Biting back against loan sharks in Brierley Hill

Stop Loan Sharks is holding a series of events from Tuesday, May 27, to Friday, May 30 to raise awareness about the dangers of illegal 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), a national team hosted by Birmingham City Council that is dedicated to investigating and prosecuting loan sharks and supporting borrowers.

It is working together with West Midlands Police, Dudley Council, Citizens Advice, Asda, Savills (which manages the Merry Hill Centre), Dudley Building Society and Greenwich Leisure Limited (a social enterprise which runs the library), to organise the week’s activities.

Dave Benbow, head of the IMLT, said: “Many illegal lenders are well known in communities and introduced to borrowers through friends or family. This Bite Back event is a way of us reaching people in the local area that may be vulnerable to the approaches of illegal lenders.

“These lenders may appear to be a friend at first, offering a favour. We know many people don’t realise they have borrowed from an illegal lender until it’s too late and they find themselves 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.”

Councillor Andrea Goddard, cabinet member responsible for adult public health at Dudley Council, added: “We are pleased to be playing our part in this important initiative, which is designed to raise awareness of the dangers of illegal lenders. 

“We want to do our part to keep families in Dudley borough informed on how to stay safe from loan sharks, who prey on vulnerable people and take advantage of those in need. I would encourage anyone with concerns to join us at the events taking place this month, which will highlight how people can get help and how to borrow money safely.”

The Stop Loan Sharks team, together with mascot Sid the Shark, will be at the following locations during the Bite Back event:

• Tuesday, May 27, from 12.30pm – 1.30pm at Brierley Hill Family Hub and then from 2pm – 3.30pm at Asda Brierley Hill.

• Wednesday, May 28, 11am – 12.30pm, Brierley Hill Library, High Street.

• Thursday, May 29, 10am – noon Merry Hill Shopping Centre. 

• Friday, May 30, 11am –1pm Brierley Hill Market Hall.

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. 

The 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

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

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.