2023 - December, Our news

Don't get caught out by unlicensed lenders looking to take advantage of those most vulnerable at this time of year.

Many people will have been hit financially by the coronavirus pandemic, leading to worry and concerns regarding paying the most important bills like rent, utilities and necessities, especially in the run-up to Christmas. It is estimated that there are 310,000 people in debt to illegal money lenders in the UK. Some may be tempted to borrow money from an unlicensed lender as a quick fix.

Common signs that a lender could be a loan shark include:

• Being offered a cash loan with no paperwork
• Having huge amounts of interest or annual percentage rate (APR) added to a loan
• Being threatened by a lender
• Having a bank card, benefits card, passport, watch or other valuables taken as 'payment'.

What can you do?

Anyone affected by illegal money lending and needing support can talk to the England Illegal Money Lending Team in confidence by calling their 24/7 helpline on
0300 555 2222 or email [email protected] or text the lender's details to 07860 022116.

The England Illegal Money Lending Team was set up in 2004. Initially created as a pilot scheme in Birmingham to investigate loan sharks, it had such an impact on illegal money lending it received further government funding. Since 2004, the England IMLT has supported over 30,000 people and written off over £87 million worth of illegal debt.

If you are having financial troubles, the worst thing you can do is borrow from a loan shark, no matter how bad your situation seems.

We are here to help

If you've been financially affected and need some advice and support; please get in touch with our Tenancy Sustainment Team by calling 0300 123 2221 then, selecting option 3, then option 2, or emailing us. 

Get Support