Oldham Council has teamed up with a pioneering team to tackle illegal money lending in the Borough.

Trading Standards Officers are working with the Illegal Money Lending Team (IMLT) to tackle loan sharks and bring them to justice.

Loan sharking is an illegal activity which makes victims lives a misery.

Borrowers are trapped into spiralling debt by loan sharks who often resort to the most extreme methods such as violence, threats or intimidation to pressure them into paying loans back.

From March 18 to 28 the Borough will host a series of events and activities – supported by the District Partnerships – to raise awareness amongst residents about the dangers of loan sharks.

At each event representatives from the team, accompanied by mascot ‘Sid the Shark’ will be offering advice on how loan sharks can be avoided and reported, and recommending Oldham Credit Union as a safe and legal alternative.

Shaw Lib Dem councillor Howard Sykes said: “Loan sharks are criminals who prey on vulnerable people and blight communities. They fleece their victims and often use intimidation and violence.”

“I am pleased Oldham Council has said it will not allow this bullying and criminal behaviour and will work with our partners to target those who think they are above the law and can get away with it.”

“Instead of turning to loan sharks I would encourage residents to use Oldham Credit Union, which offers great saving and lending opportunities.”

Nationally there are an estimated 310,000 households borrowing from illegal money lenders. With a lack of paperwork, victims are kept in the dark about how much is owed and will charge exorbitant interest rates – in some cases in excess of 130,000 per cent APR.

More than 220 people have been prosecuted leading to more than 150 years worth of prison sentences being handed out by the courts.

Almost £40million worth of illegal debt has been written off and more than 19,000 victims have been helped.

Tony Quigley, Head of the England Illegal Money Lending Team, said: “Illegal lenders not only rip people off with extortionate rates of interest but resort to the most despicable methods to enforce their debts.”

“We are sending out a clear message that this will not be tolerated.”

If you have been the victim of a loan shark Call the 24 hour confidential hotline on 0300 555 2222;

Text ‘loan shark + your message’ to 60003;

E-mail reportaloanshark@stoploansharks.gov.uk;

or Private message on www.facebook.com/stoploansharksproject

To find out more about Oldham Credit Union call 0161 678 7245

or email enquiry@oldhamcreditunion.co.uk.

Alternatively you can log onto www.oldhamcreditunion.co.uk

To find out where Sid is during the campaign follow @stoploansharks on twitter or visit www.facebook.com/stoploansharksproject