Liam O’Dell: Do Deaf people know enough about loan sharks? (BSL)

“I have never heard of the word ‘loan shark’ before. I assumed whoever I lent money off, [it] was similar to a bank,” reads one comment I receive from a member of the Deaf community in Merseyside as I look into the illegal money lenders, and just how much of an issue it is for Deaf people.

Another thought “lending money from friends was just something that only happened in the Deaf community and it was a normal thing to do”.

While lending money to family and friends does not need to be regulated by the Financial Conduct Authority (FCA) if it is not carried out “by way of business”, almost all financial services have to be done with the FCA’s permission.

This means individuals who lend money with “very high interest rates”; do so with no paperwork or formal agreement involved; issue threats when money is not paid; and take valuables away from you are often considered loan sharks, and are lending money illegally.

Money and lending will always be a hot topic for many of us, but it’s even more so during the current cost-of-living crisis, with Merseyside Society for Deaf People (MSDP) reporting almost a third (30%) of their drop-in service enquiries last year related to finance and date, with that figure rising to more than half (56%) in Wirral.

MSDP made contact with The Limping Chicken last month, when it was revealed the organisation was the first Deaf charity in the country to be awarded “partner recognition accreditation” from the England Illegal Money Lending Team (IMLT), the leading group prosecuting loan sharks and illegal money lenders while supporting individuals who have borrowed from them.

Alongside educating the local Deaf community on loan sharks in British Sign Language (BSL), MSDP have also produced a 10-minute film in partnership with Merseysign Theatre Group re-enacting examples of illegal money lending, which was shown to local groups and Deaf clubs. The film can be watched below.

 

Janice Connolly, MSDP’s Community Engagement Manager, said: “This project is important as Deaf people are routinely excluded from mainstream services. Deaf people who use BSL as their first language do not have the same access to information as hearing people.

“We know that many of our beneficiaries are digitally and financially excluded. Even the basics of understanding of % rates of loans is difficult when your first language is not English.

We have worked hard to educate our communities about the dangers of taking out loans and also letting them know about saving with the local Credit Union. The project has raised awareness of loan sharks for our Deaf staff as well as our Deaf community.”

While data shared by the FCA in 2017 found that 40% of individuals who had been lent money from an unauthorised lender were disabled, statistics on loans sharks and their impact on the Deaf community is a lot harder to find.

“Unfortunately we don’t have that data,” an IMLT spokesperson told The Limping Chicken when approached for data. “It’s a massive unknown for us which is why we are so grateful for the help of Merseyside Society for the Deaf and other support agencies.”

It’s one thing not knowing about loan sharks, but some Deaf people have reported not knowing there’s support available either.

“I didn’t know I could get help for something like a loan shark,” says another member of the Deaf community in Merseyside. “I assumed if it happened within my own community it was something I had to just deal with. I didn’t think anyone else would understand.”

Though there is always support available. If you think you might be the victim of a loan shark, you can contact Stop Loan Sharks’ 24-hour confidential advice helpline on 0300 555 2222, or by emailing reportaloanshark@stoploansharks.gov.uk. An online form is also available on their website, as well as a live chat available Monday to Friday, 9am to 5pm.

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By Liam O’Dell. Liam is an award-winning Deaf freelance journalist and campaigner from Bedfordshire. He can be found talking about disability, theatre, politics and more on Twitter and on his website.