Monday, 15 April 2024
Monday, 15 April 2024

Talkback is helping to sink the loan sharks in 2023

The fresh feel of a new year is a time of renewed hope for the future, but for the millions of families and individuals struggling with spiralling debt to loan sharks, it can be the most terrifying time of the year. 

Talkback’s figures show that nearly one in ten people who borrowed from loan sharks last year did so to cover the costs of Christmas.

Loan sharks create an environment of fear, intimidation and control for their victims. They will use almost any means to tempt people into taking out a loan with them. They know how to spot people who are vulnerable and who need money. This creates a vicious cycle of debt for those unable to pay back their loans and often leads to serious financial issues.

Families can lose their homes or be pushed into extreme poverty because they don’t have enough money to survive.

Talkback has been working with Birmingham City Council to understand how we can best support people with learning disabilities and autistic people to ensure they do not run into trouble with loan sharks. Talkback is busy building some events to highlight the problem and what people should do. These will be launching later this year, please keep an eye out for those.

Stop Loan Sharks, investigates and prosecutes illegal money lenders and provides support for borrowers in the UK. If you have borrowed from a loan shark or are worried about someone else, they are here to help and keep you safe.

For more information, you can visit the Stop Loan Sharks website here.

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