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Stop Loan Sharks

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The National Trading Standards Illegal money lending team is funded by the Department of Business Innovation and Skills, and works in partnership with local Trading Standards Authorities across the country 

The government-funded specialist trading standards team will investigate and prosecute illegal money lenders and their related criminal activity.

As a debt 'owed' to a loan shark is not legally enforceable they frequently resort to violence and intimidation to get their money - even though the debt may have been paid off several times over due to extortionate interest rates.

As well as investigating loan sharks the illegal money lending team is focusing on prevention as well as cure. It has financial inclusion partnership officers working closely with partners such as credit unions and housing associations as well as grassroots community organisations to help people understand their finances, point them towards legitimate sources of credit and encourage them to start savings accounts.

The team is urging members of the publics who have been victims of loan sharks or who know that loan sharks are operating in their area to contact them on the 24-hour confidential hotline 0300 555 2222, text 'loan shark' and a message to 60003, email reportaloanshark@stoploansharks.gov.uk or visit www.direct.gov.uk/stoploansharks.

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