Campaign targets Notts festive loan sharks

A man and woman have been arrested on suspicion of being loan sharks
A man and woman have been arrested on suspicion of being loan sharks

A festive campaign to stop people failing prey to loan sharks in the run-up to Christmas has been backed by council chiefs.

Nottinghamshire County Council’s trading standards team has thrown its weight behind the campaign being run on social media by the illegal money lending team.

Families are urged not to borrow money from unscrupulous lenders, amid fears a small loan could lead to massive repayments in 2018.

Councillor Gordon Wheeler said: “At this time of year we’re bombarded with messages about ‘the perfect Christmas’ and there is a lot of pressure on people to deliver - regardless of the cost.

“However great that pressure is though, I urge Nottinghamshire residents, please don’t ever engage with loan sharks.

“If you did, the problems you’re potentially causing for yourselves and your family could last long after the tinsel is taken down.”

The IMLT – a national team which investigates and prosecutes loan sharks – works with the Financial Conduct Authority, trading standards and the police to crackdown on illegal money lending.

The campaign offers advice on how to avoid falling victim to loan sharks, as well as reporting illegal money lending.

Tony Quigley, head of the ILMT, said: “Loan sharks are criminals who prey on vulnerable communities and fleece their victims out of hard earned cash, often through intimidation and violence.

“If you or someone you know has been the victim of a loan shark, we urge you to seek help by contacting us on 0300 555 2222.”