Tamworth Borough Council has been recognised as an official accredited partner by the England Illegal Money Lending Team (IMLT), also known as Stop Loan Sharks, for its work to combat illegal lending in the area.
The accreditation recognises the council's efforts to actively promote awareness about the support available to those affected by illegal lending. Council staff have undertaken specialist loan shark awareness training to identify the signs of illegal lending and direct borrowers to the help they need.
Access Point for Support
Tamworth Borough Council is one of the first organisations in the country to become an official Stop Loan Sharks Access Point. This provides local people with a safe place to access support from the IMLT and report loan sharks.
Dave Benbow, head of the IMLT, said: "We are delighted to welcome Tamworth Borough Council as an official partner. We are hugely grateful for the work staff there do to support us in disrupting illegal lending that causes so much misery in our communities. Partners like this are vital in getting these criminals removed from communities, protecting the most vulnerable and making everyone feel a little bit safer."
How Loan Sharks Operate
Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, often adding charges and high interest to loans. They can resort to threats, intimidation and even violence if repayments are not made. Because these lenders are not registered with the Financial Conduct Authority, borrowers do not have the protection of consumer law such as cancellation periods.
Council Commitment
Councillor Andrew Wells, portfolio holder for cooperative council, community partnerships and ASB, said: "We're delighted to receive this Partner Standard accreditation from Stop Loan Sharks, recognising Tamworth Borough Council's commitment to supporting residents who may be affected by illegal money lending.
"Loan sharks prey on people who are often in vulnerable situations, leaving them trapped in cycles of debt, fear and intimidation. We want everyone in our community to know that they are not alone and that help is available. By becoming one of the first official Stop Loan Sharks access points in the country last year, our staff can provide a safe, welcoming space where people can take that important first step towards getting expert support. Whether someone needs access to a phone, a computer or simply somewhere they feel comfortable making contact, we're here to help."
