Money Matters: Spotting the signs and getting support against illegal lenders
With household budgets still under increasing pressure for many families, Stop Loan Sharks Week is an important reminder that there is support available for anyone struggling with money worries – and that illegal lenders are never the answer.
With this week being Stop Loan Shark Week, Deb Morrison, Financial Inclusion Manager, is encouraging everyone to be aware of the warning signs of loan sharks and seek support early if they are worried about debt or borrowing money.
Stop Loan Sharks Week is all about raising awareness of the dangers of illegal money lending, and reminding people that support is available if they are struggling financially.
The rising cost of living means that money is tighter for many of us and it can be tempting to accept help from someone offering quick cash with few questions asked. But what might seem like a lifeline initially can fast become frightening and difficult to escape.
Loan sharks are illegal lenders who target people facing financial pressure. They may seem friendly or helpful at first, especially if they are someone you know. They may use intimidation, harassment or scare tactics when repayments become difficult.
One of the biggest warning signs is when a lender offers cash without any paperwork or proper checks. They may add unexpected charges, change repayment amounts or ask to keep bank cards or valuables as “security”.
It’s important to remember – if you have borrowed from a loan shark, you are not the one doing something wrong. It’s the illegal lender that’s committing the crime.
At Housing Plus Group, we know financial worries can impact every part of daily life – from paying rent and bills to mental wellbeing and relationships. That’s why we are proud to be part of a growing network supporting the national crackdown on illegal money lending.
Through our partnership with Stop Loan Sharks England, people in our communities now have a safe, local place to get help, just pop into to one of our local community hubs.
Our hubs are in Wellington, Stirchley, Castlefields in Shrewsbury, Meole in Shrewsbury and Burton Square in Stafford. If you need support, drop into your nearest one and our staff will be on hand to help.
Our teams work closely with customers every day, and we see the impact that financial pressure can have on their wellbeing, their families and their ability to manage their rent and bills.
If you are worried about debt or feeling under pressure financially, there are safer options available. Speaking to a trusted money advice service early can help you understand what support you might be entitled to and prevent problems from getting worse.
Before borrowing money from anyone, always make sure they are authorised by the Financial Conduct Authority (FCA).
If you or you think someone you know may be affected by a loan shark, remember confidential help is available 24 hours a day through the Stop Loan Sharks helpline on 0300 555 2222 or you can access support online at: www.stoploansharks.co.uk.
There is also a live chat facility on their website, and the team can also be contacted via WhatsApp on 07700 102773. Their live chat and WhatsApp services are monitored from 9am to 5pm, Monday to Friday.
Our customers can also contact our Money Matters team for free, confidential support.
Loan sharks can trap people in fear and spiralling debt but please remember, you are not alone; support is available, and there is a way out.
