No Hiding For Loan Sharks
Published / Last Updated on 30/10/2007
The pilot scheme for cracking down on loan sharks is to go nationwide. Since the launch of the pilot scheme in localised areas in 2004, special trading standards officers and the police have tracked down 200 loan sharks and closed loan books of more than £3million in Birmingham and Glasgow.
New teams will be set up in North-East, East Midlands, South West, Wales, North West and Yorkshire and Humberside as well as the rest of Scotland. Business Secretary John Hutton said ‘We are committed to bringing loan sharks to justice’.
Our view
We are sure this is a positive move overall, however, there still needs to be a financial function where people who are that desperate to borrow money have a access to a solution, if there is not it will just go ‘underground’.
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