People who have taken out loans from illegal money lenders (also known as loan sharks) will be able to get free help and support from a specialist advisor who is touring libraries across the Duchy and the Isles of Scilly.
Cornwall Council’s Library Service is teaming up with the England Illegal Money Lending Team (IMLT) to offer a series of talks and events raising awareness about the dangers of loan sharks and the help available to people who have borrowed from them.
Dave Benbow, acting head of the IMLT, also known as Stop Loan Sharks, said: “Illegal money lenders are often well known in a local area and can target the most vulnerable in those communities.
“By visiting these libraries we hope to reach people in communities across Cornwall to make sure they are fully aware of the dangers of illegal lenders, the alternatives available, such as credit unions and CDFIs, and how they can get help from the team here at Stop Loan Sharks if needed.
“Thanks to everyone at the libraries service in Cornwall for inviting us to visit – our mascot Sid the Shark will be there, and he is looking forward to meeting lots of people.”
Many illegal money lenders may appear to be a friend at first, offering to do someone a favour by lending money. But they are unregulated and give loans with no paperwork, charging high interest rates.
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.
Loan sharks can also often resort to threats, intimidation and even violence if repayments are not made.
Cornwall Council’s portfolio holder for neighbourhoods, Councillor Carol Mould, said: “We are excited to collaborate with the England Illegal Money Lending Team as they tour Cornwall’s libraries to raise awareness about the dangers of loan sharks.
“This initiative aims to empower local communities with the knowledge and resources needed to protect themselves from illegal money lenders and access safer financial alternatives. Libraries have always been hubs of information and support and through this partnership we're furthering our commitment to fostering a safer informed and financially resilient community.”
The Cornwall libraries tour will start in November and run until April next year. The sessions will be held on the following dates.
- November 12: Newquay and Camborne libraries
- November 14: Truro and Redruth
- November 26: Callington
- November 28: Saltash and Torpoint
- December 17: Camelford and St Ives
- February 5: Bodmin and Bude
- February 12: Helston and Hayle
- February 20: Falmouth
- March 26, 2025: St Austell and St Agnes
- April 9: Isles of Scilly
Stop Loan Sharks is a national organisation, hosted by Birmingham City Council, which was set up 20 years ago to investigate and prosecute loan sharks and support borrowers across England.
Since 2004, the team has made 850 arrests and secured 424 successful prosecutions, with illegal lenders 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 can call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
Press release issued on November 5, 2024