We are pleased to announce our Money Advice service has partnered with the Illegal Money Lending Team for their Stop Loan Sharks initiative, and we now are an official Stop Loan Sharks Access Point.
This means our team is now fully trained, and able to offer support to anyone who has been affected by illegal money lending or loan sharks. If you’re a victim of a loan sharks or need support around illegal money lending you can visit any of our locations or drop-in services, and we will help you make the call to get your life back on track.
If you need a private space, access to a phone/computer, or just someone to speak to about your situation we are here for you.
We also want to reassure people affected by loan sharks, you are not in any trouble if you have used their services, you are a victim, and we are here to support you.
What is a Loan Shark?
The definition of a loan shark is an unlicensed money lender who operates outside the law. A loan shark would typically target vulnerable people who are already facing financial difficulties. They often will charge high interest rates on loans, with no paperwork or clear terms, and may resort to threats, violence, or intimidation to force repayments. Something that then leaves victims in a cycle of debt and fear, with no clear way out.
Who are the Illegal Money Lending Team?
The England Illegal Money Lending Team (IMLT) in their own words were set up in 2004. Initially created as a pilot scheme in Birmingham to investigate loan sharks, it had such an impact on illegal money lending it received further government funding.
Today the England IMLT investigates and prosecutes illegal money lenders across the country while supporting those who have borrowed from a loan shark. There are similar Illegal Money Lending Teams that cover Scotland and Wales.
How can you access support?
If you need support regarding loan sharks, illegal money lending, or any other financial issues please contact our Money Advice service. You can visit us at either Mitchell House and Advice House, any of our locations across Staffordshire North, and finally any of our drop-in services. To contact us via telephone please call 01782 408625, lines are open Monday to Friday, 9am to 5pm and are closed on bank holidays. Calls from mobiles and landlines are free.
You can email us at moneyadvice@casns.org.uk and also visit our website https://www.casns.org.uk/get-support/money-advice/.
In addition to this you can speak to the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.