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Loan Shark Clampdown

Published Wednesday, 01 October 2014

Enfield Council is urging residents targeted by loan sharks to get in touch so they can get the help they desperately need as part of a wider drive to clamp down in illegal money lending.

Last week the police and the England Illegal Money Lending Team executed warrants in four parts of Enfield and made arrests on suspicion of illegal money lending, now Enfield Council’s Trading Standards Team is holding awareness sessions so people who have borrowed money from loan sharks can find out what help is available to help them extricate themselves from their situation.

Trading Standards will be handing out leaflets to customers at the Co-operative store in Unity Road, Enfield, to encourage witness or victims to come forward on Thursday 2 October between 10am and 4pm and outside Edmonton Green Library between 10.30am and 3pm on Friday 3 October.

Enfield Council’s Cabinet Member for Environment and Community Safety, Cllr Chris Bond, said: “Enfield Council has made tackling illegal money lending a major priority in order to protect our most vulnerable residents, and our Trading Standards officers consistently demonstrate hard work and dedication in helping to prevent Illegal Loan Sharks from spreading their pervasive influence in our borough.

"Sadly the present financial situation means that more and more people are tempted to borrow from loan sharks to make ends meet, we're trying to demonstrate that borrowing money from a loan shark is never a good idea and can have unexpected and unpleasant long term consequences.

"If you need to report a loan shark or would like confidential advice from the Illegal Money Lending Team ring 0300 555 2222 or come along to one of our drop in sessions.”

Enfield Council won a National Stop Loan Sharks Award in September last year in recognition of the work it has been doing to stop illegal money lenders in their tracks.

It won the London Regional Award from the England Illegal Money Lending Team in August, and won the national award after a public vote - in recognition of the work its Trading Standards officers had done to raise awareness of the issue and help the people affected by illegal money lenders find the help and support they need.

A Loan Shark is someone who lends money without the appropriate licence issued by the Office of Fair Trading. Loan sharks rarely, if ever, give any paperwork and if payments are missed they often use intimidation and violence to get money from their 'clients'.

The Illegal Money Lending Team is here to help. If you have any information, however small, on loan shark activities we can help.
• Have you been offered a cash loan?
• Have you been threatened when you couldn't pay?
• Has your bank card been taken from you as a security?
• Does what you owe keep growing even though you are making payments?

If you can answer yes to any of the above then you may have been bitten by a loan shark. If you, or anyone you know, is experiencing any of the above or has any knowledge of loan shark activities then contact our team IN CONFIDENCE.

To report a loan shark:
Call the 24/7 confidential hotline 0300 555 2222
Text ‘loan shark + your message’ to 60003
E-mailreportaloanshark@stoploansharks.gov.uk
Private message us on www.facebook.com/stoploansharksproject
If you want advice regarding the management of your finances contact local Citizens Advice at Unit 3, 5 Vincent House, 2e Nags Head Rd, Enfield, Middlesex EN3 7FN, 020 8375 4170


 

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