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Loan sharks warned: we’re coming for you
Date published: 15 March 2013
Sid the Shark, pictured with trading standards officers, police, councillors and members of the Illegal Money Lending Team, is on a mission
Trading standards officers have joined forces with the national Illegal Money Lending Team to tackle loan sharks.
Borrowers are trapped into spiralling debt by loan sharks who can resort to violence, threats or intimidation to ensure they are repaid.
From Monday until March 28, Oldham will host events supported by the six District Partnerships to raise awareness of the dangers.
At each event, representatives from the team — accompanied by mascot Sid the Shark — will be offering advice on how loan sharks can be avoided and reported. They will recommend Oldham Credit Union as a safe alternative.
Tony Quigley, head of the England Illegal Money Lending Team — set up by the Department of Business, Innovation and Skills - said: “Illegal lenders not only rip people off with extortionate rates of interest but resort to the most despicable methods to enforce their debts. We are sending out a clear message that this will not be tolerated.”
Comments
Get rid of the payday loans first .
Payday Loan companies, whether on TV or on the High St are loan sharks non the less. There needs to be a much more vigorous promotion of Credit Unions.
Have Your Say
Who needs money sharks when we have payday loan companies who advertise on TV?
Just checking out one of the popular ones reveals an interest rate at a jaw dropping 4214% pa !
There are horror stories that they want to know which day you are paid and then empty a bank account of all the funds should a borrower fall into arrears leaving the borrower with nothing to live for a month.
And this is legal!
By Flake @ 15/03/2013 17:32:30