This week marks Stop Loan Sharks Week, a national campaign led by the England Illegal Money Lending Team (IMLT) to raise awareness about the dangers of illegal money lending and the support available to people impacted by it.
What's our connection?
Last year in August 2024, our Tenancy Services team, in particular team leader Pete and Tenancy Fraud Officer Al, did a lot of work behind the scenes to give us partner status with IMLT!
This means the team have had thorough training, to help them to be able to identify signs of illegal money lending and understand what steps to take and support to provide if they think someone is involved with a loan shark. Together with IMLT, we’re working to safeguard our tenants and communities from the harm caused by loan sharks.
Spotting a loan shark
A loan shark is an unlicenced money lender who often targets families, vulnerable individuals or people who find themselves in tough times.
Here are some red flags to recognise if someone might be a loan shark:
- They didn’t give you any paperwork when you took out a loan
- They’re pressuring you to borrow more
- They’re threatened you or taken valuables from you
- They offered you a cash loan
Does any of this sound familiar?
How can I get help
If you’re a victim of loan shark activity, we’re here to help you. Please email our team on tenancyservices@midlandheart.org.uk or call into our Hub on 0345 60 20 540 and we’ll be able to walk through the situation with you and see how we can support.
Let’s continue to work together to create safer and stronger communities.
If you’re worried about paying your rent or would like to talk further about your financial situation, you can reach out to our Money Advice team.
