Pictured above: CE Paul Field, Adrian Scarrott (Sandwell
Homes), Malcom Keytes (6Towns), John Davies (CAB), and Jeanette
Wade (Sandwell Homes)
Sandwell Homes is leading a local campaign against loan sharks
after research revealed a staggering 310,000 UK households borrow
from illegal money lenders each year.
The campaign, which aims to highlight the risks associated with
using loan sharks such as high levels of debt, intimidation and
even violence, will see posters on billboards and buses in Sandwell
throughout March.
Sandwell Homes has teamed up with Sandwell Council, 6Towns
Credit Union, Citizens Advice Bureau and Trading Standards' illegal
money lending team to develop the campaign, which will also include
a series of awareness raising events in local supermarkets and
neighbourhood offices.
Sandwell Homes Chief Executive, Paul Field, helped to launch the
campaign at an event in Queens Square, West Bromwich, where
officers shared case studies with members of the public.
He said: "Loan sharks prey on the poorest people, offering easy
money at extortionate rates of interest to trap them into a cycle
of debt. It's important for people to recognise that loan sharking
is a real problem in Sandwell, as it is nationally, and for
organisations like ours and its partners to be making people aware
of the risks."
Sandwell is covered by the Central England Trading Standards
Authorities illegal money lending team, part of the 'Stop Loan
Sharks Project'. There will soon be national teams that cover all
of England, Scotland and Wales.
Tony Quigley, head of the illegal money lending team, said:
"Illegal lenders have a hugely detrimental impact on our
communities, trapping people in spiralling debt and forcing people
to live in fear. We are pleased to be working with Sandwell Homes
to raise awareness of the dangers of illegal lending, and show
people that these criminals can be stopped."
Nationally, the 'Stop Loan Sharks' project has written off more
than £37 million of illegal debt, helped more than 16,000
victims and secured more than 107 years in prison sentences. Over
£20 million of assets are currently being investigated with
the intention of removing these from illegal lenders.
Sandwell Homes is encouraging residents to report loan shark
activity to the illegal money lending team in confidence on 0300
555 2222.