News from Labour Matters

Labour Government takes on the loan sharks

New measures to tackle criminals illegally lending money were announced today by Consumer Affairs Minister Gareth Thomas.

A confidential national hotline is now up and running, as is a new website which has also been launched providing information on managing finances and how to borrow money safely.

The Stop Loan Sharks teams have successfully prosecuted more than 60 people with a further 90 prosecutions underway. This amounts to nearly 40 years of custodial sentences for illegal lending and associated crimes.

Consumer Affairs Minister, Gareth Thomas, said: “Loan sharks fleece hard-earned cash from their victims causing great distress and anguish.

“Calling this hotline gives victims the chance to talk in confidence. They get advice and support and the information provided helps the team to take action to stop illegal money lending.

“The teams are having huge success in bringing these criminals to justice and are saving consumers significant amounts of money.”

The national hotline is: 0300 555 2222. And the website is: http://www.direct.gov.uk/stoploansharks. Consumers can also text ‘loan (space) shark (space) and your message’ to 60003.

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