Derbyshire Trading Standards Back A Campaign Aiming To Stop Loan Sharks
Trading standards officers at Derbyshire County Council are backing a campaign to raise awareness of loan sharks so that residents can protect themselves.
The pre-Christmas campaign is being spearheaded by the government-funded England Illegal Money Lending Team (IMLT) which has the power to investigate and prosecute loan sharks.
Residents are urged to be on their guard against unscrupulous loan sharks who may try to exploit the coronavirus outbreak and the approach of Christmas to prey on people’s financial worries.
Loan sharks charge extortionate interest rates and often intimidate, threaten and trap vulnerable victims in a cycle of fear and violence.
These criminals may seem friendly at first but borrowing from them could have serious consequences for residents and their families.
Some lenders have been known to take a victim’s passport, driving licence, benefits and bank cards as security for the loan, and many begin to make their borrowers feel threatened or intimidated. Some even become violent towards their victims if they fail to pay, leaving them terrified.
The IMLT has the power to investigate and prosecute loan sharks. Since 2004, the team has helped more than 29,000 people escape the misery of loan sharks. They have also prosecuted nearly 400 loan sharks and written off more than £75 million worth of illegal debt.
The Stop Loan Sharks confidential helpline service on 0300 555 2222 is open 24 hours a day and staff provide specialist information and support for victims. There is also a Stop Loan Sharks app on Google Play and the Apple App Store
People can report a loan shark to them in confidence and anonymously.
Councillor Carol Hart, Derbyshire County Council’s Cabinet Member for Health and Communities said: “Loan sharks prey on the most vulnerable people in our communities. They intimidate, manipulate and trap people into a spiral of debt. I urge residents to remain vigilant and watch out for illegal money lenders trying to take advantage during these difficult times, especially as the approach of Christmas can add extra financial pressure.”
Councillor Hart added that Derbyshire Community Bank, and other credit unions in the county, offer safe and easy services without the crippling interest rates charged by loan sharks.
“I would urge people to use credit unions to borrow money, if they need to, instead of a loan shark. Loan sharks can mean people end up paying back many thousands of pounds for just a small loan.”
Tony Quigley, Head of the England Illegal Money Lending Team, said: “We are launching this awareness drive now as more people may be under increasing financial pressure due to the coronavirus pandemic.
“If you are struggling for financial help then credit unions offer a safe and easy place to turn for advice and support. You can also get help and discuss your options with organisations like Citizens Advice, StepChange and the Money Advice Service.”
How to protect yourself and report loan sharks operating in your community:
1. Do not accept cash loans, even if the lender seems friendly or helpful as they may ask for unrealistic and unaffordable payments in return.
2. Avoid loan sharks at all costs and consider other options if you need to borrow money. Credit unions offer ethical savings and loans to local communities. Find a credit union near you – www.creditu.co.uk
3. To lend money lawfully you must be authorised by the Financial Conduct Authority (FCA). You can search the FCA Financial Services register to check if the lender is legal at register.fca.org.uk. If you have already borrowed money from someone who isn’t FCA authorised, you haven’t broken the law, they have.
If you have been the victim of a loan shark, contact the Illegal Money Lending Team in confidence on 0300 555 2222 or report online at www.stoploansharks.co.uk
More News From Amber Valley Info
| MG Event In Ambergate This Saturday July 5th This Saturday July 5th sees the Great British Car Journey at Derwent Works, Ambergate, DE56 2HE, welcome a host of models from the MG read more | |
| DLRAA & Rainbows Receives Donations From Joanne Flint & Family 2025 On Saturday 28th June 2025, Joanne Flint donated £580.50 to Derbyshire, Leicestershire & Rutland Air Ambula read more | |
| 459 e-scooters seized to date as action continues Derbyshire Constabulary has seized a further 33 e-scooters during the month of May as part of an ongoing crackdown on illegal use a read more | |
| Twenty Years after first qualifying, amateur rider to realise Horse of the Year dream An amateur rider from Alfreton, Derbyshire, Jane Hemmings has qualified for the prestigious Hor read more | |
| WOMBLE MANIA - The Exhibition - Exclusively at The Heights of Abraham The Wombles are back and are stars of the show this summer at Derbyshire's family-friendly visitor attraction, read more | |
The Amber Valley Info Noticeboard
| When you need to call 999 but can't talk When you need to call 999 but can't talk - the ‘silent solution’ can help. Press 55 on your mobile when prompted, to confirm you are in read more | |
| The opening night of the Lights of Abraham Winter Lights Trail The brand new winter lights trail, the 'Lights of Abraham' opened on Friday 22nd November at the Heights of Abraham in read more | |
| Can You Help DREAM Paranormal With Their Research My name is Simon Dean, Lead Investigator of DREAM paranormal and I am looking for your help. read more | |
| Cold Callers claiming to be working on behalf of Derbyshire County Council Policehave seen and increase in reports of 'cold callers' where people are claiming to be working on behal read more | |
| Subscriptions For Amber Valley Borough Councils 2024 Garden Waste Service Are Now Open The garden waste collection service is available to all residents in Amber Valley except for r read more | |
