29/09/2023
Students are being warned by Stop Loan Sharks England (IMLT) not to fall victim to loan sharks as they return or begin university life this year amid the crisis.
The England Illegal Money Lending Team has issued new advice as many students face rising costs for bills, rent and study equipment.
Tony Quigley, head of the IMLT, said: “We know that students are feeling the pinch, and many have to rely on the bank of mum and dad to help out with rent and living costs.
“It can be tempting to take someone up on an apparently too good to be true offer of a cash loan. These people may seem friendly, hiding behind a helpful exterior, but once the loan is made things can turn extremely nasty very quickly, as they demand repayments of much more than they lent out. If you can’t make the payments, they may well use threats and violence to force you to pay.
If you do need to access affordable credit, then credit unions offer a safe way to borrow and to save.
But if you have found yourself in the clutches of an illegal lender, please get in touch with our team who can offer specialist support and advice, all in confidence.”
The IMLT has recently helped produce a grime music video helping to spread the message about credit unions and how they can help young people avoid illegal lenders and debt. The video, which was paid for by money recovered from loan sharks, has been produced in partnership with Nourish Social and the Association of British Credit Unions Limited (ABCUL). It uses a track by artist Vader and producers Nothing But Beats to tell the story of Amy, who falls into debt after a relationship breakdown, but finds a way out with the help of a credit union. It can be viewed here: http://www.youtube.com/watch?v=e2eQbxmu8q4
Tony added: “The video gets our message across clearly and we hope it will help keep our students safe. We would ask student unions to share this and help spread this message to all of their new and returning students this year to reduce the chances of them being targeted by illegal lenders.”
Anyone who thinks they may have been targeted by an illegal money lender can contact the IMLT in confidence. They can call the 24/7 confidential hotline on 0300 555 222; text a report to 078600 22116 or send a private message on www.facebook.com/stoploansharksproject.
They can also visit the website http://www.stoploansharks.co.uk where there is a live chat facility from 9am to 5pm Monday to Friday.
To find your nearest credit union, go to http://www.findyourcreditunion.co.uk