Music Video Helping Young People Avoid Loan Shark Debt Trap

Friday 26 January 2024

Young people across the UK are at risk of falling victim to loan sharks amid the cost-of-living crisis as they struggle to get credit and are forced to borrow elsewhere to make ends meet.

A new grime music video has been launched this week by the England Illegal Money Lending Team (IMLT) to help steer young people away from falling into the debt trap and being left at the mercy of illegal lenders. The video highlights the work of credit unions and why they are a safe and sustainable way to borrow and to save.

Money recovered from loan sharks across the UK has paid for the video, which has been produced by Nourish Social in partnership with the England Illegal Money Lending Team (IMLT) and the Association of British Credit Unions Limited (ABCUL). The video tells the story of Amy, who falls into debt after a relationship breakdown, but finds a way out with the help of a credit union.

Tony Quigley, Head of the IMLT, which investigates and prosecutes illegal lenders across the UK, said: “We know young people are particularly financially vulnerable in the current economic climate and many illegal lenders are starting to take advantage of this, targeting victims through online platforms and social media.

“They pose as a friendly face, offering to take instalments as payments for goods sold online and then move on to offering small loans. It can seem as though they are doing a favour, but things can very quickly turn nasty, as they demand repayments with extortionate interest rates and use threats, intimidation, and violence to extract money.

“These young people may feel that they are trapped with no way out. But there is an alternative. Credit unions offer a safe and sustainable way to borrow and to save money. This video really gets this message across to young people and we hope it can help steer them away from these unscrupulous criminals and towards a safe way of borrowing.

“Using money that has been seized from illegal money lenders to pay for this video to be put together seemed an extremely fitting way of using that cash.”

Theo Thompson, Content Creation Strategist at Nourish Social, which works with organisations on social media storytelling, said: “Crafting this video advert was more than just a project; it was a passion to shift perceptions and light the way for young individuals striving for financial stability.

“It’s our hope that this unique blend of storytelling not only educates but deeply resonates with young audiences, showing them the promising pathways credit unions provide. Thank you to the IMLT for being innovative in their approach to help young people.”

Robert Kelly, CEO of ABCUL, added: “Thanks to the Illegal Money Lending Team and Nourish Social for raising awareness of the benefits younger people can have by joining their local credit union.

“Credit unions are changing fast. Many are embracing digital transformation and on-demand customer service which is attracting younger members. Credit unions offer members the safety net of access to fair affordable credit from local organisations that have their interests at heart whilst helping them build financial resilience through savings, however small.”

Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 or access support online. Live Chat is available on the website from 9am to 5pm, Monday to Friday.

To find a credit union, visit Find Your Credit Union.

Watch the video here.