Tenants across Birmingham are being warned about the dangers of loan sharks in a new campaign by the England Illegal Money Lending Team and Birmingham Social Housing Partnership.
Loan sharks are known to have targeted tenants in the past and BSHP, a consortium of 30 housing associations based in the city, is now launching an awareness-raising drive to ensure people know the dangers and where they can turn for help.
The IMLT, also known as Stop Loan Sharks, is a national organisation hosted by Birmingham City Council that investigates and prosecutes loan sharks and supports borrowers.
Acting head Dave Benbow said: “Illegal lenders are often well known in communities and in estates and they will target anyone who is vulnerable, so we are pleased to be working with BSHP to reach thousands of tenants across Birmingham.
“Illegal lenders will often pretend to be a friend or neighbour doing someone a favour but the truth is that they are taking advantage and will quickly start using threats and even violence if they don’t get their payments.
“We want to make sure anyone who may be at risk is fully aware of the dangers of borrowing from an illegal lender. And if they have borrowed, we want to let them know they can come to us for expert, confidential support to help them escape the trap they are in.
“There are alternatives available, such as credit unions or CDFIs, if people can’t access credit through mainstream lenders, or choose not to. There is no place in our communities for illegal lenders and we will do whatever we can to remove them.”
Emma Peniket, Birmingham Social Housing Partnership lead, added: “Birmingham Social Housing Partnership has been working in collaboration with the Illegal Money Lending Team to raise awareness of this vital campaign around illegal money lending.
“We want to raise the profile of the support on offer to tenants and ensure appropriate action is taken where tenants are experiencing issues. The topic is not always easily identifiable or one that tenants always know is illegal, so this campaign is a means to provide the information to our BSHP members and tenants to give them the resources to raise any concerns with the Stop Loan Sharks Team or their housing provider. We encourage anyone with any concerns to reach out.”
The IMLT, known in communities as Stop Loan Sharks, has just marked its 20th anniversary. In the past two decades it has supported over 32,000 people, secured 424 successful prosecutions leading to over 606 years in prison and written off more than £91.3 million in illegal debt.
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.
