Leaflet’s ‘beware of loan sharks’ message (From Bournemouth Echo)

Leaflet’s ‘beware of loan sharks’ message

7:00pm Friday 23rd July 2010 in

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LEAFLETS have been posted through letterboxes on a major Christchurch estate warning residents of the perils of getting caught up with loan sharks.

Ailsa Guard of the government’s Illegal Money Lending Team and police community support officers were dropping off the leaflets and talking to residents on Somerford Estate following the recent arrest there of an alleged loan shark.

She said loan sharks “befriend” their victims until they are unable to pay.

Then there is the risk of intimidation and violence.

“We’ve had some cases where people have been taken by knifepoint,” said Ailsa.

Because loan sharking is illegal, no records are kept and it is easy for additional increments to be added to the amount owed.

And, because it is against the law, there is no redress through the courts, said Ailsa.

She gave an example of an elderly woman in the North of England who borrowed £500 and, over a period of 14 years, paid back £80,000.

The leaflet points out it is not illegal to borrow from a shark or unlicensed lender and asks residents who have taken out loans to talk to the South West Illegal Money Lending Team in confidence on 0300 1234 247 or email stoploansharks@ bristol.gov.uk