​Protecting people from loan sharks during the Covid-19 crisis

Bury’s trading standards officers are playing their part in cracking down on loan sharks taking advantage of the coronavirus pandemic.

The council knows that this period may be putting increased pressure on some people, and is working with partners in the England Illegal Money Lending Team (IMLT) to ensuring that loan sharks do not take advantage and profit from people’s hardship.

Anyone lending money should have the correct permission from the Financial Conduct Authority (FCA). Legal lenders have to comply with strict guidance and ensure they are dealing with customers fairly, using proper paperwork and legal collection methods.

You can check if a company is authorised to lend money at www.loansmart.org.uk

Citizens Advice, Money Advice Service and Stepchange have a wealth of information available to help people whose health and finances have been affected by the current situation.

See www.stoploansharks.co.uk

Angela Lomax, head of trading standards and licensing at Bury Council, said: “We know that many people will rightly be worried about struggling in the coming months; however, trading standards will be supporting the Illegal Money Lending Team when it comes to taking action against unscrupulous profiteers who take advantage of people in difficult times.”

Anyone wanting to report cases of rogue traders or uninvited doorstep callers should ring the Citizens Advice Consumer Service on 0808 223 1133.

ENDS

Press release issued: 23 March 2020.