Warwickshire News Mine

They are teaming up with the Illegal Money Lending Team to raise awareness of the dangers of loan sharks and offer practical help and support to Warwickshire people.

In the run up to Christmas, Trading Standards Officers and members of the Illegal Money Lending Team will be holding advice and information events at shopping centres and supermarkets across the County.

Warwickshire County Councillor, Richard Hobbs, Portfolio Holder for Community Protection said: “Loan sharks are illegal money lenders who prey on some of the most vulnerable people in our community. For the relatively small amounts of money they loan they charge huge interest payments and when their victims can’t afford to pay the money back they often use intimidation and violence.

"Never be tempted to try and pay for Christmas by using a loan shark, you may very well find you are still paying a year later! There are other options you can explore and we can help.

"I would strongly urge anyone who needs more help, advice, information or support to contact the Illegal Money Lending Team or visit us at one of our pre-Christmas events.”

Trading Standards Officers and the Illegal Money Lending Team will hold events at the following venues to raise awareness, offer information and advice and make Warwickshire a Loan Shark Free Zone.

Sat 20 November 10am to 3pm Rope Walk Shopping Centre Nuneaton
Sat 27 November 10am to 3pm The Co-op Clemens Street Leamington Spa
Sat 4 December 10am to 3pm The Clock Towers Shopping Centre Rugby
Sat 11 December 10am to 3pm Maybird Shopping Park Stratford upon Avon

Are you or someone you know a loan shark victim?

Have you been offered a cash loan?
Have you been threatened when you couldn’t pay?
Has your bank card been taken from you as a security?
Does what you owe keep growing even though you are making payments?

If you can answer yes to any of these questions, you may be a loan shark victim and we can help. 

Come along to one of our events or alternatively, contact the Illegal Money Lending Team in complete confidence

Phone: 0300 555 2222 (local rate call, including inclusive minutes from mobiles)
Email: reportaloanshark@stoploansharks.gov.uk
Web: http://www.direct.gov.uk/stoploansharks
Text: loan (space) shark (space) + your message to 60003

Five common myths about loan sharks

There are lots of rumours and myths around loan sharks and what they do.

These are some of the most common ones, along with the truth.

1) The myth: ‘Unlicensed money-lending is not illegal’
The truth: It is illegal for anyone to operate a money-lending business if they don’t have a licence for this from the Office of Fair Trading

2) The myth: ‘If you borrow money from a loan shark, you are breaking the law’
The truth: It’s the loan shark who is breaking the law - not the person who has borrowed the money. You can’t be prosecuted for having taken a loan from a loan shark

3) The myth: ‘You have to pay back what the loan shark says you owe’
The truth: Any loan made by someone without a licence is ‘unenforceable’ - this means you cannot legally be made to pay it back

4) The myth: ‘Illegal money-lending is a victimless crime’
The truth: Those who have borrowed money from illegal lenders are often threatened and intimidated into paying back much more than they borrowed. Whole communities can be affected if borrowers are forced to turn to crime to pay back out-of-control loans. Loan sharks are also often involved in other crime

5) The myth: ‘Loan sharks are providing a reasonably priced service to people who need it’
The truth: A loan from a loan shark is, on average, three times the cost of the same loan from someone operating legally. Interest rates of between 8000% and 117,000% have been uncovered

In debt or looking for alternative sources of credit? There are a number of organisations that can help, including Credit Unions and the Citizens Advice Bureau.

For more information, please visit our website: http://www.warwickshire.gov.uk/stoploansharks.

Link to WCC