The England Illegal Money Lending Team social media campaign to promote the Stop Loan Sharks message will run until Christmas, to help protect householders and others from the hazards of borrowing money from loan sharks.
Darlington Council is working with The England Illegal Money Lending Team (IMLT) to roll out the campaign across Darlington, with support from other partner organisations.
The aim is to ensure that everyone knows what a loan shark is and –
more importantly – how to avoid or report one.
A loan shark is someone who lends money without the correct permission from the Financial Conduct Authority. Loan sharks may initially appear friendly, but they will often use violence and intimidation causing borrowers endless misery, says the council.
An estimated 310,000 households have borrowed from a loan shark this year and the Stop Loan Sharks campaign aims to make sure that awareness of how to avoid loan sharks is rolled out nationwide.
Loan sharks rarely offer paperwork, keeping their borrowers “in the dark” and will often refuse to tell the borrower how much they owe, how much longer they have to pay and how much interest they are paying on top.
In some cases, interest payments on loans have been as high as 131,000% APR.
The IMLT says it will investigate and prosecute loan sharks for illegal money lending and any offences linked to this.
The campaign is using the hash tag #standuptoloansharks on its Twitter account and also has a Facebook profile.
Head of the IMLT, Tony Quigley, says:
“Why use social media? The majority of families who own computers, mobile phones or tablets have social media accounts – for example, 24 million Britons log on to Facebook every day to catch up with news and pass advice on to friends, family and work colleagues.
“Often, victims contact the IMLT on the advice of a friend or relative – social media is fast and efficient, so the Stop Loan Sharks message will definitely get to someone that needs it.
“By working with partner organisations and community members with a social conscience, the Stop Loan Sharks message can be sent out to many people with the ease of looking up today’s weather.
“We want to let those borrowing from loan sharks, especially in the run up to Christmas, know that there is help available.”
Darlington Borough Council’s Cabinet Member for Economy, Councillor Chris McEwan, said:
“No matter how much you may be struggling financially, loan sharks are not the answer this Christmas.
“These criminals should always be avoided at all costs – and we’re delighted to be supporting this campaign to help get that message across.
“A loan shark could easily ruin your Christmas and you could be subjected to years or harassment, paying back your loan several times over. And there are other options – we’d recommend a credit union such as Darlington Credit Union, as a safe and legal alternative.”
Duncan Lewis Housing Solicitors – Debt Management for Homeowners
Duncan Lewis housing solicitors can advise those at risk of losing their home on mortgage repossession and debt management strategies, such as individual voluntary arrangements (IVAs) and re-mortgaging a property.
There are Duncan Lewis offices nationwide – and in cases where a homeowner has already become homeless, Duncan Lewis can advise on council’s obligations to re-house.
For expert legal advice on debt management for homeowners, call Duncan Lewis housing solicitors on 0333 772 0409.