Anti loan shark squad tells victims ‘seek help’
ANY loan shark victims who fell prey to unscrupulous lenders in Runcorn or Widnes during the festive period have been urged to seek help.
The England Illegal Money Lending Team (IMLT) said January has earned a reputation for being a ‘blue month’ or ‘money hangover’ as shoppers are left stricken by Christmas largesse and splurging large amounts of cash.
An IMLT spokeswoman said this makes the start to the year the time when loan sharks choose to bite and chase victims for the first repayments on a loan.
She said some borrowers might fail to meet the first settlement and receive threats from the lender, as the criminal lender’s true colours start to show.
Help is at hand though, because the IMLT runs a 24-hour hotline all year round and the team’s investigators and support officers can meet victims to build prosecution files to stop loan sharks.
The spokeswoman said information is taken in confidence and the officer on hand will run through the options before taking the report.
Victims who have been bitten over the festive period or who are cur● rently being put through a miserable time because of a loan shark are being urged to contact the IMLT to report what’s happening.
A loan shark is someone who lends cash without the correct authorisation from the Financial Conduct Authority (FCA).
It is a criminal offence and can lead to a two-year prison sentence and £5,000 fine.
Sharks usually start off friendly and are often heard of through word of mouth, such as a friend, colleague, neighbour or someone who is well known in the neighbourhood.
The IMLT listed the following features that probably indicate that a lender is a loan shark: there is no paperwork, there are huge amounts of interest, the lender has made threats, the borrower is scared of others finding out, the lender has taken the borrower’s bank card, passport, watch or other valuables.
Tony Quigley, head of the IMLT, said: “January is a difficult month for some people.
“It can be even more of a glum time for loan shark victims as lenders start chasing them for the first repayment on their Christmas loan.
“We want to reassure victims that they have not broken the law and help and support is available.
“If you or someone you know has been bitten by a loan shark during the festive period, please call us on 0300 555 2222 or visit www.stoploansharks.uk”
The spokeswoman said: “The IMLT will be with you every step of the way from the moment you make the call.
“You will receive oneto-one support; this might be help with housing, debt issues or referrals for health problems.”