Teaming up to protect our customers from loan sharks

Last Wednesday our staff and local partners were out in Holts Village delivering leaflets about the dangers of illegal money lending to customers and other residents, following early morning raids to catch suspected loan sharks.

Neighbourhood Manager, Chris Noble; Neighbourhood Officer, Tahra Amir; Income Collection Officer, Steve Smith; and Environmental Services Team Leader, Paul Marland were on hand to reassure local people, support them to spot the signs of illegal money lending, and signpost anyone in the grip of loan sharks to help.

The walkabout was held shortly after raids at properties in the Coldhurst, Fitton Hill, Greenacres and Holts areas of Oldham, where police arrested seven people on suspicion of illegal money lending and money laundering offences.

Tahra, who is the Neighbourhood Officer for Holts Village, said: “Over the last few weeks I have come to learn a lot about this horrendous crime and how we play a vital part in trying to tackle the issue. In Holts Village I have seen first-hand just how much of a devastating effect illegal money lending has on people, leaving them feeling frightened and in increasingly unmanageable debt. Our customers look at us to provide support and reassurance, and we refer those who are struggling financially to our Community Impact team. Our advisors can provide help and guidance on debt, benefits, money management, and savings on energy bills and more to help get them back on track.”

Loan sharks charge extortionate interest rates and often intimidate and trap vulnerable victims in a cycle of fear and violence. Tell-tale signs of illegal money lending that customers should be aware of include cash loans without paperwork, use of benefit or bank cards as security, and threatening behaviour to get money. People are being urged not to turn to these criminals to make up for a loss of income during the coronavirus pandemic and instead turn to safe lending alternatives if they need help. Credit unions are recommended as a safe option. To find out about Oldham Credit Union’s ethical financial products visit www.oldhamcreditunion.co.uk.

To get in touch with our Community Impact Team to see how they can help you, call our Contact Centre on 0161 393 7117 or email servicecentre@fcho.co.uk.

If you, or someone you know, has fallen victim to a loan shark, you can contact the Illegal Money Lending Team's confidential 24/7 helpline on 0300 555 2222 for information and advice in the strictest of confidence.

To help protect our customers from the threat of loan sharks, our Neighbourhoods team is working with Oldham Council Trading Standards, Greater Manchester Police and other partners to take action against illegal money lenders operating in neighbourhoods in which we have a presence.