Putting the bite on loan-sharks

FIGHTING back against loan sharks are (from the left) Helen Percy, from Oldham Credit Union, Councillor Jean Stretton and Credit Union treasurer Mike Louden

HARD-UP Oldhamers who may be considering using a loan shark are being urged to think again.

Oldham’s Trading Standards has joined the England Illegal Money Lending Team, to crack down on loan sharks who cause misery.

The team, which investigates illegal money lenders, says 20 per cent of victims have borrowed cash to pay for festivities.

In the majority of cases, victims are introduced to the lender either through a friend or family member.

Sharks rarely offer paperwork and are unclear on the terms, so borrowers are unsure how much they must repay.

Extra amounts and interest are added at random.

As the debts can’t legally be enforced, the lenders will often resort to threats, violence and other extreme methods to enforce repayment.

Councillor Jean Stretton, cabinet member for neighbourhoods and devolved services, said: “Loan sharks are criminals who prey on vulnerable people and blight communities.”

The council is offering an alternative for locals with large bills - the Oldham Credit Union.

This community-based business is owned and run by local people and provides fair financial services.

Anybody who has fallen victim to a loan shark can contact the council’s 24 hour confidential hotline, on 0300-555 2222.