Stoke families warned about dangers of loan sharks
Families in the Stoke on Trent area are being given the chance to find out more about the dangers of loan sharks and the help available to borrowers as well as how to borrow money safely.
The England Illegal Money Lending Team (IMLT) is working with Moneyline, Potteries Moneywise and Staffordshire North and Stoke on Trent Citizens Advice to host a Bite Back Week starting Monday, September 23.
Team members will be on hand during the week to offer help and advice and the IMLT mascot, Sid the Shark, will be on hand for selfies.
On Monday, September 23, the team will be at the Meir Matters community lounge in the old library in Sandon Road from 10am to noon. Then they will be at Hanley indoor market from 1pm to 3pm.
On Tuesday, September 24, they will be at Bentilee neighbourhood centre in Dawlish Drive from 10.30am to noon and at the Bentilee Family Hub’s Bread and Butter Thing from 1pm – 2pm.
On Wednesday, September 25, the team can be found back at the Bentilee neighbourhood centre for a partner event with EPIC Housing from 10.30am – 2.30pm.
Dave Benbow, acting head of the IMLT, also known as Stop Loan Sharks, said: “Illegal lenders are often well known in communities and this Bite Back Week aims to reach those who might be targeted. We’d love to see lots of people at these events where they can get helpful advice and information about how to avoid illegal money lenders and borrow safely.”
Karen Hobson, partnership manager at Moneyline, said: “As a Community Development Finance Institution (CDFI) it’s great that Moneyline can participate in the Stoke & North Staffordshire Bite Back Week. Moreover, as vice chair of North Staffordshire Financial Inclusion Group, Stoke and North Staffordshire have some real challenges surrounding access to fair and affordable credit. With no Credit Union operating in the locality, it’s crucial that local people are made aware of the options available to them; regarding safe and legal community lenders like Moneyline. However, more importantly it’s vital that local people are informed and educated about the risks of engaging with illegal money lenders.”
Julie Billingham, head of Money Advice at Citizens Advice Staffordshire North & Stoke-on-Trent, added: “We’re delighted to be working with the Illegal Money Lending Team to highlight the risks of borrowing from loan sharks for the Bite Back Week Campaign. Illegal Money Lending naturally coincides with advice around financial confidence and wellbeing as it can often be seen as a last resort for people during desperate times. Thankfully, our staff are fully trained and equipped to know how to deal with these situations.
“Our service is about understanding people, their own individual situations and suggesting things that will make a real difference to their lives. We will be out and about in the local community to offer free advice and support around financial confidence and money issues to help people get away from and avoid loan sharks.”
This month marks the 20th anniversary of the IMLT. Since its launch, the team has made 850 arrests and 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.
