Families offered advice on staying safe from illegal lenders.
Scam experts are preparing to offer families across Milton Keynes assistance to fight the scourge of loan sharks during a special ‘Bite Back’ roadshow.
Stop Loan Sharks, a national team dedicated to tackling illegal lending, is holding a series of events next month across MK and surrounding towns, to raise awareness about the dangers of scam lenders, how to get help and how to borrow safely.
Stop Loan Sharks is the community name for the England Illegal Money Lending Team (IMLT), which investigates and prosecutes loan sharks and supports borrowers across the country.
Since it was set up in 2004, the IMLT has supported around 32,500 borrowers and has secured 427 successful prosecutions. With illegal lenders locked up for more than 609 years in total, more than £91.6 million in illegal debt has been written off.
It is working together with partners including Milton Keynes Council, the Sofea charity, Acorn Community Bank and NatWest Bank to organise the week’s activities.
“This Bite Back week enables us to reach people within the local community who may be targeted by loan sharks,” said Dave Benbow, head of the IMLT.
“Many illegal lenders are well known in communities and may appear to be a friend at first, offering a favour. Sometimes people don’t realise they have borrowed from an illegal lender until it’s too late and end up trapped and facing ever-increasing repayments, threats, intimidation and violence.
“By raising awareness this way, we can keep people safe and ensure those who have been targeted by illegal lenders already know where they can get help. Thanks to all our partner organisations in the area who are helping us reach people in this way.”
“It is great to be once again working with our colleagues and partner agencies, to raise awareness of illegal money lending and scams,” added Matt Sheppard, a trading standards officer at Milton Keynes City Council.
The expert team, together with mascot Sid the Shark, will be visiting on:
- Monday, 14th July – 10am to1pm Sainsburys, Shenley Church End
- Tuesday, 15th July – 10am to 1pm NatWest Central Milton Keynes branch then 2pm to 4pm Sofea Larder, Hedgerows
- Wednesday, 16th July – 11am to 12.30pm Sofea Larder, Mead Centre, Newport Pagnell then 1.30pm to 3pm Sainsburys, Olney
- Friday, 18th July – 11am to 12.30pm Sofea Larder, Moorlands then 1.30pm to 3pm Asda, Bletchley
Loan sharks are lenders who are not authorised by the Financial Conduct Authority (FCA), meaning they don’t have to abide by the rules that protect borrowers, such as having to complete affordability checks. 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 charges so the debt never goes down
- Using intimidation or violence if you don't pay
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 confidential 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.
