Vulnerable people are being forced to turn to loan sharks amid cost of living crisis

It comes as figures show that one in 10 operations launched by the Illegal Money Lending Team England is taking place in the West Midlands.

Soaring energy, food and fuel prices have forced 1.2 million adults in the UK to turn to unscrupulous loan sharks in the last 12 months.

According to research completed by the Vulnerability Registration Service, the picture is twice as bad for the most vulnerable in society, with 630,000 vulnerable people having used loan sharks in the last year.

West Midlands Assistant Police and Crime Commissioner, Tom McNeil has urged West Midlands Police to be extra vigilant in rooting out exploiters and is working with credit unions and responsible lenders to ensure people who need help with their finances know where to look.

He said: “As the cost of living spirals further and further out of control I’ve been deeply concerned about loan sharks increasingly taking advantage of people who are desperate.

"Illegal lenders and loan sharks who prey on vulnerable people should be ashamed of their disgusting practices."

Figures show that the West Midlands makes up 11 per cent of all operations launched by the Illegal Money Lending Team England in the last six years, ranking behind only the North West and Yorkshire.

Mr McNeil added: "I’ve already issued warnings that there could be a rise in loan sharks and I’ve called on West Midlands Police to be extra vigilant in rooting out these exploiters.

"I am also taking decisive action with partners, such as credit unions and responsible lenders, to ensure people who need help with finance know where to look and how to avoid often violent offenders looking to target people who have fallen on hard times."

Over in Staffordshire, six operations have been launched by the Illegal Money Lending Team England since 2015, ranking 11th countrywide.

Detective Inspector Kerry Skingle, force lead for fraud at Staffordshire Police, believes the number of these scams is likely to grow in the region as people continue to struggle.

She said: "We know that these are challenging times for a lot of people at the moment and with the winter months approaching, it’s likely to become more difficult amid the expected cost of living crisis.

"People are continuing to look for ways to financially make ends meet and as a result, this type of ‘scam’ is likely to grow.

"But if you are approached by a loan shark or offered something that seems too good to be true, it’s important to know that it probably is.

"To lend money lawfully, you have to be authorised by the Financial Conduct Authority (FCA) which provides a certified framework that lenders have to adhere to.

"So-called ‘Loan Sharks’ often charge very high rates of interest and sometimes take other illegal action to collect money owed.

"It may seem like a short-term fix but can often lead to long-term issues.

"I would say to anyone, before agreeing to anything – stop, challenge and protect yourself – from possible fraudsters and avoid loan sharks at all costs."

For anyone affected by loan sharks, confidential advice and support is available from the Illegal Money Lending Team Helpline on 0300 555 2222 or at stoploansharks.co.uk.