People are being urged not to turn to loan sharks over Christmas.
Trading Standards at Staffordshire County Council said unscrupulous lenders could try to cash in on the festive period as households continue to deal with rising bills.
A new social media campaign – #SleighNoToLoanSharks – is being launched to alert people about the dangers of using loan sharks who can leave vulnerable people trapped in a cycle of debt.
Figures reveal that nearly one in ten of those who borrowed money from illegal lenders last year did so to cover the cost of Christmas, while more than half of victims in the first half of 2022 had sought cash to help pay for essentials such as fuel and food.
Cllr Victoria Wilson, cabinet Member responsible for Trading Standards at Staffordshire County Council, said:
“With many families facing extra financial pressures and the rising cost of living, it’s even more important that we continue to take a stand against loan sharks.
“Loan-sharking is a terrible crime that affects many of our communities and we work closely with our partners to tackle it. These criminals usually prey on vulnerable residents and often intimidate, threaten and trap victims in a cycle of fear and violence.
“They may seem friendly at first but borrowing from them can have serious consequences.
“There are well established organisations that can provide access to affordable loans such as credit unions, and I would urge anyone struggling financially to consider getting in touch with them. “
Cllr Victoria Wilson, Staffordshire County Council
More support and advice is available at www.staffordshire.gov.uk/heretohelp.
Tony Quigley, head of the England Illegal Money Lending Team, said:
“Loan sharks are doing untold damage in local communities, and we must do all we can to stop them.
“Our campaign aims to break this cycle by helping people understand the risks of loan sharks, what they can do if they feel threatened and where they can turn for help and support.
“The Stop Loan Sharks helpline offers confidential advice and support to anyone affected by illegal money lending.
“We know how stressful and frightening this experience can be – we can give you support on how to deal with this problem and help find a way forward.”
Tony Quigley, Illegal Money Lending Team
Anyone worried about a friend or family member who is being taken advantage of by a loan shark can call the confidential helpline on 0300 555 2222 or visit www.stoploansharks.co.uk.
