Loan team stands up to sharks

Sep 18 2008 by Andrew Hirst, Huddersfield Daily Examiner

LOAN sharks are being targeted in a crackdown on ludicrous interest rates on illegal money-lending.

A specialist team set up by the Government to crackdown on loan sharks in Yorkshire now has 10 investigations underway.

The teams, funded by the Department for Business, are made up of specialist Trading Standards officers who work closely with the police.

Consumer Affairs Minister Gareth Thomas said: “The total value of the loans being looked into is about £200,000. The investigations are progressing well and have already led to prosecutions and charges.

“This team is working around the clock to ensure the credit crunch doesn’t drive people from Yorkshire into the murky world of illegal money lenders.”

Yorkshire Trading Standards chairman Graham Hebblethwaite added: “Loan sharks target the most vulnerable people in society. They often use intimidation and violence to control their local communities and profit at the expense of others.

“Far from helping people, they draw them into a cycle of debt and despair. We are determined to stop them.