Campaign launched to crack down on loan sharks in Cannock Chase
A week-long campaign has been launched to crack down on loan sharks.
The England Illegal Money Lending Team (IMLT) is working in partnership with Cannock Chase District Council and Staffordshire Police to launch the Bite Back campaign.
The campaign, running until Friday, aims to warn residents about the dangers of borrowing from illegal money lenders. The purpose of Bite Back week is to steer people away from using the illegitimate services of a loan shark and instead, point them in the direction of their local credit union as a safe alternative when borrowing money.
Work will include a targeted leaflet drop and pubs distributing beer meats with information on.
Councillor Carl Bennett, the crime and partnerships lead at Cannock Chase Council, said: "We are pleased to support ‘Bite Back’ week to raise awareness of the dangers of borrowing from illegal money lenders.
“Illegal money lending is a despicable crime and lenders often take advantage of the most vulnerable in our communities. The rate of interest that has to be paid causes extreme hardship to the borrowers and I’m advising people not to go down this road.
“Residents who find themselves in difficult financial situations are encouraged not to use loan sharks, but to seek help and support through the right channels. Advice and support is available from Fusion Credit Union, visit www.fusioncreditunion.co.uk”
A loan shark is defined as someone who lends money without proper authorisation from the Financial Conduct Authority.
The IMLT say loan sharks often "target low-income and desperate families, preying on struggling individuals and exploiting them for personal financial gain."
Tony Quigley, head of service for the England Illegal Money Lending Team, said: “Illegal money lending is an appalling crime that is happening amongst many of our local communities. We are pleased to be working with Cannock Chase District Council and Staffordshire Police to launch a week of action to educate residents on the risks of getting involved with a loan shark. The help and support services of the IMLT will be made highly visible next week, with informational leaflets being posted through doors and beer mats appearing in local pubs within the district.
“If you or someone you know has been the victim of a loan shark, we urge you to get in touch with the IMLT on 0300 555 2222. A trained officer from the team will be on the other end of the phone to take your call 24/7. We will take information either anonymously or in confidence.
“If you are struggling financially with debt, please contact your local Citizens Advice (Staffordshire South West) on 0344 411 1444 – they can help you get your finances back on track.”
