Action against loan sharks
Published Thursday 24th January 2013
A week of action against loan sharks is beginning next Monday in Ipswich as the Borough Council and its partners declare war on the unscrupulous and illegal money-lenders who prey on the vulnerable.
The England Illegal Money Lending Team, along with the Borough Council, Suffolk County Council's Trading Standards team and other agencies, will be holding the week of action from 28th January to 3rd February in the south-east of the town in a bid to raise awareness of the dangers of loan sharks and to encourage people to contact the Ipswich & Suffolk Credit Union.
Illegal money lending loan sharks or unlicensed money-lenders operate outside the law. They charge very high interest rates and might use threats and violence to frighten people who cannot pay back the money they borrowed.
If you are experiencing financial problems you might be tempted to borrow from them but if you do it is likely you will pay an extremely high interest rate and will be harassed if you fall behind with repayments. You will also be pressured into borrowing more money to pay the original debt. But if you have borrowed from an illegal money-lender you are not the criminal, they are.
Activities during the week of action include community advocate sessions at the Salvation Army Priory Centre on the following dates:
- Wednesday 30th January (1pm to 3pm);
- Friday 1st February (1pm to 3pm); and
- Saturday 2nd February (10am to noon).
To report a loan shark: Call the 24/7 confidential hotline 0300 555 2222
Text 'loan shark + your message' to 60003
Private message us on www.facebook.com/stoploansharksproject