VOLUNTEERS from Age Concern Crediton and District have received specialist training to spot the signs of illegal money lending activity and help elderly residents targeted by loan sharks.

The training, run by the England Illegal Money Lending Team (IMLT), showed a number of frontline staff what signs to look out for and how to recognise the symptoms and effects of illegal money lending when dealing with residents, equipping them to deal with these situations appropriately and sensitively.

Age Concern Crediton is an independent and local charity supporting and improving the quality of life for people in the 50+ age group living in Crediton and its surrounding villages – enabling independent living.

A loan shark is someone who lends money without the correct permission from the Financial Conduct Authority (FCA): www.fca.org.uk .

Loan sharks are unregulated, often give cash loans without any paperwork and charge extortionate interest rates.

Michael Coleman, Age Concern Crediton trustee, said: “Protecting our residents from illegal money lenders is really important because their actions can have a massive financial and emotional impact. We are pleased to support the work of the National Illegal Money Lending Team to prevent elderly residents from falling victim to the unscrupulous activities of loan sharks.”

The national team has secured more than 390 prosecutions for illegal money lending and related activity, leading to nearly 480 years’ worth of custodial sentences.

They have also written off a staggering £75 million worth of illegal debt and helped more than 29,000 people escape the clutches of loan sharks.

The IMLT have been working closely with Devon, Somerset and Torbay Trading Standards and Devon and Cornwall Police to disrupt illegal money lending activity in Exeter.

A 60-year-old man from Exeter was recently charged with illegal money lending and money laundering offences as a result of an ongoing investigation.

It is estimated that there are 310,000 people in debt to illegal money lenders in the UK.

Loan sharks charge extortionate rates of interest and provide no assurances or empathy for their victims. These criminals ruin lives and live the high life funded through other people’s misery.

Tony Quigley, head of the Illegal Money Lending Team added: “We would urge anyone who is involved with an illegal lender or knows someone who is to contact us in confidence."

In most cases, victims are introduced to the lender either through a friend, family member or because they are known in the community. Victims believe the loan shark is offering them a service, but their behaviour can quickly change if repayments are not met.

The IMLT provides support to victims and witnesses including access to legal support, affordable credit and debt advisors.

City of Plymouth Credit Union and Westcountry Savings and Loans can help local residents’ access financial services such as savings and loans. Membership is available to anyone who lives or works within Devon, Cornwall or the Isles of Scilly. Find the nearest credit union to you: www.findyourcreditunion.co.uk .

If you’ve already found yourself dealing with a loan shark, you’re not alone and there is help available.

To report a loan shark call the 24/7 confidential helpline 0300 555 2222, text a report to 078600 22116, email: [email protected] or submit a report online: www.stoploansharks.co.uk.ORDER YOUR DIGITAL EDITION HERE