Finance – Illegal Money Lending Team (IMLT) Training – PayPlan

Illegal Money Lending Team (IMLT) Training/Loan Sharks – PayPlan

The use of loan sharks is prominent in the UK and likely to be on the increase as regulated lenders are tightening lending criteria, whilst credit scores are dropping due to increased missed payments and arrears. Most loan shark victims do not realise the person they owe money to is a loan shark but once caught in the trap, it can be incredibly difficult to get out of it.

The impact of owing money to a loan shark is far reaching, with many borrowers experiencing high levels of stress, anxiety, depression, and suicidal tendencies.

It is estimated that over a million people in England are using illegal lenders. It may be that people who have been recently bereaved are turning to loan sharks to pay funeral expenses or try to make up for lost income. It might be that the person who has died was in debt to a loan shark and the family are now concerned about what this means for them and the outstanding debt.

The Illegal Money Lending Team (IMLT) are a government funded enforcement and support team. We look to remove the loan shark and support the victims of this crime. We offer free training online or in person, to any organisation who may encounter loan shark victims. A one-hour session would include awareness of:

  • What is a loan shark?
  • How might someone speak about this type of debt?
  • Signs to spot a victim.
  • GDPR and sharing information.
  • Support offered by IMLT

The session is aimed to be informative but also informal. There will be lots of opportunity to ask questions and learn more about how to identify and support vulnerable people who owe money to an illegal lender.

To find out more or book a session, please contact Trish Cassidy at [email protected]