Warning For Lancashire Loan Sharks

Wed, 19 Aug 2009

Loan sharks operating in Lancashire have been warned that Trading Standards are hot on their heels.

The North West based Trading Standards Illegal Money Lending Team is reminding unlicensed money lenders operating in the county that they are being watched and face jail time if caught in action.

The latest warning comes after an investigation by the team led to a five year prison sentence for a ruthless loan shark .

There are also concerns that loan sharks are starting to target residents of smaller towns and villages.

Lee Ormandy, lead officer for special investigations at the team, said: "These criminals are not providing a community service, they are purely looking at making money from misery and fear."

"People engaging in illegal money lending tend to do so as part of wider criminal activity, including gun and knife crime, drug dealing and counterfeiting.

He added that loan sharks charge "extremely high levels of interest" and often add other indiscriminate charges onto the loan .

Lancashire County Councillor Albert Atkinson said: "The type of money lenders we are going after do not provide a public service, they are criminals whose only aim is to make themselves richer through violence and intimidation."

"But now there is a team who will chase down these criminals and ensure that illegal money lending is a far less attractive career option for thugs and swindlers."

In addition to tackling loan sharks, the Illegal Money Lending Team also offers support for victims through close partnerships with Citizens Advice Bureau and credit unions .

For more information, visit www.stoploansharks.gov.uk.
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