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Stop Loan Sharks Week 2015

Published: Tuesday, 1st December 2015

This week is ‘Stop Loan Sharks’ Week!

A loan shark is someone who lends money without the correct permissions. These permissions are granted by the Financial Conduct Authority.  Just to be clear, borrowing from an illegal money lender does not mean that you have broken the law. It's the lender that has done this.

If you, or anyone you know, can answer yes to any of the questions listed below, it's likely you've borrowed from a loan shark:

· Have you been offered a cash loan?

· Taken a cash loan but weren't given any paperwork?

· Have you been threatened when you couldn't pay?

· Has your bank card been taken from you as a security?

· Does what you owe keep growing even though you are making payments?

For anyone impacted by the activities of a loan shark, there is help available. And, the best place to get this help is by contacting - in complete confidence - the Illegal Money Lending Team (IMLT).

Loan sharks rarely, if ever, give any paperwork and if payments are missed they often use intimidation and violence to get money from their 'clients'.

The Illegal Money Lending Team (IMLT) is there to help. If you have any information, however small, on loan shark activities they can help and are waiting to hear from you now.

The IMLT can be contacted (in complete confidence) 24 hours a day, seven days a week:

By telephone: 0300 555 2222

By e-mail: reportaloanshark@stoploansharks.gov.uk

By texting to: loan(space)shark(space) + your message to 60003

On Facebook: https://www.facebook.com/StopLoanSharksProject/?fref=ts

website: http://www.birmingham.gov.uk/stoploansharks