New drive set to hook town loan sharks

Loan shark cash
Loan shark cash

A raft of plans are being put in place to tackle the growing problem of loan sharks in Mansfield.

The England Illegal Money Lending Team and Nottinghamshire County Council are launching an awareness campaign, aimed particularly at residents who rent their homes from private landlords.

Special training will be given to debt recovery and customer service staff so they can spot people who may be the victims of loan sharks.

Mansfield District Council community wardens are planning a leaflet drop to inform residents who may be at risk, and a special stall will be set up inside Mansfield Civic Centre, a spokesman said.

Loan sharks operate illegally, without the correct permissions from the Financial Conduct Authority. Many appear friendly at first but their behaviour can quickly change with some resorting to threats, violence and intimidation.

Councillor Glynn Gilfoyle, chairman of Nottinghamshire County Council’s community safety committee, said: “Loans sharks can seem like an easy way of getting cash quick if you are having money problems, but we want to send out the message that they are illegal and are likely to leave you in more debt with their extortionate lending rates, not to mention their unsavoury methods to recoup their money.”

To report a loan shark, call the 24-hour confidential hotline 0300 555 2222.