Illegal loans
Peabody is working with the London Illegal Money Lending Team to help protect residents from illegal lenders. The team investigates and prosecutes loan sharks across the capital.
It’s believed illegal lending affects 165,000 households across the UK. In London the average sum owed to loan sharks is £3,500 – 10 times that in other areas.
How do loan sharks operate?
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A loan shark probably won’t give you paperwork or receipts
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They might use violence or threats
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They may hold your passport, post office card or other personal items as ‘security’
If you’ve borrowed from a loan shark you haven’t committed a crime – but the lender has. The London Illegal Lending Team can prosecute loan sharks and help you sort out your money.
You can contact the London Illegal Money Lending Team on 0300 555 2222 or text loan shark followed by your message to 60003. You can also report a loan shark by email – or visit www.stoploansharks.direct.gov.uk for more information.
