Loan shark hotline launched

Release Date:  14-May-2008

NEW HOTLINE HELP FOR VICTIMS OF LOAN SHARKS - 0300 1234 247

A new hotline to report illegal moneylenders has been launched to help victims of Loan Sharks in Bristol and across the South West. The hotline on 0300 1234 247 - which will be manned 24 hours a day, 7 days a week - forms part of a major crackdown on illegal money lenders by Bristol’s new specialist team. The dedicated South West Illegal Money Lending Team is being led by Bristol City Council Trading Standards but will cover the whole of the South West.

Illegal moneylenders, better known as ‘loan sharks’, often claim to be providing a community service, befriending people with debt worries and those in deprived areas. Offered an apparent short-term lifeline, their victims are then likely to find themselves faced with extortionate interest rates or unachievable repayment periods. The penalty for non-payment can be intimidation, violence and even being forced into criminal activities such as drug dealing, prostitution and other forms of anti-social behaviour.

The team has been set up with Government funding from the Department of Business, Enterprise and Regulatory Reform and forms part of a national campaign to tackle illegal money lending. Led by Alan Evans, who has long experience in fraud investigation through work in the police and with trading standards regional Scam Buster services, the new team consists of specialist officers including financial investigators, and two financial inclusion partnership officers. They will gather intelligence to identify loan sharks in order to take effective enforcement action against them.

Victims who contact the team will also be offered support and help in removing dependency on these illegal loans. They will be given confidential advice from specially trained debt advisors, and will also be put in touch with legal affordable sources of credit, such as credit unions.

Alan Evans says: “Any information that people can give - anonymously or otherwise - will help us to catch these unscrupulous loan sharks and stop them from preying on people who can least afford it. We are determined to track them down and put them out of business for good, thereby freeing their victims from the burden of endless debt. By tackling these criminals and removing the climate of fear they create, we should also be able to reduce the associated criminal activity, helping to create better neighbourhoods for everyone.”

The hotline has been live since the beginning of May. The number 0300 1234 247 is charged at local rate and won’t appear on phone bills. It can be called by victims and anyone else with information from right across the South West, from Gloucestershire to Cornwall to Dorset. People can call it anonymously, or if they prefer, can send a text message.

A similar team set up as a pilot in Birmingham has already seen significant success, with guns, drugs and large amounts of cash recovered. A number of loan sharks have been brought to justice on illegal money lending charges, as well as related offences including assault, leading to lengthy prison sentences and action to confiscate all assets acquired from their illegal activity.

Author:  Mark Nicholson

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