Stop loan sharks
Trading Standards bites back!
The bite is being put on loan sharks by our Trading Standards
service. It has launched a West Sussex-wide Stop Loan Sharks
project with the Trading Standards South East Illegal Money Lending
Team, specialists with an impressive record of tracking down and
prosecuting rogue moneylenders.
The team has also successfully probed and prosecuted loan sharks
for related criminal offences, such as blackmail, kidnap, rape and
fake goods offences.
Running a money lending business without the appropriate licence
is a crime. Loan sharks target some of the most vulnerable people
in society and charge extortionate interest rates. They rarely, if
ever, provide paperwork. And because a debt ‘owed’ to a loan shark
is not legally enforceable, they often use violence and
intimidation to get what they think they are owed.
The Illegal Money Lending Team also has experts who work
closely with credit unions, housing associations, voluntary
organisations and health services to raise awareness and help spot
the warning signs that people may be using loan sharks. These
experts also help people understand their finances, point them
towards legitimate sources of credit and encourage them to start
savings accounts.
County Council Trading Standards officers and members of the
specialist team will also provide loan shark victims with help and
support. Don’t be afraid to get in touch if you are suffering at
the hands of a loan shark.
Nationally, the Stop Loan Sharks project has so
far:
- helped more than 10,000 victims;
- written off more than £30million of illegal debt;
- secured more than 50 years in prison sentences; and
- pursued more than £10million of criminal assets through the
courts.
To report a loan shark:
West Sussex Trading Standards continues to enforce all the
requirements for traders who are licensed to lend money under the
Consumer Credit Act. This ranges from misleading advertising,
enforcement of old debts, harassment & provision of correct
paperwork
Contact Trading Standards through Citizens advice
consumer service on: 08454 04 05 06
If you want general debt advice or help, please contact
your local Citizens Advice Bureau.