Operation Sharknet hits Malvern: Families urged to stay safe from loan sharks

Families in the Malvern area are being given expert advice about how to stay safe from loan sharks during a week of action by the England Illegal Money Lending Team.

Staff from the IMLT, known as Stop Loan Sharks, will be in the area from Monday, June 30th to Friday, July 4th for the week of action, dubbed Operation Sharknet, offering information about how to spot an illegal lender and where to borrow safely.

The team is working with Platform Housing Group and Malvern Hills District Council and will be at the following venues:

• Wednesday, July 2, 10am to noon, Clarence Park Village, Worcester Road
• Thursday, July 3, 10am to noon, Malvern Town Football Club, Help Centre Community Stadium, Langland Avenue
• Friday, July 4, 10am to noon Storer Court Residential Home, Geraldine Road

Dave Benbow, head of the IMLT, said: “Illegal money lenders are often well known within their communities and can be introduced to borrowers through friends or family members. They might appear to be a friend at first, but they are unregulated and can add very high charges to what you owe. They may also use threats, intimidation and violence if repayments are not made.

“We want to make sure everyone knows the signs of an illegal lender and where they can go to borrow safely if mainstream banks are not an option.

“We’d love to see as many people as possible in Malvern, so if you’re in the area, come and say hello. And if you need to speak to a member of our team in confidence, call anytime on 0300 555 2222.”

Marion Duffy, chief operations director at Platform Housing Group, added: “Platform is proud to support the Operation Sharknet campaign. 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.”

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

Since it was set up in 2004, the IMLT has supported around 32,500 borrowers. It has secured 427 successful prosecutions, with illegal lenders locked up for more than 609 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.