Sandwell families warned about loan sharks
Sandwell families are being urged to avoid loan sharks this summer, with a special week of action planned this week.
The England Illegal Money Lending Team (IMLT) is organising a Bite Back Week this week, in partnership with Sandwell Council and West Midlands Police.
A team from the IMLT – also known as Stop Loan Sharks – will be out and about across the borough during the week offering advice and information about the dangers of loan sharks and where to borrow safely.
On Tuesday, August 6, they will be at Tesco Extra in New Square, West Bromwich, from 11am to 1pm, then at Wednesbury Bus Station from 2pm to 3pm.
On Wednesday, August 7, they will be at Dartmouth Park, West Bromwich from 11am to 1pm and then at Sandwell Council House in Freeth Street, Oldbury, from 1.30pm to 3pm.
On Thursday, August 8, they will be at the entertainment area between Kings Square and Queens Square, West Bromwich from 10.30am to 12.30pm and from 1.15pm to 3.30pm at Victoria Park in Suffrage Street, Smethwick.
The team will be easy to spot as the IMLT mascot Sid the Shark will be in attendance, ready to pose for selfies.
Dave Benbow, head of the IMLT, said: “Many illegal money lenders are well known in local communities and will insist they are the only option if people need to borrow but can’t access credit through mainstream banks for any reason.
“We want to reach people within these communities to let them know that there are other options and help and support is available.
“If anyone wants more information about how to borrow safely or needs advice about an illegal lender that they may have come into contact with, come along and speak to the team, or get in touch with us in confidence.”
Councillor Paul Moore, Sandwell Council’s deputy leader, added: “In this cost of living crisis, we know that times are hard and budgets are stretched, so people may be tempted to take what looks like an easy way to access money, but loan sharks are never the answer.
“If you are facing financial difficulties or have been affected by loan sharks, please don’t feel embarrassed or suffer in silence, there is lots of support available for you.”
Many illegal money lenders are introduced to borrowers through friends or family and can appear to be a friend at first, offering a quick-fix loan. But they are not regulated and can go on to charge huge amounts of interest and even use threats, intimidation and violence if repayments are not made.
Last week a 38-year-old man was arrested in Sandwell on suspicion of illegal money lending. A warrant was executed by the IMLT, in partnership with West Midlands Police, at a house in the Rowley Regis area. He has been released on bail pending further inquiries.
Credit Unions and CDFIs are organisations that can offer safe ways of borrowing and are an alternative to mainstream lenders.
Sandwell Council’s Supporting Sandwell information hub – sandwell.gov.uk/supportingsandwell – has a wide range of advice and support for people who may have money worries.
Sandwell Council’s Welfare Rights Team gives free, independent and impartial advice and support on all welfare benefits – visit www.sandwell.gov.uk/welfarerights or call 0121 569 3158.
This year is the 20th anniversary of the IMLT. Since its launch, it has supported over 31,700 people and written off over £91.3 million worth of illegal debt, securing over 420 prosecutions for illegal money lending, leading to more than 600 years in jail.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online at stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
By Sally-Anne Youll - Contributor
