This child’s letter to Father Christmas highlights the misery inflicted on vulnerable families by loan sharks.
‘Oliver’ describes how he is desperate to see his mum smile again after the ‘money man’ started ‘making her sad’.
The note is based on anecdotes from families and children supported by experts who help people out of spiralling debt and tackle the criminals who exploit them.
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It’s part of the England Illegal Money Lending Team’s (IMLT) Christmas campaign to raise awareness of THE dangers of using loan sharks.
The note reads: “Dear Santa,
“For Christmas I really want my mummy to smile again. She used to have the biggest smile in the whole world and give the best hugs but the money man started coming round and making her sad.
“I have tried to be a good boy and I always tidy my room. I will be extra good if you could please make mummy stop crying.
“Love from Oliver, aged 7”.
The Manchester Evening News has previously reported on the snide tactics used by loan sharks to keep desperate people within their grip.
One expert explained how the hard man ‘Phil Mitchell’ image of a loan shark is outdated and unhelpful as many are already known to their victims.
They could be other drinkers at their local pub, or a mum at the school gates who offers to help another out of a tight spot - and then threatens to publicly shame them.
Victims have turned to shoplifting, prostitution, or even tending cannabis farms to try and pay off their debts.
Cath Williams of the England IMLT previously explained how there is a ‘massive spectrum’ of illegal lenders.
“The stereotype was a Phil Mitchell type big guy with a baseball bat with henchmen who will break down your door. We don’t really see that,” she said.
“We don’t see so many threats of violence. It’s more complete control and the undermining of people’s self esteem.”
One woman who borrowed £50 for school uniforms ended up paying back £35,000.
“She had no money so she had to borrow more,” Cath said.
“It was a mate who lent her the money and there was a pretend ‘Mr Big’ figure in that case.
“Those kinds of threats are never dated.
“They’ll say things like: ‘has your mum got any money? Because we need to keep this guy away from the kids’.”
Back in August 2020, police arrested seven suspected loan sharks during dawn raids in Oldham.
The team executed warrants at six addresses in the Coldhurst, Fitton Hill, Greenacres and Holts areas of the town and seized documentation and electronic devices.
Back in July of this year, Yorkshire loan shark Rovin Mavunga was jailed for 16 months after threatening his victims on social media.
Mavunga, 24, charged interest rates of almost 100 per cent on loans and netted £140,000 in repayments over a 22-month period.
His victims included a single mother-of-two, who was attacked in the street as a result of an unpaid debt and was forced to move away to escape the threats, the IMLT said at the time.
She found Mavunga through his Snapchat adverts and took out a number of small loans before being unable to pay.
She was slapped twice on the face by a man who approached her in the street and asked: “Where’s Lou’s money?”
The IMLT is giving tips and advice across its social media channels on how to stay safe from illegal money lenders over the festive period.
The “Dear Santa” stories highlights how illegal money lending can cause serious physical, emotional and psychological damage to children during important stages of their lives.
The heartbreaking letters to Santa don’t ask for expensive gifts, like laptops or game consoles - instead children plead for help to stop loan sharks terrorising their families.
Research conducted by the IMLT found that Christmas is the second highest reason people borrow money from loan sharks after paying for essentials such as food, rent or mortgage, and utility bills.
Experts believe that this year there are likely to be more families impacted financially and emotionally by the pandemic. As such, illegal money lenders will look to take advantage of people when cash is tight, they say.
People are being advised to watch out for warning signs of loan sharks and report them if they are approached by one.
Loan sharks rarely give paperwork. Instead, exorbitant extra amounts and interest payments are usually added at random with passports, bank cards or driving licences taken as security on the loans.
As the debts often cannot legally be enforced in many cases the loan sharks will resort to threats, violence and other bully tactics to extort money from people.
Tony Quigley, head of the England IMLT, said: “Illegal money lending is a horrific crime that affects many individuals, their families and entire communities.
“At this time of year people can be more susceptible to falling prey to loan sharks due to the financial pressures of Christmas. Loan sharks will target people who feel under pressure financially and may not be aware of the services that are there to help them.
“Borrowing from a loan shark might feel like your only option when you’re in a pinch and need cash fast this festive season, but it’s important to remember that these lenders operate illegally and can turn quite nasty when demanding payments from victims.
“We encourage anyone with information about this crime to come forward and report. We will provide specialist support and take action against the loan shark. If you need help with money worries, contact your local Citizens Advice for free, confidential and impartial advice.”
How to protect yourself and your loved ones from loan sharks this Christmas
If you need to borrow money, check the lender is reputable and find out what interest and fees they charge. You can find out whether a money lender is authorised by checking the register on the FCA website at www.fca.org.uk
- If you are in debt and thinking about borrowing from a loan shark, contact StepChange for expert advice to help you deal with your debts and get the support you need at www.stepchange.org
- Be wary of people you don’t know sending you messages through your social media accounts. Loan sharks might offer you a quick deal, but they will soon trap you in a spiral of debt with extortionate rates of interest.
- Never send money or give credit card, online account details or copies of personal documents to anyone you don’t know or trust.
- Be careful about how much personal information you share on social network sites. Loan sharks have been known to use online platforms to find, threaten and control people in debt.
Anyone with concerns about illegal money lending can contact the Stop Loan Sharks 24/7 Helpline in confidence on 0300 555 2222.
You can also find additional information and support online at www.stoploansharks.co.uk .
Live Chat is available on the website between 9am to 5pm, Monday to Friday (excluding bank holidays).
