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Bradford Council and the Yorkshire and Humber Trading Standards Illegal Money Lending Team are calling on residents to come forward and report loan sharks.
The Council is working with the specialist team as part of the Stop Loan Sharks project which investigates and prosecutes loan sharks for illegal money lending and related criminal activity.
Nationally, Stop Loan Sharks has so far helped more than 11,500 victims, written off more than £31million of illegal debt and secured 57 years in prison sentences.
Cllr Dale Smith, Deputy Leader of Bradford Council said “We have been cracking down on illegal loans but we need help from residents. These are tough times for some people but turning to illegal money lenders only makes things worse. We encourage anyone who is looking for credit to get in touch with their local credit union. If you have been targeted by loan sharks or have witnessed them operating, call the 24/7 confidential hotline on 0300 555 2222.”
Graham Hebblethwaite from Trading Standards said “Unfortunately loan sharks can be seen as a community service by people who think they have no alternative. This is not the case. Loan sharks prey on vulnerable people, trapping them in a spiral of debt by charging extortionate interest rates and adding harsh penalties for late payments. And there are alternatives – the team’s financial inclusion partnership officers’ work with local organisations such as credit unions, advice centres and housing associations to help people access proper financial advice and services.”
Former victim Derek (not his real name) said of his 14 years in the clutches of a loan shark: “If I couldn’t afford a payment because the children needed clothes or I had to pay the mortgage, he would double the payment for the following week. Borrowing money was an easy option. If you asked him for money he would be back in half an hour with a grand in his hand. When you are in that situation you can’t see another way out so you just do it. If it wasn’t for the illegal money lending team I would still be paying him back.”
Loan sharks are unlicensed money lenders who prey on vulnerable residents by offering illegal loans at extremely high interest rates.
Loan sharks tend not to provide paperwork and often use threats and violence when repayments are missed.
They sometimes take bank cards as security and can be involved in other criminal activities such as gun and knife crime, counterfeiting and drug dealing.
To report a loan shark:
Call the 24/7 confidential hotline 0300 555 2222
Text ‘loan shark + your message’ to 60003
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