Posted on Wednesday 18th September 2024
Stock image of a loan shark
Older People in Staffordshire are being reminded of the dangers of using illegal money lenders in a new campaign.
Officers at Staffordshire County Council’s Trading Standards service have teamed up with the Illegal Money Lending Team (IMLT), in a new initiative to raise awareness of the risks of borrowing from illegal lenders, also known as loan sharks.
The campaign follows a 2023 Age UK Report, which found that millions of older people are borrowing money, using credit and are not able to pay bills due to increased cost of living. The research found the number of older people using loan sharks is growing with 237,000 over 55’s borrowing in 2022.
Victoria Wilson, Cabinet Member responsible for Trading Standards at Staffordshire County Council, said:
“Loansharking is a terrible crime that affects many of our communities and we work closely with our partners to tackle it.
“Older people in our community are particularly vulnerable to these crimes and it’s important we do what we can to protect them. In our latest campaign we’re asking people not to use illegal lenders and to get in touch with the team and report incidents, so action can be taken.”
The IMLT statistics show that borrowers can take over two years since first borrowing to report an illegal lender. That can be because they are gripped by debt, fear and shame and in some cases driven to the brink of despair and even suicide.
The team are the only body in England dedicated to investigating and prosecuting illegal lenders and supporting borrowers. Since it launched in 2004, it has prosecuted over 420 illegal lenders, securing jail terms of more than 600 years. The team has supported over 31,500 people and written off over £91.2 million worth of illegal debt.
Anyone who has been affected by illegal money lending should call 0300 555 2222 or visit the Stop Loan Sharks website.