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City launches crackdown on loan sharks
A CRACKDOWN on illegal money lenders has been launched in Peterborough.
A CRACKDOWN on illegal money lenders has been launched in Peterborough.The three-year operation follows on the coat-tails of a similar initiative in Birmingham which uncovered 27 potential loan sharks and wiped off some 2 million of illegal debt owed by more than 1,300 victims.
Now the crackdown is being expanded and the Illegal Money Lending Team from Birmingham City Council will join forces with Trading Standards officers from Peterborough City Council.
The move comes after research by the Citizens Advice Bureau revealed that the average household debt in the city was 14,000 – nearly double the national average of 8,700.
It is feared that cash-strapped families are turning to illegal lenders in a bid to get themselves out of debt.
Research suggests that loan sharks are associated with illegal weapons, smuggled cigarettes and counterfeit DVDs and other goods.
Cabinet member for environment and community safety, councillor Graham Murphy said: "This intelligence-led campaign is extremely important, both for Peterborough's more vulnerable residents and in the wider battle against crime.
"Loan sharks have been known to extort massive repayment rates – in some cases as much as 117,000 per cent – that imprison victims in poverty."
n Anyone with any information about illegal money lending should call 01733 701122, text "loan(space) shark (space) + your message to 60003, or e-mail stoploansharks @peterborough. gov .uk
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Saturday 11 February 2012
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