Stop Loan Sharks
If money is tight....please don’t be tempted to use a loan shark
People in the Isle of Wight are coming together to say ‘no’ to loan sharks.
The Trading Standards South East illegal money lending team and Isle of Wight Council are joining forces to tackle the scourge of loan sharks. The specialist team has been authorised to operate in the area and will investigate and prosecute loan sharks for illegal lending and related criminal activity, in partnership with Isle of Wight Council.
The government-funded team will work closely with partners such as credit unions, housing associations, the health sector and voluntary groups to raise awareness of the dangers of loan sharks and how to spot the warning signs. They will work closely with victims to help them understand and regain control of their finances and support witnesses through court cases.
While there is no evidence to suggest that there is a problem with loan sharks on the island, the team will be ready to investigate any allegations and if there is an issue, they can take action with support from the council’s Trading Standards Service.
People often start by borrowing a small amount but have to pay excessive interest rates and end up paying back far more than they imagined. In fact, they are often not aware of how much they pay as loan sharks rarely provide paperwork or repayment plans or explain what interest rates they are charging.
It is also unfortunate that loan sharks have been known to resort to violence and intimidation to get back what they think they are owed. Having the illegal money lending team available to investigate allegations on the island will act as a deterrent to any loan sharks while also providing reassurances to the local community.
The team will be asking people to stop and think:
The Trading Standards South East illegal money lending team and Isle of Wight Council are joining forces to tackle the scourge of loan sharks. The specialist team has been authorised to operate in the area and will investigate and prosecute loan sharks for illegal lending and related criminal activity, in partnership with Isle of Wight Council.
The government-funded team will work closely with partners such as credit unions, housing associations, the health sector and voluntary groups to raise awareness of the dangers of loan sharks and how to spot the warning signs. They will work closely with victims to help them understand and regain control of their finances and support witnesses through court cases.
While there is no evidence to suggest that there is a problem with loan sharks on the island, the team will be ready to investigate any allegations and if there is an issue, they can take action with support from the council’s Trading Standards Service.
People often start by borrowing a small amount but have to pay excessive interest rates and end up paying back far more than they imagined. In fact, they are often not aware of how much they pay as loan sharks rarely provide paperwork or repayment plans or explain what interest rates they are charging.
It is also unfortunate that loan sharks have been known to resort to violence and intimidation to get back what they think they are owed. Having the illegal money lending team available to investigate allegations on the island will act as a deterrent to any loan sharks while also providing reassurances to the local community.
The team will be asking people to stop and think:
- Have you, or anyone you know, been offered a cash loan?
- Have you been threatened when you couldn’t pay?
- Has your benefit card been taken from you?
- Does what you owe keep growing even though you are making payments?
- Do you know the total amount owed, the APR or how to cancel?
Nationally, the Stop Loan Sharks project has so far helped more than 11,500 victims, written off more than £31million of illegal debt, secured more than 60 years of prison sentences and is pursuing over £10million of criminal assets through the courts.
We want to reassure residents that support is available.
For confidential help and advice call: 0300 555 2222
Email: [email protected]
Text: “loan shark” and your message to 60003
We can provide advice as soon as you call and remember, you will not get into trouble with the authorities – it is the loan shark that is breaking the law!
Page last updated on: 24/05/2012
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