Company honoured for help in fight against loan sharks

A Leicestershire-based company has achieved a national accolade in recognition of its work to help stop loan sharks across England.

Rundles, which provides ethical debt enforcement services across the country, has been made an official partner of the England Illegal Money Lending Team (IMLT), known as Stop Loan Sharks.

This follows the company’s work to undergo training to educate staff members to recognise the signs of a loan shark and how to ensure someone who may have borrowed from one gets the help they need.

Dave Benbow, acting head of the IMLT, said: “We are delighted to have Rundles on board as a partner organisation. It’s so important that any organisation that encounters potential borrowers who have been targeted by loan sharks, knows what to look out for and how to contact us for help. We are grateful to everyone at Rundles for taking part in our training and working with us to help stop loan sharks.”

The company became aware of the work of Stop Loan Sharks through its trade organisation, the Civil Enforcement Association (CIVEA). Rundles Managing Director Amy Collins, who is Vice President of CIVEA, was keen to ensure that staff were able to identify and offer the best possible impartial advice if they came across people who might have borrowed from an illegal lender.

She said: “I’m thrilled about our partnership with Stop Loan Sharks. At Rundles, supporting vulnerable individuals is a priority, and this collaboration will help us raise awareness and combat illegal lending effectively.”

Following the training, which Stop Loan Sharks offers free, Rundles staff are now able to identify red flags when customer fill in income and expenditure forms, such as paying money back to a friend, which may indicate that illegal lending has taken place.

They also know how to report such activity to the Stop Loan Sharks team, or to refer people on for expert help and advice.

Loan sharks are people who offer loans and charge high interest rates, without having the correct authorisation from the Financial Conduct Authority. They can resort to threats, intimidation and violence of someone can’t meet repayments.

They do not complete affordability checks on borrowers – often meaning they are lending to people who cannot pay them back. These borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay. This causes huge amounts of stress and can impact their other finances – leaving them unable to pay rent or other priority bills.

The IMLT is a national organisation, hosted by Birmingham City Council, which investigates and prosecutes loan sharks and supports borrowers across England.

It was founded 20 years ago and since then has secured 424 successful prosecutions, with illegal lenders locked up for more than 606 years. More than £91.3 million in illegal debt has been written off, and around 32,000 borrowers have been supported.

Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 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.

To find out more about the free training offered by Stop Loan Sharks, visit www.stoploansharks.co.uk/for-partner-agencies