The Tenancy Sustainabilty, Localities and Income teams of Community Housing joined forces last week for a proactive initiative, ‘the Bite Back Day’, in the Horsefair area of Kidderminster.
In collaboration with the local police and the Illegal Money Lending team from Stop Loan Sharks, the teams embarked on a mission to raise awareness about the presence of loan sharks in the area.
Taking to the streets, they distributed informative leaflets to local properties, aiming to provide assistance and speak about any concerns to individuals who might encounter or have dealings with loan sharks.
Adding a creative touch to the awareness campaign, the teams were accompanied by Sid the Shark, a character that certainly captured the attention of passersby.
Tony Quigley, head of the England Illegal Money Lending Team at Community Housing, said: “Loan sharks trap borrowers in a spiral of debt, often resorting to extreme methods of intimidation, threats and violence to enforce repayment.
“We are committed to cracking down on unscrupulous lenders in partnership with other agencies.
“We not only want to warn people of the dangers but we want to offer support to those who may be vulnerable to getting involved with loan sharks.”
Loan sharks, often illegal money lenders, exploit vulnerable individuals with exorbitant interest rates and resort to intimidation tactics.
The teams focused on reaching out to those on low incomes, offering support during challenging times.
The Illegal Money Lending Team works in partnership with Trading Standards services across England to prosecute loan sharks and to support the people and communities that are affected by them.
An estimated 310,000 households are borrowing from illegal money lenders and the highest APR seen by a loan shark was 4.5 million percent.
Read next: Cottsway gifts over £20,000 to support communities and local people
Are you a social housing professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.