Campaign to target loan sharks

A CAMPAIGN has been launched to target loan sharks in Warrington.
The England Illegal Money Lending Team haS joined forces with Warrington Borough Council, national housing provider Affinity Sutton and other local partners, to raise awareness of the dangers of borrowing from illegal money lenders.
Loan sharks can make their victim’s lives a misery, by adding additional amounts to the illegal debt and charging exorbitant rates of interest.
The Team have prosecuted illegal lenders who were charging up to 131,000 per cent APR. In one case a victim borrowed £250 and paid back in excess of £90,000 over a number of years.
Many will trap their victims and then resort to extreme methods such as intimidation, threats or violence to enforce repayment.
In Warrington, the Team will be hosting free Community Advocate sessions for resident groups, working with pubs and bars to raise awareness with customers, distributing leaflets, etc.
Cllr David Keane, the borough council’s executive member for Public Protection, urged victims to seek help and asked the community to identify the loan sharks and so prevent further victims.
He said: “A lot of people are not far away from financial difficulty: a run of bad luck or a couple of household emergencies can tip the balance – an ideal situation for loan sharks, who destroy families and communities.”
Credit unions provide a legal and safe alternative to illegal money lenders. For more information visit: www.warringtoncreditunions.co.uk.”
To report a loan shark call the 24/7 confidential hotline 0300 555 2222, text ‘loan shark + your message’ to 60003 or email [email protected]