COUNTY COUNCIL PRESS RELEASE:
County
Durham residents are being urged to shop loan sharks trying to hook their next debt victim. The council’s fair trading team is warning that paying off summer holidays and worries about job security could push some people into the wrong hands, as they try to manage their debts.
Craig Hudson, Durham County Council’s fair trading manager said: “As we are nearing the end of the summer break, there are vulnerable people throughout our communities who could fall prey to unscrupulous money lenders offering what may be seen as a short term solution to making ends meet. “If it looks too good to be true, it is too good to be true. Instead of taking out that loan, contact the relevant agencies and prevent yourself from getting in to even more difficulties.” The council is one of the partners behind the North East Illegal Money Lending Team, which is clamping down on sharks across the area. Since it was formed in 2007, the team has investigated 167 alleged loan sharks who together, have loaned well over £1m. In
Durham alone, 20 such investigations have resulted in a number of ongoing enquiries and a prosecution ending in a 12 month sentence. Most recently, a warrant was executed at a house in the Sedgefield area and enquiries are continuing into the activities of an individual believed to be involved in illegal lending across a wide area of the North East. The Proceeds of Crime Act is also being used to deprive illegal operators of the money they have made from their activities. Continues… Joanne Waller, head of environment, health and consumer protection said, “Money lending is strictly controlled by the Consumer Credit Act, to ensure that people are protected and understand what they are getting in to. “When lending operates outside of legal controls consumers run the risk of endless payments far exceeding what they originally borrowed and failure to pay can be met with the threat of violence and intimidation.” Howard Turton, regional enforcement manager for the North East Illegal Money Lending Team, added, “ We would encourage anyone who knows of a loan shark operating in the County Durham area to report the details to our team so that steps can be taken to gather evidence and put an end to their criminal activities.” Cllr Bob Young, cabinet member for environment and leisure said, “These are despicable criminals, targeting the most vulnerable members of our communities, draining money from the locality and putting families under terrible pressure. “I would encourage anyone approached by a loan shark to seek support from the proper agencies who will offer sound advice on how best to get out of debt.” Anyone who suspects a loan shark is operating within their community should report them on the following number 0300 555 222. All calls will be treated as confidential. If you are in debt and need help contact the National Debt line for free, confidential and independent advice on 0808 808 4000
