RESIDENTS are being warned about the dangers of borrowing from illegal money lenders.

Loan shark awareness week will run from October 27-31, as local organisations urge residents not to borrow from loan sharks.

Safer Bromsgrove Group is teaming up with North East Worcestershire Home-Start, the England Illegal Money Lending Team and Trading Standards to promote the local support services available, and show them other more affordable options exist.

Tony Quigley, head of the England Illegal Money Lending Team, said: “Illegal money lenders often prey on those who would struggle to obtain credit through legitimate means, the run up to Christmas is a particularly vulnerable time.

“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.

“Many are subjected to threats, violence or other callous enforcement methods."

As part of the awareness week, a free money advice and support event is being held at St Andrews Church in Lyttleton Avenue, Charford, today, October 29.

Residents can pick up a free money advice and support leaflet and a Counting Coins at Christmas booklet direct from the event, from customer service centres or from local libraries.

Representatives from the local organisations and agencies, will be able to speak to staff about financial and community safety issues.

Bromsgrove District Council leader Margaret Sherrey said: "We want to make sure that residents, who need extra help in the run up to Christmas, don’t turn to loan sharks for money, but seek help from local agencies and organisations that can provide support and advice.”

Anyone who has been the victim of a loan shark can report them to the England Illegal Money Lending Team by calling 0300 555 2222.

Alternatively email reportaloanshark@stoploansharks.gov.uk or text loan shark and your message to 60003.

Reports can be made anonymously if you wish.