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We recently saw England suffer defeat in the Euro 2024 final against Spain.

While many will have enjoyed watching the tournament, for others, it may have been distressing to chase bet losses and possibly enter financial difficulty.

Gambling can be a highly addictive habit which can spiral with individuals needing to borrow money to fund further bets.

Gambling and loan sharks

Last year, 4% of the borrowers supported by Stop Loan Sharks said they initially borrowed to pay for gambling costs.

Tony Quigley, head of the Illegal Money Lending Team (IMLT), said: “People borrow from illegal money lenders for all sorts of reasons and may find they crop up just at the right time when they need money quickly.

“The truth is that they are predatory criminals who target people whenever they are financially vulnerable.

 “That can include people who have addictions, including gambling. These illegal lenders know an offer of an immediate loan can be hard to refuse for someone in that position and take the chance to line their own pockets.

“But there is support out there, to help people escape the clutches of illegal lenders.

“They can call our team in complete confidence for expert help and advice. People who have borrowed should know they are not to blame and have nothing to be ashamed of, the lender is the criminal.”

Illegal lender warning signs

There are up to 1.08 million people in debt to loan sharks in England, according to figures from the Centre for Social Justice (CSJ).

The warning signs of an illegal lender include:

  • Giving you no paperwork or agreement on a loan 
  • Refusing to give you information about the loan 
  • Keeping items until the debt is paid such as your bank card or passport
  • Taking things from you if you don’t pay on time 
  • Adding more interest or charges so the debt never goes down 
  • Using intimidation or violence if you don’t pay

This year marks the 20th anniversary of the IMLT. Since its launch in 2004, the team has supported over 31,700 people and written off over £91.3 million worth of illegal debt, securing over 421 prosecutions for illegal money lending, leading to over 600 years in jail.

Anyone who has been affected by illegal money lending can call the Stop Loan Sharks 24/7 confidential helpline on 0300 555 2222 or access their support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.

Get in touch

We’re proud to work closely with the IMLT and are here to support people who have fallen into financial difficulty and need help getting back on track.

We offer our debt help services through a variety of channels, including freephone on 0800 316 1833 and over live chat.