Our staff team in Medway has joined forces with the local Trading Standards office to combat the increasing presence of loan sharks in the area. The campaign hopes to highlight the problem of illegal loans and give people information about ways to avoid getting into difficulties by borrowing money in this way.
An estimated 310,000 households nationally are borrowing from illegal money lenders, more commonly known as loan sharks. These criminals will trap borrowers into a never ending spiral of debt, often resorting to extreme methods such as intimidation, threats and violence to enforce repayment.
We will be working with the Illegal Money Lending Team to stop loan shark activity in the area and frontline staff have already been given some training to help them spot illegal money lenders. For more information from the DirectGov website about loan sharks and how to deal with them click here.
If you are a victim of illegal money lenders you can contact the 24 hour confidential hotline: 0300 555 2222. Alternatively, you can text ‘loan shark + your message’ to 60003.