Illegal Money Lending and Financial Inclusion Plan
Illegal money lenders, are unlicensed (lending without a Consumer Credit licence) and operate outside the law. They are commonly referred to as loan sharks. These loan sharks not only take advantage of vulnerable borrowers but also bring disrepute to legitimate lenders.
Consumers who may find themselves unable to access credit due to a poor credit history, an inability to manage finances or because their income is simply too low to provide reassurance, may resort to illegal money-lenders.
The Government believes that action is needed to protect consumers, particularly the most vulnerable in our society. It is seeking to promote responsible and sustainable banking and curb unsustainable lending in order to protect consumers from financial malpractice.
An estimated 165,000 households in the UK use an illegal money lender each year. If you need to get information about reporting a loan shark or managing your money please contact the Stop Loan Sharks team immediately.
To access a copy of the Spring 2020 IMLT newsletter, go to newsletter (pdf 1.7 mb)
The City Council has now adopted a new approach to increasing financial inclusion. The Financial Inclusion Plan aligns the work of a range of partners to reduce duplication and target capacity to meet our shared priorities. The plan is about making the most difference to people whose lives will be improved by becoming financially included. Financial inclusion is about making sure everyone has access to appropriate financial services and the skills and confidence to use them to improve their lives. The Deputy Leader Councillor Joyce McCarty leads on Financial inclusion for the City Council.
Financial inclusion is an important element in tackling poverty and facilitating social justice. The aim of the Financial Inclusion Plan is to make a measurable difference to financially excluded people.
Newcastle Debt Advice
This is a partnership of debt advice agencies. Its aim is to deliver fast simple access to free advice and information for people with debt, rent or mortgage problems, and the services involved include in Newcastle Debt Advice include Welfare Rights and Money Advice, Newcastle Citizens Advice, and Shelter.
Trading Standards service, Directorate of Operations and Regulatory services, Civic Centre, Newcastle upon Tyne, NE1 8QH. Email: firstname.lastname@example.org
Did you know?
Since 2004, the England Illegal Money Lending Team have supported over 28,000 people and written off over £73,000,000 of debt.
Need more information?
Stop Loan Sharks
0300 555 2222
Text 07860 022116
Moneywise Credit Union
0191 276 7963
Newcastle Citizens Advice
0344 245 1288
0808 800 4444