On the hunt for loan sharks

Loan Shark Poster

A week of action tackling illegal money lending has begun.

Greater Manchester Police, working with local councils, the England Illegal Money Lending Team and a number of support agencies such as the Department for Work and Pensions, hopes to raise awareness of the dangers of loan sharks, encourage people to turn away from them, and to report the crime if they have been a victim.

An estimated 310,000 households across the country are in debt to a loan shark, and with Christmas approaching there are fears more people will be targeted - 20% of victims in previous cases took out a loan to pay for Christmas.

Paperwork is rarely offered so victims often have no idea how much they are repaying. Exorbitant extra amounts and interest are added randomly, and in some cases the loan sharks have been known to take items as ‘security’ - including passports, driving licences or even bank cards with the PIN in order to withdraw cash directly from borrower’s accounts.

During the week of activity, police and representatives from a variety of organisations will visit schools and community centres, as well as holding special educational events across the region to raise awareness of loan sharks, and provide people with real alternatives and assistance if they are struggling financially. In addition, enforcement against offenders will take place. The week is a national initiative supporting the Illegal Money Lending team.

Detective Chief Superintendent Russ Jackson said: "As Christmas approaches and the winter months bring increased energy bills, many families may struggle to make ends meet. They may feel they have nowhere to turn, which is when the loan sharks usually begin to circle.

“Loan sharks usually appear helpful at first, but they quickly trap their borrowers into spiralling debt. As the debts can’t be legally enforced and claimed back through the courts, many lenders will resort to the most extreme tactics to enforce repayment including threats, violence and intimidation.

"These people create fear and anxiety, and exploit vulnerable people with their savage debt collecting system. They often play a key role in funding organised crime groups and that is why we are working with partners to find them, and stop them.

"By taking these lenders off the streets we are effectively removing the funds they have to fund other criminality or illegal possessions such as firearms or drugs. I want communities to know that they do not have to live in fear – speak out and we will act immediately on any information received."

Tony Quigley, the head of the illegal money lending team said:

"We are pleased to be working with GMP on this week of action to ensure that people don't fall prey to loan sharks in the run up to Christmas. Anyone who has borrowed from a loan shark can call 0300 555 2222 so we can tell them about the support that is available"

Nationally, Illegal Money Lending Teams have secured over 332 prosecutions for illegal money lending and related activity, leading to 212 years-worth of custodial sentences. They have written off almost £62 million worth of illegal debt and helped over 26,150 victims so far.

The following public engagement event has been arranged:

Friday 4 December

Rochdale awareness day.
PCSOs and 'Brenda the Lender' shark to patrol key locations across the borough giving out information and speaking to residents.