Stop Loan Shark Week 2024

No blame, no shame - your lender is in the wrong, not you.

The Stop Loan Shark week takes place between May 13^th - May 19^th 2024 and it is a campaign Dudley Building Society is pleased to support.

For two decades, Stop Loan Sharks has been combatting unlawful money lending and aiding borrowers to regain their power and work back up to financial safety after borrowing from illegal money lenders. This annual campaign intends to showcase their collaborative efforts and accomplishments alongside their partners.

This year’s theme is ‘No Blame, No Shame’ highlighting that no shame lies with the borrower, but should rather lie with the loan sharks for their methods of lending without the authorisation from the Financial Conduct Authority. Loan sharks are expert manipulators, knowing how to persuade people to borrow from them and keeping people trapped in a cycle of debt.

In 2023, Stop Loan Sharks supported almost 800 people who had borrowed from loan sharks, helping them escape the clutches of their lender. It is also reported that it can sometimes take borrowers more than 2 years to finally report a loan shark, this further pushes the motivation to encourage and reassure the borrowers that they are not at fault and the intimidation tactics of the loan sharks are the reason behind such a delay.

How to spot an illegal lender? These are a couple of signs to look out for:

- Being given no paperwork or details about the loan;

- Being told to make repayments that add up to much more than you initially borrowed;

- Being intimidated or threatened you if you struggle to pay;

- Being told to hand over items like bank cards or a passport until you can pay.

If you need to borrow money, there are other options available. If you think you have been targeted by a loan shark, you can contact Stop Loan Sharks by calling their 24/7 confidential hotline on 0300 555 2222, or contacting their live chat which is available on the website www.stoploansharks.co.uk from Monday to Friday 9am to 5pm.

For further information on the support available and how to get in touch, please visit the website www.stoploansharks.co.uk.

Before looking into other alternatives of borrowing and you struggle to keep up with your mortgage payments, please visit our Mortgage Support page.