Blitz on loan sharks

The East of England Trading Standards illegal money lending team is extending the established and successful 'Stop Loan Sharks' project to include Southend.

Nationally an estimated 310,000 households are in debt to unlicensed lenders. As these lenders operate illegally they can resort to bully tactics, making their victims lives a misery.

The East of England team will prosecute for illegal money lending and other related offences which in the past have included threats, violence, kidnap and even rape.

Loan sharks trap their victims into a spiral of debt and keep them in the dark about how much they still owe.

They charge exorbitant interest rates - the team have recently prosecuted a loan shark who charged 131,000% APR.

The team - funded by the Department of Business, Innovation and Skills - has been working tirelessly up and down the country to stamp out this problem.

Nationally the Stop Loan Sharks Project has secured almost 80 years worth of custodial sentences so far, plus one indefinite sentence for public protection.

It has also written off over £25million worth of illegal debt, confiscated over £2.5million in cash and helped over 16,000 victims.

Now the team, which already covers much of England , is bringing its expertise locally by working in partnership with Southend-on-Sea Borough Council.

At a launch event taking place on Monday 29th November staff from various local organisations including housing, debt advice and affordable credit providers will learn more about the dangers of illegal lending.

Southend-on-Sea Borough Council's Executive Councillor for Public Protection and Waste, Councillor Tony Cox, said: "We hope that by teaming up with the specialists, we will be able tackle these unlicensed money lenders and stop the misery they can cause.

"We urge everyone to take note of the information, so that we can all help residents become more aware to what to watch out for."

Tony Quigley, Head of the East of England Trading Standards illegal money lending team, will host a presentation which highlights exactly what an illegal lender is, how they can be spotted and what people should do if they believe they or someone they know is involved with one.

The team will continue work with partner organisations to raise awareness of the Stop Loan Sharks message and bring illegal lenders to light.

Mr Quigley said: "Illegal lenders not only rip people off with extortionate rates of interest but resort to the most despicable methods to enforce their debts.

"One judge recently described the offences related to illegal lending as 'Murder of the Soul'. We are sending out a clear message to illegal lenders that they will not be tolerated.

"We operate a 24/7 hotline in which people can contact us to report illegal lenders in complete confidence. We urge you to contact us on 0300 555 2222"

The Launch takes place on Monday 29th November 2010 from 11am in Committee Room 10 at Southend Civic Centre, Victoria Avenue , Southend-on Sea SS2 6ER