Families across Nottinghamshire are being urged not to turn to predatory loan sharks to help pay for Christmas presents this year. The warning forms part of a hard-hitting nationwide social media campaign by the Illegal Money Lending Team (IMLT) and backed by Nottinghamshire County Council’s Trading Standards team as the festive season fast approaches.
It comes as research shows that Christmas is the second highest reason people borrow money from loan sharks.
Now the IMLT has launched its annual Christmas campaign on (Monday 29 November) which aims to raise awareness of the dangers of using loan sharks and promote the support available to victims and their families. The #AllIWantForChristmas campaign will run across Stop Loan Sharks’ social media channels from Monday 29 until Sunday 5 December and features advice and tips on how to stay safe from illegal money lenders over the festive period. It also includes harrowing ‘Dear Santa’ stories to highlight the detrimental impact illegal money lending has on families and how the crime can cause serious physical, emotional and psychological damage to children.
The heart-breaking letters to Santa do not ask for expensive gifts such as laptops or game consoles, instead children plead for help to stop loan sharks terrorising their families. Tony Quigley, head of the England IMLT, said Illegal money lending is a ‘horrific crime’ which affects many individuals and their families as well as entire communities.
He said: “At this time of year people can be more susceptible to falling prey to loan sharks due to the financial pressures of Christmas. “Loan sharks will target people who feel under pressure financially and may not be aware of the services that are there to help them.
“Borrowing from a loan shark might feel like your only option when you’re in a pinch and need cash fast this festive season, but it’s important to remember that these lenders operate illegally and can turn quite nasty when demanding payments from victims.
“We encourage anyone with information about this crime to come forward and report. “We will provide specialist support and take action against the loan shark. If you need help with money worries, contact your local Citizens Advice for free, confidential and impartial advice.” Loan sharks rarely give paperwork, exorbitant extra amounts and interest payments are usually added at random, and items including passports, bank cards and driving licences are taken as security on the loans. As the debts often cannot legally be enforced in many cases the loan sharks will resort to threats, violence and other bully tactics to extort money from people.
Councillor John Cottee, Chairman of Nottinghamshire County Council’s Communities Committee, said: “There is a tremendous amount of pressure put on people at this time of year to deliver but whatever the costs involved and, however great that pressure is, I would desperately urge residents across Nottinghamshire to avoid using loan sharks.
“Christmas is meant to be the most wonderful time of year and, therefore, I very much welcome the work of the Illegal Money Lending Team in launching its annual #AllIWantForChristmas campaign to highlight the dangers of using predatory loan sharks and ultimately make this year a safer and better one for people.”
How to protect yourself and your loved ones from loan sharks this Christmas
• If you need to borrow money, check the lender is reputable and find out what interest and fees they charge. You can find out whether a money lender is authorised by checking the register on the FCA website at www.fca.org.uk;
• Be wary of people you do not know sending you messages through your social media accounts. Loan sharks might offer you a quick deal, but they will soon trap you in a spiral of debt with extortionate rates of interest;
• Never send money or give credit card, online account details or copies of personal documents to anyone you don’t know or trust;
• Be careful about how much personal information you share on social network sites. Loan sharks have been known to use online platforms to find, threaten and control people in debt.
Anyone with concerns about illegal money lending can contact the Stop Loan Sharks 24/7 Helpline in confidence on 0300 555 2222, while additional information is available at www.stoploansharks.co.uk.
Live Chat is available on the website, from 9am to 5pm, Monday to Friday (excluding bank holidays).