Why you might spot a shark walking around the streets of South Tyneside
Mascot Sid the Shark will be offering advice to protect the community from illegal money lenders
by Emily Gray · ChronicleLiveSharks will be travelling around South Tyneside next week - as families are being warned about dangers of loan sharks and illegal money lenders in a week of action next week.
The England Illegal Money Lending Team (IMLT) is organising the week from October 21 - 25, in partnership with South Tyneside Council to help raise awareness about how to borrow safely and avoid illegal money lenders.
The IMLT, also known as Stop Loan Sharks, is a national organisation that was set up 20 years ago to investigate and prosecute loan sharks and support borrowers.
Dave Benbow, acting head of the IMLT, said illegal lenders were often well known in local communities and can be introduced to borrowers through friends or family members: "These illegal lenders will target anyone they think is vulnerable and will often pretend to be a friend offering a loan as a favour/
"In reality they are predatory criminals who are out to line their own pockets at the expense of others. With this week of action, we are biting back against those who blight communities in this way by raising awareness and making sure everyone knows the signs of an illegal lender and where they can turn for help."
Cllr Jim Foreman, lead member for housing and community safety at South Tyneside Council, said: "Loan sharks take advantage and profit from other people’s hardship, trapping victims into spiralling debt. We work hard with our partners to take action against these people who prey on the most vulnerable.
"Our community responders will be out and about next week, helping to raise awareness of this illegal activity and protect our communities.”
The team, including IMLT mascot Sid the Shark, will be out and about in the area with partner organisations all next week. On Monday, October 21, they will be at Hospitality and Hope, in Hampden Street, South Shields, from 10am to noon.
They will then be boarding the Key to Life community bus, travelling to the following areas:
- Tuesday, October 22, 10.30am to noon at Hebburn Family Hub, Campbell Park Road, Hebburn, and from 12.30pm to 2pm at Biddick Hall Family Hub in Galsworthy Road, South Shields.
- Wednesday, October 23, they will be at Hagan Hall in Durham Drive, Jarrow, from 10.30am to noon and Seaview Primary School, in Norham Avenue North, South Shields, from 12.30pm to 2pm.
- Thursday, October 24, they will be at Simonside Social Club, in Winskell Road, South Shields, from 10am to 11.30am and then Bilton Hall Community Trust, in Taunton Avenue, Jarrow, from noon to 1.30pm.
- Friday, October 25, they will be visiting Dunn Street Primary School, in Jarrow, to announce the winner of a poster and banner competition.
Loan sharks are people who lend money and charge interest, but do not have authorisation to do so from the Financial Conduct Authority. They can charge high interest rates and can resort to threats, intimidation and even violence if repayments are not made.
They do not complete affordability checks on borrowers - often meaning they are lending to people who cannot pay them back. These borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay. This causes huge amounts of stress and can impact their other finances - leaving them unable to pay rent or other priority bills.
In the past 20 years, the IMLT has secured 424 successful prosecutions for illegal money lending, with offenders locked up for more than 606 years. More than £91.3 million in illegal debt has been written off, and around 32,000 borrowers have been supported.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online at stoploansharks. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
Reports can also be made here: Report a loan shark - South Tyneside Council.
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