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Loan sharks in Leeds are being targeted as part of a campaign organised by the England Illegal Money Lending Team working in partnership East North East Homes, West Yorkshire Trading Standards, Leeds City Council, West Yorkshire Police, and other local agencies to raise awareness of the dangers of borrowing from unlicensed money lenders. Representatives from each of the agencies came together to visit residents at 800 East North East properties, throughout the Seacroft area of Leeds, offering information and advice.
An estimated 310,000 households nationally are borrowing from loan sharks. Many of these lenders trap borrowers into a spiral of debt with exorbitant rates of interest and extra charges. When borrowers are unable to pay many loan sharks will resort to extreme methods such as intimidation, threats and violence.
Loan sharks usually operate by word of mouth, very few advertise and most people fall victim after the loan shark was recommended to them by a friend. The Team have also worked with Leeds Barwatch and West Yorkshire Police to encourage staff and customers in local pubs and bars to be alert.
The Team hosted a presentation for the Barwatch, which explained how illegal lenders operate and what help is available for those who fall victim. 5000 beer mats with the Teams contact details to report a loan shark, are being distributed throughout the city.
The campaign forms part of the England Illegal Money Lending Team’s ongoing work with partners to raise awareness and tackle the issue in Leeds.
Councillor Keith Wakefield, leader of Leeds City Council said “This campaign will hopefully offer the people of Leeds some solid advice about Loan Sharks who are operating in the city, how to deal with them and what to do if you have been caught out. I would urge anyone who has any questions or concerns to ring the confidential hotline.”
Angelena Fixter, chair of ENEHL Board, said: “The current financial climate has caused some of our residents to struggle to make-ends-meet especially if they’ve lost their job or have debts like rent or council tax. Loan sharks prey on vulnerable people, sometimes enforcing the debts through fear and intimidation that ruins lives. We’re delighted to fully support raising awareness and sharing intelligence to protect our communities from loan sharks and drive them out of business.”
Local Neighbourhood Policing Inspector Steve Emmett said: “Loan sharks can make people’s lives a misery through a combination of fear and intimidation.Times are difficult enough for people at the moment without unscrupulous individuals attempting to take advantage of those struggling financially. We support the work of the Illegal Money Lending Team and take a zero tolerance approach to anyone involved in this type of despicable activity.”
Tony Quigley Head of the Illegal Money Lending Team said “Illegal money lenders are a scourge on our communities. These criminals are motivated by greed and will often use the worst kinds of bully tactics, to force people to pay back over the odds. However there is help available for anyone who is the victim of an illegal money lender and we would urge you to call us in confidence on 0300 555 2222. Calls are answered by a trained investigator 24/7”
Nationally the Stop Loan Shark Project has secured over 190 prosecutions for illegal money lending and related activity, leading to 117 years worth of custodial sentences. They have written off almost £40 million worth of illegal debt and helped over 16,000 victims.
To report a loan shark: