Contact
If you have any questions, please contact Hayley: [email protected]
Stop Loan Sharks Campaign
We have committed to raising awareness of loan sharks and illegal lending.
Anyone can become an unwitting victim of illegal lending, so it’s important to be aware of the signs, know where to report it and how to get help. We’re not stopping there though; we’re going to be sharing alternative, legal and safe routes of borrowing.
What is a loan shark?
A loan shark is a person or group of people who lend money to their victims, often adding unexpected fees and large amounts of interest. This type of lending is illegal if they are not registered with the Financial Conduct Authority- you can check the status of a lender here.
A loan shark can come from any background- the Stop Loan Sharks team have prosecuted nurses, doctors, care managers and even a ‘little old lady’ in her 80s!
What should I look out for?
If you can answer yes to one or more of these questions you, or someone you know might be borrowing from a loan shark:
-Did they offer a cash loan?
-Did they not provide any paperwork?
-Did they add huge amounts of interest or APR to the loan?
-Have they been threatening?
-Have they taken a bank card, benefit card, passport, watch or other valuables?
Don’t suffer in silence, get help
The England Illegal Money Lending Team are the lead organisation in England with the power to prosecute loan sharks and illegal money lenders. Since 2004, they have helped over 30,000 people who have borrowed from a loan shark. You can report an illegal lender on their website or you can phone them on 0300 555 2222.
What happens when I report a loan shark?
The Stop Loan Sharks team will be with you at every step of the way. The investigators work alongside the Liaise Officers and they will give you one to one support if needed. This might be help with housing or debt issues, referrals for health problems or even advice borrowing money safely.
After you make a report, the investigators will take the information you provide and will start to gather a case against the illegal lender.
Legal lenders & money advice
Boom! Is the credit union for people in West Sussex.
They offer loans to people who may be unable to access loans from high street lenders, and could be at risk of turning to an illegal lender.
Their values include:
- Be fair – make high quality financial services available at a fair cost
- Include people – everyone who wants to manage their money responsibly should have access to fair financial services
- Show respect – everyone deserves to be treated politely and with respect
- Give people a say – people should have a say in the services they use
- Act responsibly – always act in the best interests of our members, protecting their savings and lending responsibly
MoneyHelper joins up money and pensions guidance to make it quicker and easier to find the right help.
Money helper is made up of three government-backed financial guidance providers:
-The Money Advice Service
-The Pensions Advisory Service
-Pension Wise.
Their website provides free and impartial help with your money, including in depth guides to help improve finances, tool and calculators to keep track and plan ahead, and support over the phone and online.
Visit the website here
Support from the Care Workers Charity
We’re here to support those working in the care sector and offer a range of types of support in the form of grants and support. Our grants are not required to be paid back.
If you’re working in social care then please see if we can offer you a helping hand and if you’re a manager in social care then please pass this onto your staff.
The Care Workers Charity offers different types of grants:
-Covid 19 grants
-Crisis grants
-Mental Wellbeing and Health grants
The Citizens Advice service can support you, provide help and advice and signpost you to organisations who can help if you’re struggling with money.
Visit the website for help with:
-Paying for daily essentials
-Paying your rent
-Checking you’re getting the benefits you’re entitled to
-Getting benefits paid early
-Next steps