National Stop Loan Sharks award for Staffordshire housing charity

EPIC, based in Bentilee, Stoke-on-Trent, has become an official accredited partner to the England Illegal Money Lending Team (IMLT), known as Stop Loan Sharks.

The IMLT is a national organisation, dedicated to investigating and prosecuting loan sharks and supporting borrowers. The partner accreditation is in recognition of the work being done by staff at EPIC to support the IMLT’s work and raise awareness of the dangers of loan sharks in the North Staffordshire area.

Mark Bourne, customer service team leader at EPIC, which owns around 1,400 homes across North Staffordshire, said: “EPIC is delighted to partner with the Illegal Money Lending Team and promote the work of Stop Loan Sharks to tenants and the wider communities.

“We already do a lot of work with tenants to help those in financial difficulties, and we promote a local Moneyline scheme to help access to loans through legitimate means where these are needed. We’ve helped over 100 tenants with direct support over the past year, including food and energy vouchers, and work alongside those in need to source the advice and support that can help them the most.

“Many tenants’ homes are in areas that are targets for loan sharks and we recognise the impact that borrowing from an illegal lender can have, so we are delighted to join up with the IMLT to give our staff a better understanding of the signs that someone may be borrowing from a loan shark, and equip them with the knowledge of what help and support is available.

“We have plans to do much more collaboration with the IMLT and other partners in the future to help keep communities safe from the dangers of loan sharks.”

Dave Benbow, head of the IMLT, said: “We are delighted to have EPIC on board as our newest partner agency. The staff there have undergone specialist IMLT training to help them spot the signs that someone might be in debt to an illegal lender, even if they sometimes don’t realise it themselves.

“As a national team, partners like EPIC act as our eyes and ears in local communities like this where illegal lenders can be found lurking, ready to target the most vulnerable. We are so grateful for everything they do to help tackle this issue. Congratulations to everyone at EPIC and welcome aboard!”

Loan sharks are people who lend money without the necessary authorisation from the Financial Conduct Authority. They do not follow the rules, such as completing affordability checks - meaning they are lending to people who cannot pay them back. They may impose very high interest or add extra charges and can resort to threats, intimidation and even violence if repayments are not made.

Borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay. This causes huge amounts of stress and can impact their other finances – leaving them unable to pay rent or other priority bills.

Since it was set up in 2004, the IMLT has made hundreds of arrests and secured 427 successful prosecutions, with illegal lenders locked up for more than 609 years. More than £91.6 million in illegal debt has been written off, and around 32,500 borrowers have been supported.

To find out more about the IMLT’s partner recognition scheme, visit stoploansharks.co.uk

Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online at stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.