The fight against loan sharks comes to the Black Country this month (SEPT) as Operation Sharknet hits the streets of Sandwell.
The England Illegal Money Lending Team (IMLT) is working with Sandwell Council and West Midlands Police to bring its campaign to the area next week to raise awareness about the dangers of loan sharks and keep residents safe.
The IMLT, known as Stop Loan Sharks, is a national organisation hosted by Birmingham City Council. It was set up over 20 years ago to investigate and prosecute illegal lenders and support borrowers across England.
The visit to Sandwell, which runs from Monday 8 September to Wednesday 10 September, will see the team on hand to offer advice and information to the public on how to spot the signs of a loan shark, what the dangers are and what the safe alternatives are if they need to borrow money.
Dave Benbow, Head of the IMLT, said: “We’re looking forward to our visit to Sandwell and raising awareness about the dangers of illegal lending. Illegal lenders are often well known in local communities. They are unregulated and give loans with no paperwork, adding high charges and interest rates and often resort to threats, intimidation and even violence if repayments are not made.
“Operation Sharknet aims to reach those who may be vulnerable and make sure they know how to spot the signs of an illegal lender and how to get help if they have been targeted.”
Councillor Paul Moore, Deputy Leader of Sandwell and Cabinet Member for Finance and Resources, welcomed the team back to the borough.
He said: “This will be yet another powerful reminder that illegal loan sharks will be stopped. The council will not rest in its responsibility to protect members of the public from fraudulent and illegal activity – and especially when they prey on our most vulnerable.
“This year the council has prevented over £3million in fraud related to housing. So, this is a message for loan sharks. Our specialised teams are watching and ready to act.
“If anyone in Sandwell is facing financial difficulties or have been affected by loan sharks, please don’t feel embarrassed or suffer in silence, there is lots of support available for you.”
On Monday 8 September, the Stop Loan Sharks team, along with mascot Sid the Shark, will be at New Square Shopping Centre in West Bromwich from 2pm to 4pm.
On Tuesday 9 September, they will be at the Windmill Shopping Centre in Cape Hill, Smethwick from 11am to 12.30pm and then at West Bromwich Bus Station and High Street from 1pm to 2.30pm.
On Wednesday 10 September, they will be at ASDA Great Bridge from 11am to 1pm.
Unauthorised lenders do not complete affordability checks on borrowers, often meaning they are lending to people who cannot pay them back. Borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay. This causes huge stress and can impact their other finances, leaving them unable to pay rent or other priority bills.
In the past 20 years, the IMLT has made hundreds of arrests and secured around 430 successful prosecutions, with illegal lenders locked up for more than 612 years. More than £91.6 million in illegal debt has been written off, and around 32,500 borrowers have been supported.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 confidential helpline on 0300 555 2222 or access support online at the Stop Loan Sharks website. Live Chat is available on the website from 9am to 5pm, Monday to Friday.