As Stop Loan Sharks Week (11–17 May) shines a light on illegal money lending, Northamptonshire-based Commsave Credit Union is urging people across the region to see the problem for what it truly is: not just a financial trap, but a mental health crisis.

Stop Loan Sharks Week is an annual campaign led by Stop Loan Sharks – the England Illegal Money Lending Team, which is the only organisation in England with the power to investigate and prosecute illegal lenders. The theme this year is ‘Game Over for Loan Sharks’. It highlights the way illegal lenders trap people in cycles of debt: adapting their tactics, deceiving their victims and applying pressure until escape feels impossible.

Commsave – a not-for-profit financial co-operative with over 42,000 members across the UK – is backing the campaign and offering a clear, ethical alternative for anyone who needs to borrow.

Matt Goulding, Chief Executive of Commsave Credit Union, said: “A loan shark doesn’t just take your money – they take your peace of mind. The fear of what might happen if you can’t pay, the shame of not being able to tell anyone, the isolation of feeling trapped: these are things people carry with them long after the debt itself. The mental health impact of illegal money lending is real, it is serious, and it is talked about far too little.

“Stop Loan Sharks Week exists to change that – to open up those conversations, to make people feel less alone, and to make sure they know there is a better way. At Commsave, we have spent 35 years being that better way. Whether someone needs a small loan, help saving, or just someone to talk to about their finances without judgement, we’re here.”

Commsave warns that illegal lenders often present themselves as informal friends doing a favour – no paperwork, no questions, no Financial Conduct Authority (FCA) authorisation. As payments are missed and charges mount, the credit union cautions that tactics quickly shift to threats, intimidation and harassment. The resulting anxiety, sleeplessness and sense of powerlessness can be profound – and many victims suffer in silence, too frightened or ashamed to seek help.

Matt added: “One of the things loan sharks rely on most is silence. They know that shame and fear keep people from asking for help. The more we talk openly about this – in workplaces, in schools, in communities – the harder it becomes for illegal lenders to operate. Our message to anyone in Northamptonshire who is worried about their finances is simple: please reach out. There is no judgement here, and there are always options.”

For many people, a credit union like Commsave provides exactly the alternative that keeps them away from illegal lenders in the first place.

Tracey, from Sheffield, who works for DWP and has been a Commsave member since 2020, said: “Commsave have been a lifesaver for me. I was in a lot of debt and maxing out credit cards. Now these debts are being paid off through a consolidation loan. I wouldn’t have got the help I have with Commsave, anywhere else.”

Melissa, from Northamptonshire, who joined Commsave in 2013 while carrying £15,000 of debt, added: “I was paying my rent on credit cards. Now I have peace of mind with my finances and I’m less stressed. Commsave has helped me to live my life.”

Commsave is urging residents, employers and community organisations to recognise the warning signs that someone may be in the grip of an illegal lender, which can include:

• Declining health or wellbeing
• Withdrawal from family, friends or colleagues
• Difficulty managing everyday finances or late rent payments
• Reluctance to discuss their financial situation
• Mention of a ‘new friend’ who has lent them money
• Someone else being present when money is discussed
• Not having access to their own bank card or financial documents

Stop Loan Sharks estimates that 1.08 million people in England are currently in debt to an illegal lender. Commsave and Stop Loan Sharks are urging anyone affected not to suffer in silence.

Anyone who suspects they or someone they know is affected can contact Stop Loan Sharks in complete confidence, 24 hours a day, on 0300 555 2222, or by WhatsApp on 07700 102773 (9am–8pm, Monday to Friday). You do not have to give your name. Visit www.stoploansharks.co.uk for more information, including a live chat facility.

For those looking for a responsible, affordable borrowing option, Commsave Credit Union is open to new members. Visit www.commsave.co.uk to find out more.