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Director of Housing at Wolverhampton Homes, Mark Henderson with Sid the Shark.
Tenants of Wolverhampton Homes are being urged to avoid rip-off loan sharks and brush up on their financial skills.
Wolverhampton Homes has joined forces with the Central England Trading Standards illegal money lending team to highlight an issue faced by many Wolverhampton residents.
More than 165,000 households in the UK are affected by loan sharks, with many victims frightened to speak out. They prey on some of the most vulnerable members of society using tactics such as violence and intimidation to reclaim their illegal loans, which can carry extortionate interest rates.
The Money Smart Team from Wolverhampton Homes have been out and about warning customers of the dangers of using loan sharks and advising on prudent ways to borrow money, such as credit unions. They were joined by Sid the Shark, the Money Smart Team mascot.
They will be continuing their work in the community and for the first week of the month from September, they will be available at the One Stop Shops on: Mondays at Bilston, Tuesdays at Heath Town, Wednesdays at Merry Hill, Thursdays at Wednesfield and Fridays at Low Hill until the end of the year.
Mark Henderson, Director of Housing at Wolverhampton Homes, said: “Loan sharks and their rip-off interest rates are a menace and prey on some of the most vulnerable people in society. We urge our customers to say no to loan sharks and if they do need to borrow money, use official and affordable sources such as Wolf Savings and Loans.
“Debt can cause enormous anxiety but it is important to understand the different types of lending and the inherent risks and benefits.”
Nationally, the Stop Loan Sharks project has so far helped more than 11,500 victims, written off more than £25million of illegal debt, seized and confiscated more than £2.5million and secured more than 60 years in prison sentences for illegal lending and related criminal offences.
For money advice, tenants can call Wolverhampton Homes on 01902 556789 and ask for the Money Smart Team.
To report a loan shark:
Call the 24/7 confidential hotline 0300 555 2222
Text ‘loan shark + your message’ to 60003
E-mail reportaloanshark@stoploansharks.gov.uk
Visit www.direct.gov.uk/stoploansharks
