The government has announced plans to crack down on illegal money lenders. The scheme has been piloted in Birmingham and Glasgow, where £3 million of loan books have been closed by undercover teams in the past three years. That scheme is now set to be launched nationwide, with the Treasury allocating £3 million for undercover investigators, who will work alongside Trading Standards officers, to hunt down illegal loan sharks.
With Christmas approaching, it is at this time of the year that people are most vulnerable to loan sharks, who offer loans when banks wouldn’t. However, if debtors are unable to repay what they owe, violence is often used as a retort. This year is likely to be particularly difficult for some people who typically struggle financially, given the implications of the recent credit crisis. Banks have raised rates and some people have lost deposits on mortgages and credit standards tighten.
Government Crack Down on Illegal Loan Lenders
Government Crack Down on Illegal Loan Lenders
Wed, 21 Nov 2007
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