Help turn the tide on loan sharks

Published by Riverside for Riverside in Housing and also in Communities

Riverside is inviting Northumberland residents to help their neighbours avoid being bitten by loan sharks as part of an initiative from the England Illegal Money Lending Team.

The social landlord has arranged for the England Illegal Money Lending Team to deliver a Community Stop Loan Sharks Advocate course on Thursday 24 November at Blyth Community Enterprise Centre at 1.30pm.

The free sessions aim to:

• describe the tell-tale signs of loan shark activity;
• understand what loan sharking looks like inEngland;
• identify the need of victims and why they use loan sharks; and
• develop an action plan for the community.

With an estimated 310,000 households nationally borrowing from illegal money lenders, the advocates from Riverside will support the work of the England Illegal Money Lending Team in the community, assisting potential victims to access help and support.

Illegal money lenders operate without a licence and often prey on vulnerable members of communities, charging exorbitant rates of interest and resorting to extreme methods to reclaim their monies. The Illegal Money Lending Team investigates and prosecutes for illegal money lending and any related activity.

Riverside’s Head of Performance and Community Engagement Julie Riseborough said: “Over half of social housing tenants don’t use mainstream credit, either because they don’t have access to a bank account or have a bad credit rating, so feel they have no choice but to resort to illegal money lenders. These lenders are often viewed by those that use them as a necessary evil but they are criminals and there is an alternative.

“In a bid to combat financial exclusion, we are signposting people towards help and support so if people do resort to lending it’s a low interest loan with manageable repayment plans.”

Tony Quigley, Head of the England Illegal Money Lending Team, said: “Illegal money lenders have a hugely detrimental impact on our communities, leaving people living in misery and fear. Our work with Community Advocates is vitally important in raising awareness of the dangers of illegal money lenders within communities and bringing illegal money lenders to light. We hope this initiative will support local people in taking control of what happens within their community. Illegal money lending is not a community service, these criminals rip off those who can least afford it.”

To book your place call Julie Riseborough on 0845 111 0000 or email julie.riseborough@riverside.org.uk.

Riverside also supports the Brian Shields Trust set up by one of its tenants in memory of her son who hanged himself in the face of crippling loan shark debts in 2005.

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
Log-on to www.direct.gov.uk/stoploansharks

Find us on Facebook www.facebook.com/stoploansharksproject