Church End
• Tuesday, July 15 – 10am to 1pm NatWest Central Milton Keynes branch then 2pm to 4pm SOFEA Larder, Hedgerows
• Wednesday, July 16 – 11am to 12.30pm SOFEA Larder, Mead Centre, Newport Pagnell then 1.30pm to 3pm Sainsburys Olney
• Friday, July 18 – 11am to 12.30pm SOFEA Larder, Moorlands then 1.30pm to 3pm Asda Bletchley

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

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.