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Working with England’s Illegal Money Lending Team to stop loan sharks
As part of ‘Alliance’, Cambridgeshire Constabulary has teamed up with the England Illegal Money Lending Team (IMLT), also known as Stop Loan Sharks, to target loan sharks operating in areas of central Peterborough.
The IMLT, which was set up in 2004, investigates and prosecutes illegal money lenders while supporting those who have borrowed money from a loan shark.
It is estimated that there are 1.08 million people in debt to illegal money lenders in England.
A loan shark, or illegal money lender, is someone who lends money without authorisation from the Financial Conduct Authority (FCA). They are not bound by rules that exist to protect borrowers.
Signs of an illegal lender include:
Loan sharks are expert manipulators, it is often how they persuade people to borrow from them in the first place, and later it’s how they keep people trapped in a cycle of debt.
They will pretend to be a borrower’s friend and appear to be offering a favour, turning up with a promise of cash just at the point when they need it most.
But instead of finding the expected relief from their financial struggles, borrowers find themselves plunged further and further into debt and can often feel trapped with no way out.
Loan sharks’ manipulative tactics don’t end when someone takes a loan – to maintain control of the borrower, the lender often uses a variety of tactics such as violence or threats of violence, intimidation and the fear that the borrower will be exposed and shamed.
The face of illegal lenders has changed beyond recognition over recent years, with lenders operating more and more on social media and electronic platforms; some borrowers never meet their lender face-to-face. But they still have control over their borrowers, relying on threats and intimidation to make them pay, whether that is physical or online.
Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, often charging high interest rates. Knowing these signs might help you, a friend, a colleague or a family member get the help they need.
Since they were set up in 2004, Stop Loan Sharks has supported more than 32,000 people, written off more than £91.3 million worth of illegal debt and secured more than 424 prosecutions for illegal money lending, leading to more than 600 years in prison.
In 2023 alone, Stop Loan Sharks supported almost 800 people who had borrowed from loan sharks, helping them escape the clutches of their lender. Of those, 17 percent borrowed more than 10 times and 14 percent did not remember exactly how many times they’d borrowed, showing how people can end up in a cycle of borrowing again and again to repay what they owe.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 helpline, in confidence, on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.