Scheme launched to stop loan sharks biting (From Winsford Guardian)

Scheme launched to stop loan sharks biting

11:00am Saturday 18th July 2009

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ORGANISATIONS across Winsford have joined forces to stamp out loan sharking once and for all.

Illegal money lending is a problem in the town, with many feeling there is no other option but to borrow from door-stop lenders.

But because a debt owed to a loan shark is not legally enforceable, they resort to violence and intimidation to get their money back.

Muir Group Housing Association has teamed up with police, Cheshire West and Chester Council, Trading Standards and Cheshire Neighbours Credit Union to stop illegal money lenders and loan sharks preying on the poor.

The organisations are joining together to hold the first-ever Money Wise event at Glebe Green on Wednesday, July 22.

Muir’s regional manager for the north, David Hull, said: “Many people are facing real money worries and this is exploited by unscrupulous money lenders.

“We know that families in Winsford have fallen foul of these criminals so we want to give our tenants a safe and cheaper way to manage their finances.

“Loan sharks may seem professional and respectable when you first meet them but they are illegal, dangerous and often resort to threats and intimidation.

“We want to alert our tenants to these dangers and offer them a safe alternative.”

The event aims to highlight the dangers of loan sharks, and offer tenants an ethical and affordable way to save and borrow money. Every household on the Glebe Green estate will also receive a £10 voucher to open a Christmas savings account with the Credit Union.

Representatives of the Illegal Money Lending Team (a specialist team set up to investigate and prosecute illegal lending and related criminal activity) and welfare benefits advisers from both Cheshire West and Chester Council and Muir Group will also be on hand to offer tenants help and advice.

Sarah Kirby, from the illegal money lending team, said: “Many people think they have no choice but to go to a loan shark; we’re here to show them that there are alternatives, such as credit unions, and to highlight the dangers of using a loan shark.

“The illegal money lending team has already helped more than 7,000 people and written off illegal ‘debts’ of more than £16million.”

Furniture Finders of Winsford, which collects unwanted household furniture and electrical good to sell on at affordable prices, will be on hand to advise people on furnishing their homes without getting into debt.

There will also be a variety of fun activities and entertainment for children, including a 20ft high inflatable shark.

For more information on the Money Wise event contact Leon Marsh, of Muir Group Housing Association, on 01928 728012.

To report a loan shark either call the confidential hotline on 0300 555 2222, text ‘loan shark and your message’ to 60003, email reportaloanshark@stoploansharks.gov.uk, or visit direct.gov.uk/stoploansharks.

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