Fighting Sharks
FoodSavers has received national recognition for its help in the fight against loan sharks.
We’re delighted to have been awarded official Partner status by the England Illegal Money Lending Team (IMLT) through their Stop Loan Sharks scheme.
FoodSavers has been supporting the work of the IMLT, also known as Stop Loan Sharks, by raising awareness among its members about the dangers of illegal money lending, promoting access to safe savings and credit through local Credit Unions, and signposting people to support if they are at risk.
Dave Benbow, Head of the IMLT, said:
FoodSavers provides a vital service for the people of West Yorkshire, giving families access to fresh food at an affordable price and at the same time starting to build savings habit that will boost their future financial resilience, keeping them safe from illegal lenders. We are proud to work with them and we are delighted to welcome them as an official Stop Loan Sharks partner.
Juli Thompson, CEO of FoodSavers, said:
FoodSavers is committed to tackling both food insecurity and financial exclusion. By combining affordable food with Credit Union savings, we offer families a practical alternative to borrowing from loan sharks. We are proud to be recognised as an official partner of the Illegal Money Lending Team and look forward to working together to support more communities across West Yorkshire.
Since it was set up over 20 years ago, the IMLT has supported over 32,500 people, and secured 430 successful prosecutions, with illegal lenders locked up for more than 612 years. More than £91.6 million in illegal debt has been written off.
Many illegal money lenders are well known in communities and are introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, often adding huge charges and using threats, intimidation and violence if repayments are not made. These lenders do not complete affordability checks, often lending to people who cannot pay them back. Borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
