A HOUSING association is trying to protect its residents from loan sharks with a new campaign.

Broadacres is working in partnership with the England Illegal Money Lending Team (IMLT) to steer people away from using the illegitimate services of a loan shark and point them in the direction of a safer alternative when borrowing money, such as their local Credit Union.

Staff from Staff from Broadacres’ Money Advice Team were joined by the IMLT mascot Sid the Shark for a day of action around one of its largest estates in North East Northallerton. They visited residents and left leaflets in areas such as Bankhead Road and Ashlands Road.

Suzanne Smith, Broadacres’ head of financial services, said: “Loan sharks often target low-income and desperate families, particularly those who do not have access to legitimate credit from banks or recognised lenders.

“These loan sharks charge exorbitant rates of interest, can use violence and intimidation to secure payment and are often involved in other criminal activity.

“They prey on the vulnerable so the aim of our action day was to warn our residents about the dangers of borrowing from illegal lenders and to let them know that there are safer alternatives to this.”

Tony Quigley, head of the England Illegal Money Lending Team, said: “Illegal money lending is a despicable crime which causes nothing but harm to our communities. These lenders may appear to be offering a community service but borrowers are often forced to pay back far and above what they have borrowed and can afford.”

Anyone who has been affected by a loan shark, please contact the IMLT on; 0300 555 2222 or visit the website; www.stoploansharks.uk

They can accept information anonymously or in confidence.

For information about Broadacres’ Money Advice Team is available from at; www.broadacres.org.uk/Services/Money-advice/