The Public Protection Partnership are urging people across Bracknell Forest, West Berkshire and Wokingham to ‘shop a shark’ by reporting postcards advertising loans in a new national campaign to crack down on illegal lenders.
Anyone who spots this type of postcard in a shop window or on a community noticeboard is being asked to report it to the England Illegal Money Lending Team (IMLT) to investigate. The Public Protection Partnership works closely with our colleagues in the IMLT.
If the person behind the ad is found to be offering a lending service but is not registered with the Financial Conduct Authority (FCA), action will be taken.
A person who lends money and charges interest without authorisation from the FCA is acting illegally. They are not bound by rules that protect borrowers and can charge whatever interest they choose. Sometimes they use threats, intimidation and violence to make sure repayments are made and can make life a misery for vulnerable borrowers, trapping them in a cycle of debt.
The IMLT, also known as Stop Loan Sharks, is a national organisation dedicated to investigating and prosecuting loan sharks and supporting borrowers.
Dave Benbow, head of the IMLT, said: “Illegal lenders will often pretend to be a friendly face at first, offering a favour to someone who needs to borrow money, often a small amount, at short notice.”
“On the surface, these postcard ads might appear to be someone offering a service to the local community but in reality the person behind the ad may be a vicious predator, targeting the most vulnerable people in that community.”
“Sometimes people need to borrow a small amount at short notice to meet everyday costs or unexpected expenses. If they can’t access credit through mainstream channels like banks, they may feel their options are limited and this is where illegal lenders can strike.”
“A small ad in a shop window can be used as a way to reach those people, but with this new campaign, we are hoping it’s also a way that we can root out some of the illegal lenders who cause so much misery at the heart of communities.”
Dave added: “We want to reassure retailers in these cases that they have done nothing wrong, and we would be hugely grateful for their support in reporting these cards. By working together, we can all help to make our communities that little bit safer.”
If anyone spots a suspicious ad, there is a new reporting form on the IMLT website where people can send details of an ad, anonymously if preferred.
Retailers may also be asked to remove any suspicious cards and replace them with a card giving the contact details for Stop Loan Sharks as well as details of how to find a local credit union, which offer a safe way of borrowing and an alternative to mainstream lenders.
The IMLT was set up 20 years ago and since then has supported over 31,700 people, written off over £91.3 million worth of illegal debt and secured over 420 prosecutions for illegal money lending, leading to more than 600 years in jail.
The team can be contacted by calling the 24/7 confidential hotline 0300 555 2222 or joining the live chat which is available on the website www.stoploansharks.co.uk from Monday to Friday 9am to 5pm.
To report a suspicious ad, go to http://www.stoploansharks.co.uk/report-a-loan-shark-advert
To find a credit union go to findyourcreditunion.co.uk
