Campaign Begins Against Loan Sharks In East Anglia

Wed, 12 Dec 2007

Loan sharks in East Anglia who make a living by preying on vulnerable people, particularly around the festive season, will be hunted down as part of the county’s largest crackdown on the illegal trade .

The campaign, set to launch tomorrow, will tackle high street lenders seeking to con people out of their money, especially those looking to spend beyond their means in the run-up to Christmas .

A Birmingham-based illegal money lending team has extended its services to the region and will work with trading standards officers for three years to track down and punish the disreputable lenders .

The crackdown will focus on illegal money-lending hotspots including Yarmouth and Lowestoft.

Examples of loan sharks already caught across England include one who was charging an annual interest rate of 117,000 per cent, while others were found to have used violence, threats and intimidation to extort cash .

Norfolk County Council's cabinet member for fire and community protection, Richard Rockcliffe, commented: "With the help of the Birmingham team, our aim is to protect the people and communities whose lives are turned upside down by these criminals."

"Loan sharks target the most vulnerable people in society and we can - and will - stop them."

David Collinson, head of Norfolk trading standards, said: "The extra pressure on families and individuals to take out loans around Christmas is a big factor in the increasing level of debt and the issue of repayment of loans ."

"We are looking forward to working to bring a halt to the activities of loan sharks, who are criminals and who have intimidated and controlled their local communities, profiting at the expense of others and causing misery to so many," Collinson added.

According to Collinson, areas with a "high concentration of deprivation" and large numbers of people who suffer from poor credit histories are specifically targeted by the sharks .

The East Anglia crackdown is being funded by the Department for Business and Enterprise and the Treasury and is the latest in a series of nationwide projects co-ordinated by the Birmingham team.

Gareth Thomas, consumer affairs minister, said: "Anyone who is being preyed upon by a loan shark should turn to our team for help. Give them the evidence and they can put a stop to this illegal behaviour."
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