Week of action to protect Milton Keynes families from loan sharks
Families can learn more about the dangers of loan sharks during a week of action in Milton Keynes.
The Stop Loan Sharks Bite Back event has been organised in partnership with Acorn Community Bank and food and education charity SOFEA, which operates a network of Community Larders across the region.
Stop Loan Sharks mascot Sid the Shark will be out and about during the event next week helping to spread the message about the dangers of illegal lending and the other options available.
On Wednesday, June 5, he will be at the Coffee Hall in Garraways, from 10am to 12.30pm, and at SOFEA in Dawson Road, Bletchley, from 1.30pm to 3.30pm.
On Thursday, June 6, he will be at the YMCA in North Sixth Street, from 1pm to 3pm.
And on Friday, June 7, he will be at Westcroft Pavilion, Cranbourne Avenue, from 10am to 1pm, and from 1.30pm to 3pm at Water Hall Primary School, Fern Grove.
Tony Quigley, head of the England Illegal Money Lending Team, which is known as Stop Loan Sharks, said: “Illegal money lending can affect not only individuals’ lives but whole communities, creating a climate of fear. We would urge anyone in the area who is worried about illegal lending or is aware of any illegal lending activity to come along and find out more about where they can turn for help and the safer alternatives available.”
Tracy Pearson, SOFEA’s area manager for the South Midlands, said: “We are pleased to be a partner with the Illegal Money Lending Team. We have attended training with the team and are pleased to be able to give informed information to our Community Larder members. We are keen to inform them that borrowing from loan sharks is very dangerous and puts families at risk. Working with the IMLT has made our organisation more aware of the destructive behaviour that borrowing from loan sharks can have on individuals and their families.”
Clive Henly, CEO of Acorn Community Bank, added: “We at Acorn Community Bank are proud to have worked in partnership with the IMLT over many years to help create awareness of loan shark activity in our communities, and how illegal lending can destroy lives. Acorn offers a range of safe and ethical loan products for those people who need to borrow money, also encouraging our members to save money when they are able to.”
There are up to 1.08 million people in debt to loan sharks in England, according to figures from the Centre for Social Justice (CSJ).
The warning signs of an illegal lender include:
- Giving you no paperwork or agreement on a loan
- Refusing to give you information about the loan
- Keeping items until the debt is paid such as your bank card or passport
- Taking things from you if you don’t pay on time
- Adding more interest or charges so the debt never goes down
- Using intimidation or violence if you don’t pay
This year marks the 20th anniversary of the IMLT. Since its launch, the team has supported over 31,500 people and written off over £91.2 million worth of illegal debt, securing over 420 prosecutions for illegal money lending, leading to over 600 years in jail.
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.
