Stopping Loan Sharks

With the cost of living rising, it is more important than ever to be on the lookout for illegal money lending.

Background

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.

It’s estimated there are 1.08 million people in debt to illegal money lenders in England. The Illegal Money Lending Teams within the UK work to raise awareness of what illegal money is while investigating and prosecuting illegal money lenders and providing support for borrowers in the UK.

2024 marks the 20^th anniversary of the England Illegal Money Lending Team, or Stop Loan Sharks.

Biddulph Town Council

Stop Loan Sharks launched a campaign to raise awareness of the dangers of loan sharks in Biddulph in November 2016. Working with Staffordshire Moorlands District Council and Staffordshire Police, leaflets were distributed door to door and to local schools and pubs. Biddulph Town Council, along with local agencies, signed a charter to pledge zero tolerance to loan sharks.

You’ll probably remember the large shark display board in the Town Hall in October 2023; here’s a photo to remind you:

In October 2024 Biddulph Town Council officers and partners received loan shark awareness training from the England Illegal Money Lending Team to help spot loan sharks and support people who have concerns. We are working to become an official Stop Loan Sharks Partner, helping to raise awareness of loan sharks and their impact on local communities, and creating safer spaces for residents to live and work.

Here’s ‘Sid the Shark’ at the Town Hall:

How to Contact Stop Loan Sharks

Many illegal money lenders are introduced to borrowers through friends or family and can appear to be a friend at first, offering a quick-fix loan. But they are not regulated and can go on to charge huge amounts of interest and even use threats, intimidation and violence if repayments are not made.

If you have borrowed money from a loan shark you haven’t broken the law, they have.

Loan sharks often:

• offer you a cash loan, but do not give you any paperwork.
• take your benefit or bank card as security on the loan.
• don’t tell you when you will finish paying.
• increase the amount you owe, even if you are making regular payments.
• threaten or use violence to get money from you.

You are not to blame if you have taken a loan from an illegal lender; you have been targeted by a criminal and the lender is to blame.

If you think you may have borrowed money from a loan shark, or are worried about someone else, call the England Illegal Money Lending Team hotline. A specially trained member of their team will discuss your concerns with you, and will offer emotional and practical help and support tailored to your needs, explaining the choices you can make to help you take back control from the loan shark.

Here’s their contact information:

Phone: 0300 555 2222 – available 24/7

Text: 0786 002 2116 with your message

Email: reportaloanshark@stoploansharks.gov.uk

Report a loan shark online at: stoploansharks.co.uk.

You can also start a Live Chat online by clicking on the chat icon in the bottom right hand corner of their website screen. This service is available Monday to Friday, 9am to 5pm.

There is also a smartphone app to make it quicker and easier to report loan sharks and access support services. The Stop Loan Sharks app is free to download on both iOS and Android devices on the App Store and Google Play Store.

 

If you’re unsure how to proceed, please come into the Town Hall and we’ll be happy to help and support you.