Loan sharks face a fresh crackdown today (25 April), with more funding to tackle unlawful lending, and an increase in the amount of money seized from loan sharks to support those most vulnerable to their nasty tactics.
Rt Hon Karen Bradley MP, Secretary of State for Northern Ireland, said:
“Loan sharks are a blight on society and prey on vulnerable people who struggle to make ends meet and their callous methods will not be tolerated. Northern Ireland is at the forefront of fighting back against their criminal activity with the Consumer Council educating potential victims on the dangers and the PSNI ensuring those responsible will be brought to justice.
“More money than ever before is being spent to fund the fight against loan sharks as this Government continues to build a United Kingdom fit for the future.”
In Northern Ireland, the Consumer Council will lead its first ever education and awareness campaign to help prevent the most vulnerable from being bitten by loan sharks, and the Police Service of Northern Ireland (PSNI) will get funding for a specialised officer who will lead on illegal lending within the Paramilitary Crime Task Force.
In total, £5.67 million of funding will be provided to Britain’s Illegal Money Lending Teams (IMLT) and bodies in Northern Ireland to tackle illegal lending - a 16% increase compared to the previous year. The money will be used to investigate and prosecute illegal lenders, and to support those who have been the victim of a loan shark.
Since the Illegal Money Lending Team was established in England in 2004, they’ve made over 380 prosecutions, leading to 328 years’ worth of sentences, and have written off over £73 million of illegal debt, helping over 28,000 people to escape the jaws of the loan sharks. Similar teams operate in Scotland and Wales.
John Glen, Economic Secretary to the Treasury said:
“These nasty lenders are nothing more than lowlife crooks taking hard-earned cash from the pockets of the most vulnerable. Over 300,000 people are in debt to illegal money lenders in the United Kingdom and they need to know that we’re on their side. That’s why we’re taking the fight to the loan sharks and spending more than ever to support their victims.”
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