Illegal Money Lending Team plan a Young People month of action

Posted: 25-01-2015

The Illegal Money Lending Team have been in touch with NASMA to give us details of their Month of Action:

The England Illegal Money Lending Team would like to thank you for your continued support in raising awareness of the dangers of using Loansharks in every community and we appreciate your continued efforts. We have been in a position to write off debts of more than 62 million pounds, which is money that victims would have had to pay back had we not intervened and removed the Loansharks. You have been invaluable in supporting us to ensure that victims become free from crippling debt thus enabling them to successfully rebuild their lives.

March 2015:

We are planning a Month of Action - targeted awareness raising during March 2015 entitled "Young people & Money" - aimed at raising awareness of illegal lenders to those with poor literacy and financial skills.

We are targeting Young People because:

  • Spending starts early
  • Financial skills are lacking
  • Debt is mounting

Schools, parents and students all think financial awareness and avoiding dangers should be taught!

We've already got buy in from some local organisations to raise awareness but I wondered if you would take on some actions from the money advice side of things?
As a team we've worked in partnership with local authorities, debt advice agencies and various support agencies across the country for several years. We now also, more intensely target schools, children centres and other youth organisations, but I wondered if you would be good enough to promote the month of action nationally to your staff and their clients through newsletters, social media or by booking free training for advisor groups that haven’t previously attended training?

Attached an article and a case study for your information and you can also check out our Youtube Channel: www.youtube.com/StopLoanSharks

 

The month of March will arrive shortly so if your business development managers or other key staff members wish to contact their local LIAISE, or our Manager david.a.benbow@birmingham.gov.uk, they will then be kept in the loop.

We would like your help in;

  • Displaying the poster or flyer
  • Asking your clients if they have borrowed money from someone without paperwork
  • Sending this message to all School/College contacts during March
  • Putting information on your website
  • Saying hello and supporting the Month Of Action on Twitter during March - @loansharknews
  • Like our FB page - www.facebook.com/stoploansharksproject
  • Asking your advisors, if completing a financial statement during March, to check with clients if they know what a loan shark is (sometimes they will refer to “borrowing from a friend” rather than mentioning an illegal lender or using the term loan shark
  • Add info to your email signature for a week

What is a loan shark?


A loan shark is someone who lends money without the permission required by the Financial Conduct Authority to individuals or companies whom they believe are “fit and proper.”
Victims are not only charged astronomical rates of interest, but very often face violence, intimidation or blackmail if they fall behind with their payments
Thank you for your all your help and I look forward to enjoying joint successes in 2015 and thereafter!!