In the past the Team have secured convictions for drugs offences, blackmail, violence, rape and other offences linked to illegal money lending. They have already secured more than 190 prosecutions which have led to 117 years worth of prison sentences, written off almost £40million worth of illegal debt and helped over 16,000 victims.
Nationally there are an estimated 310,000 households borrowing from illegal money lenders, more commonly known as loan sharks. With a lack of paperwork, these criminals keep their victims in the dark about how much they owe and will charge exorbitant interest rates - in some cases in excess of 130,000% APR.
Loan sharks operate illegally; making their victims lives a misery. They often trap people into spiralling debt and resort to the most extreme methods such as violence, threats or intimidation to pressure victims into making repayments.
At the beginning of the year the County Council held an event, attended by staff from various local organisations, to enable them to learn more about the Child Poverty Strategy, the impact illegal lending can have on individuals and the support that is available if people believe a loan shark is operating in their community.
King's Hedges County Councillor Andy Pellew said "Tacking the cycle of poverty and low aspiration in communities like ours has to be one of everyone's highest priorities, not just the County Councils, and it's massively encouraging to see the involvement of this specialist national team tackling this issue. Loan Sharks are just one of the ways vulnerable people can be trapped in poverty and I'd encourage anyone with any information to contact the team at the details below."
Tony Quigley, Head of the England Illegal Money Lending Team, said: "Illegal lenders not only rip people off with extortionate rates of interest but resort to the most despicable methods to enforce their debts. We are sending out a clear message in Cambridgeshire that this will not be tolerated."
"We would urge anyone affected by illegal money lending to call our confidential hotline on 0300 555 2222 as we can help."
To report a loan shark:
Call the 24/7 confidential hotline 0300 555 2222
Text 'loan shark + your message' to 60003
E-mail reportaloanshark@stoploansharks.gov.uk
Log-on to www.direct.gov.uk/stoploansharks
Find us on Facebook www.facebook.com/stoploansharksproject
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