In the last Bramley Forum Meeting, we had a presentation from a resident about Loan Sharks and the effect they have on our community and where to seek help. I asked the presenter if they could write down a few paragraphs to post in this Blog for community awareness. Please read the below and use the links provided.
Loan Sharks – They Bite!
Times are really hard for many people just now. Things were very bad for many people before the Covid pandemic. They have got worse. Some have used up any savings they had and don’t know where to turn. They may make the mistake of turning to a loan shark.
Loan sharks are a real threat in our communities.
Loan sharks are illegal money lenders. They are not authorised to lend money by the Financial Conduct Authority. They lend money informally and they usually charge very high rates of interest. Rates of 130,000% have been reported.
Loan sharks often prey on the vulnerable – those who they know are having money problems and who have no credit rating, so they can’t go to banks. Loan Sharks often approach people in their area posing as friends, just ‘helping you out’. Single parents are very open to loan shark attack. When people they lend to have difficulty in keeping up with repayments, loan sharks can become threatening. People who owe them money may be pulled into prostitution, into drug running or other illegal acts because they are afraid of violence to themselves or family members.
In September 2021, a loan shark operating out of the Brighouse area received a ten year prison sentence for illegal money lending and violence. He stamped on the chest of a vulnerable woman to whom he had lent money and threatened to cut her head off. This is just one example.
In 2021 also, a couple were arrested in Burmantofts for illegal money lending. The case hasn’t come to court yet.
We are fortunate that we have in the Illegal Money Lending (Stop Loan Sharks) Team working in our Region. The Team works with the police to try and STOP and PREVENT loan shark operations.
Our help is needed in this work. Loan sharks can only be stopped if people come forward to help expose them. This takes great courage, as loan sharks can be so threatening, but people CAN BE PROTECTED. They can come forward in the strictest confidence. Their names will never be revealed. In a worst case situation, they can be relocated, but this is rarely needed.
Please let people in your neighbourhood know that there is help available. Be Eyes and Ears on the streets and if you know of anyone who might be caught up with loan sharks, let them know how to get help.
Help with Loan Sharks: 0300 555 2222, in total confidence www.stoploansharks.co.uk
Citizens Advice: Freephone 0808 278 7878, www.citizensadviceleeds.org.uk
Money Buddies: 0113 235 0276, www.moneybuddies.org.uk
Better Leeds Communities: 0113 275 4142, www.betterleeds.org.uk
Ebor Gardens Advice Centre 0113 0276, admin@egac.co.uk
St Vincent’s Support Centre 0113 2484126, advice.leeds@svp.org.uk
For savings schemes and affordable loans, contact
Leeds Citywide Credit Union 0113 2423343, www.leedscreditunion.co.uk
The Credit Union can also provide help on Money Management and Budgeting.
VISIT YOUR COMMUNITY HUB FOR INFORMATION ON WHAT HELP IS AVAILABLE
