Charter against illegal money lending launched in Offerton

Stockport Council has joined 12 partners in signing a pledge declaring a zero tolerance towards loan sharks across the borough.

The Stop Loan Sharks Charter was rubber stamped yesterday (Monday 01 February) at a launch at Offerton Community Centre, where residents were trained to become neighbourhood champions, given advice about loan sharks and also how to safely report illegal money lenders that operate in your area.

Loan sharks, who offer money to anyone but on repayment terms that are virtually impossible to meet, typically target the people least able to afford them, such as those on low incomes or who cannot obtain credit from legitimate sources, and often use violence to get money from their ‘clients’.

Councillor Shan Alexander Executive Member for Safe & Resilient Communities at Stockport Council said: “The Council and its partners recognise that effectively tackling loan shark behaviour leads to safer communities and neighbourhoods for residents.

“Loan Sharks lend money illegally and ruin people’s lives. There’s simply no place for them in our borough.

“There are many aims of the Stop Loan Sharks Charter but ultimately we want to create a legacy that will make it difficult for illegal loan sharks to prosper in our communities.

“We can achieve this in many ways but the message I really want to stress is simple: ‘We will prosecute unauthorised lenders,’ so please make informed financial choices such as joining the Stockport Credit Union, where you can get secure savings and affordable loans.”

Tony Quigley, Head of the England Illegal Money Lending Team, said: “Illegal money lending is a despicable crime which causes nothing but harm to our communities and we are pleased to see the Stop Loan Sharks message being brought to public attention through this pledge.

“Loan Sharks may appear to be offering a community service but borrowers are often forced to pay back far and above what they have borrowed and can afford. Many are subjected to threats, violence or other callous enforcement methods.

“We would urge anyone who has been the victim of a loan shark to report them in confidence on 0300 555 2222, as we can help.”