Loan shark targeting begins in the UK

With many people in the UK suffering at the hands of loan sharks that make illegal cash loans and demand extortionate returns on the loan, the government has announced that it has now started its program to deal with this problem.

Specialist teams are already working to deal with the problem in Glasgow and Birmingham, and other teams are to be set up to work in other areas of the country. Scotland and the West Midlands are amongst the hardest hit when it comes to the risk of illegal loans, and figures indicate that there are around one hundred and sixty five households or individuals currently dealing with an illegal loan shark.

The teams that have currently been set up to target those giving out these illegal loans are offering advice to consumers that are being targeted by these illegal loan sharks, as well as tackling the criminals themselves. In many cases, loans sharks lend cash to those in deprived areas who are desperate for extra cash and have no other way of getting it. They then use some very unpleasant and illegal methods to get back the original loan and bags of interest on top, such as threats of violence.

Ed Balls from the Treasury Department stated: " Loan sharks are a blight on some of the least well off communities, and so I am pleased to see the success we are already having in tackling these criminals and helping their victims. Today’s announcement will bring help to more victims nationwide while also sending a further warning that these illegal and unacceptable practices will not be tolerated. "

The Minister for Trade, Ian McCartney also spoke out, adding: "Loan sharks are parasites in our poorest communities. They use violence and intimidation against some of the most vulnerable people. The pilots in Glasgow and Birmingham have already put some of the worst bullies in Britain behind bars."

Richard Smith
2nd February 2007