Not Sure What A Loan Shark Is?

If you can answer yes to one or more of these questions you might be borrowing from a loan shark:

  • Did they offer you a quick loan?

  • Did they appear to be a friend at first, but now you’re not so sure?

  • Did they say there was no need for paperwork?

  • Did they add extra charges or huge amounts of interest to your loan?

  • Have they threatened you?

  • Are you scared of people finding out?

  • Have they taken your bank card, benefit card, passport, watch or other valuables from you?

Who We Are

The England Illegal Money Lending Team (IMLT) was set up in 2004. Initially created as a pilot scheme in Birmingham to investigate loan sharks, it had such an impact on illegal money lending it received further government funding.

Today the England IMLT investigates and prosecutes illegal money lenders across the country while supporting those who have borrowed from a loan shark. There are similar Illegal Money Lending Teams that cover Scotland and Wales.

Each team is made up of of specialist investigators and Liaise Officers who have previously worked for organisations like the police, trading standards, and debt advice services. The investigators and Liaise Officers work together to prosecute illegal money lenders while supporting people who owe money to a loan shark.

The England IMLT works as Stop Loan Sharks within local communities, within education, and with partner agencies including police forces. Since 2004, the England IMLT has supported over 32,500 people and written off over £91.6 million worth of illegal debt.

Illegal Money Lending Teams and the Financial Conduct Authority

The Illegal Money Lending Teams in England, Scotland and Wales work alongside the Financial Conduct Authority (FCA) to investigate those operating within the consumer credit market without the appropriate authorisation.

In 2016 the Government legislated to introduce an industry levy to fund the activity of the teams and to take action against illegal lending.  The service is governed and overseen by the FCA and HM Treasury.

How We Work With Education and Partner Agencies

The England IMLT works closely with education providers and partner agencies such as the police, housing associations, and debt advice services. Investigating and prosecuting loan sharks is an important part of the England IMLT’s work but it also has a strong focus on prevention and works to raise awareness of the problems and issues that illegal money lending causes.

The Stop Loan Sharks team has developed a range of free education resources and free partner tools to help raise awareness. It can also deliver free in-house training for partner agencies and the police. Explore our website for more information on these resources or email Catherine.wohlers@birmingham.gov.uk to find out how we can help you.

Contact us in complete confidence

We have a safe online reporting form that you can use to access support or report an illegal money lender to Stop Loan Sharks.

Our team members are also available 24/7 on 0300 555 2222 to speak to you in confidence.

Check to see if your lender is legal

You can search the Financial Conduct Authority database for all legal money lenders in the UK.

Or call us on 0300 555 2222 and we can tell you if your lender is legal or illegal.

What happens after you report?

After you complete our reporting form a member of our team will contact you at a time to suit you. They will confidentially talk to you about the loan shark.

They will also explain what happens next and help you get the financial, housing, or debt support that you might need.