Information on Loughborough

New helpline to crack down on loan sharks

Posted on 04/11/2008

A new confidential hotline designed to crack down on loan sharks is being launched in Leicestershire next month.

Callers will be able to report illegal and high-interest money-lenders through the new number which has been set up by County Council Trading Standards and East Midlands Public Protection Project Team.

The launch will take place at Loughborough Library on Wednesday, 5 November at 10.00am.

Many residents who are unemployed or on low incomes turn to unlicensed lenders, who lend money at high rates of interest which are often impossible to pay off.

Anyone calling the number will be able to speak to a trading standards’ team. The phone line will be open 24-hours-a-day, seven-days-a-week and all calls will be handled in confidence. Call handlers will also offer support to victims.

Ernie White, Leicestershire County Council Cabinet Member for Community Services, said: "Our Trading Standards team will be working closely with the Regional Project Team and other enforcement agencies to track down and take tough action against loan sharks. Organisations such as Victim Support, Citizens Advice Bureaux and Credit Unions will provide support to victims and help them to obtain affordable credit without turning to loan sharks."

Anyone who has been approached by a loan shark or who has been threatened as a result of not making repayments, should contact the The Loan Shark helpline on 0116 217 9550, It is open 24-hours-a-day, seven-days-a-week and all calls will be taken in total confidence.

Contacts

Paul Davis 0116 305 6534

Keith Regan 0116 305 6533

Notes to Editor

Contact:  For more information or to arrange pre-launch filming or interviews contact:-Steve Ward, PPPT Partnership Development and Promotions Manager on: 0115 915 9546 or 07947 868 314

  • Ernie White will be available at Loughborough Library afterwards for photos and interviews
  • Information leaflets (plus A4 posters) will be distributed throughout the County at a wide range of partner agencies.
  • Loan sharking is a criminal offence, so members of the public who owe money to a loan shark may well not be legally obliged to pay back the loan.
  • The Public Protection Project Team will eventually cover the whole of the East Midlands.  
  • Since initial projects in Birmingham and Glasgow were set up in 2004, the teams have wiped out over £7million of illegal debt owed by some of societys most vulnerable people, helped 5,600 victims and secured prison sentences totalling 33 years.