Lancs loan sharks warned (From This Is Lancashire)

Lancs loan sharks warned

11:20am Wednesday 19th August 2009

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Loan sharks operating in Chorley have been warned that trading standards are on their case.

The county council's team is reminding unlicensed money lenders operating in the county that there is nowhere to hide.

This latest warning follows the recent sentencing of a ruthless loan shark who was put behind bars for five years.

It resulted from an investigation by the North West based Trading Standards Illegal Money Lending Team. And they are hoping to see similar successes in Lancashire.

The team which operates in Lancashire and across the North West is warning that this type of sinister criminal is not limited to the big cities.

County Councillor Albert Atkinson, deputy leader of the county council, said: "The type of money lenders we are going after do not provide a public service, they are criminals whose only aim is to make themselves richer through violence and intimidation.

"But now there is a team who will chase down these criminals and ensure that illegal money lending is a far less attractive career option for thugs and swindlers."

Lee Ormandy, lead officer for special investigations, said: "These criminals are not providing a community service, they are purely looking at making money from misery and fear.

"People engaging in illegal money lending tend to do so as part of wider criminal activity, including gun and knife crime, drug dealing and counterfeiting "Loan sharks charge extremely high levels of interest, which are often almost impossible to calculate with indiscriminate charges added onto the loan. Interest rates can be anything up to a staggering 117,000 per cent."

As well as tackling loan sharks, the Illegal Money Lending Team also provides support for victims through close partnerships with Citizens Advice Bureaux and credit unions.

For more information about loan sharks, visit their website at: www.stoploansharks.gov.uk To contact the Loan Shark Team, contact 0300 555 2222 (local rate including mobiles), email stoploansharks@lancashire.gov.uk or text 'loan shark' and your message to 60003.

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