A man who was driven to the brink of suicide by a loan shark who threatened to set him on fire has told how he escaped the clutches of the ruthless lender with the help of the England Illegal Money Lending Team.
Simon has shared his story to help raise awareness about how loan sharks operate and to stop other people being targeted.
The 46-year-old, from the north-east of England, who has asked for his name to be changed to protect his identity, said he considered his lender a friend.
When Simon fell on hard times, losing his job, his ‘friend’ stepped in to help by offering to lend him money for food and bills.
Simon said: “I had known this person for quite a while. They used to help me out every so often but then, along came the interest charges and that’s when everything started to go downhill.
“I genuinely thought it was someone trying to be friendly, helping me out – sometimes we all get into positions where we do struggle. When the charges first started being added, it wasn’t that much at first. If I had borrowed £100, they would normally put £10 or £20 on there and that seemed alright.
“In total I borrowed about £2,200 which I had paid back, but then he said he wanted £4,500 off me. That’s when the threats started to come in and things started getting pretty nasty.”
Simon said his lender began to intimidate him with threatening messages and calls.
“They basically threatened to come and set me on fire in my own house,” he said. “Then it got to the point where he was threatening me over the phone.”
Afraid that the loan shark would carry out his threat, Simon didn’t raise the alarm, but he ended up a virtual prisoner in his own home.
“I was frightened to go out of my house because I didn’t know who was going to be around or who was going to be waiting when I got home. I was too nervous to go out,” he said.
The situation eventually because too much to bear.
“Things got very stressful and I ended up actually trying to take my own life. It had just got to that point where I felt I had no one to turn to and didn’t know what else to do,” he said.
When he came out of hospital, Simon contacted the police and spoke to his own housing officer who pointed him in the direction of the England Illegal Money Lending Team, Stop Loan Sharks.
“If it hadn’t been for my housing officer I wouldn’t have even known about the Illegal Money Lending Team,” he said. “I was very wary about getting in touch – I didn’t know what this person was going to do if they found out what was happening. I didn’t know if they were going to turn up and do what they said they were going to do. But we contacted the IMLT one Thursday morning and the help I’ve received from them since then has been absolutely brilliant. It’s the best thing I’ve done.
“It was scary – when I had my first interview, I was terrified and so nervous. But everyone made me feel so at ease. The first person I spoke to he was great. He came out to my house to see me and talked me through everything that was going to happen, everything that could be done and said we need to stop this person from doing this to anyone else.
“I felt like a massive weight had been lifted off my shoulders because I was getting professional help from people who deal with this day in day out so I would stress if anyone else is in the same situation please make that step and don’t let anyone else put you off.”
The Stop Loan Sharks team helped Simon to get his life back on track with practical and emotional support.
“The officers came out to see me and talked about the help that was available, I had help with food and fuel bank vouchers and they also put a Blue Light Marker on my address which meant if I ever felt threatened or someone came to my home who I didn’t want there I could call 999 and police would come straight out,” said Simon.
“That made me feel safe but always knowing that there was another person there to talk to was the most important thing to me at the time. It’s not just a case of going to the team, letting them investigate and then you get forgotten about, because you don’t.”
Simon is now back on his feet financially and the loan shark has not contacted him since the IMLT stepped in to investigate. “I feel like a totally different person,” he said. “I am back having a good social life, out and about doing stuff. If anyone else is in that position where you are getting threatened, I would urge you to contact the Illegal Money Lending Team and you will get the best support. There is always a light at the end of the tunnel.”
Simon has bravely agreed to share his story to help others who might be in the same position and a video of his story can be viewed on the Stop Loan Sharks YouTube channel:
The IMLT is a national team, hosted by Birmingham City Council, which was set up 20 years to investigate and prosecute loan sharks and support borrowers.
Dave Benbow, head of the IMLT, said: “Simon’s story shows just how pernicious and ruthless illegal lenders can be. They target people when they are their most vulnerable, pretending to be a friend helping out, when in fact they are lining their own pockets at the expense of someone else’s health and mental wellbeing.
“Simon went through a horrendous ordeal before we were able to step in and help and we are grateful to him for being brave enough to share his story to help others in the same position.
“If anyone thinks they have been targeted in this way we would urge them to get in touch with our team straight away. We are here to help.”
Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, charging extortionate interest rates. They often resort to threats, intimidation and even violence if repayments are not made.
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 and messages can also be sent via WhatsApp on 07700 102773 from 9am to 8pm Monday to Friday.
