Loan Shark Crackdown - 21st Oct, 2007

There is welcome news about the Government tackling problems associated with loan sharks.

Sian James MP said:

"The Government is committed to tackling the problem of loan sharks in the UK, and has announced a number of measures that will affect us in Wales.

"I welcome atempts by the Government to protect vulnerable people in society and I hope that people will come forward and report intimidation and illegal actions."

Announcing the plans Secretary of State John Hutton MP said:

“Loan sharks are criminals who prey on vulnerable and desperate people. We are committed to shutting these thugs down and bringing them to justice.

“Our targeted teams will make sure anyone who feels trapped or scared has the confidence to report these crooks and put a stop to their illegal behavior."

More Details for Wales:

• The Wales Heads of Trading Standards Group has been given almost £500,000 to set up a new specialist team to hunt down loan sharks.

• The team will cover the entire country, with a particular focus on Cardiff, Swansea and the Valleys, where research indicates most of the country’s loan sharks operate.

• Thousands of households facing debt problems in Wales are exploited by loan sharks every year.

• The new team will be based in Cardiff.

• Research, released today, shows that since 2006 the Government’s £47.4m Face-to-Face debt advice projects have helped more than 2,000 people with debt problems in Wales - including many victims of loan sharks - and trained 37 new debt advisors for the country.