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06/09/2004
New pilot scheme set to target loan sharks
Illegal loan sharks in the West Midlands are being targeted by a new pilot project, it has been revealed.
Loan sharks illegally give out quick cash loans, often using intimidation and threats of violence to extort large sums of money in return.
Undercover investigations and information volunteered by the public will be used to tackle the criminal gangs.
Speaking at the project launch in Birmingham today, Consumer Minister, Gerry Sutcliffe said: "We are working on a package of reforms to ensure transparency and protection across the credit sector.
"As part of this we are cracking down on rogue lenders, and taking action to get loan sharks off our streets."
The team will also work with local agencies to improve the financial advice and education available, ensuring that people have access to the right credit products for them. A second pilot project will be launched in Glasgow in the near future.
Mr Sutcliffe added: "We want to create a climate where consumers can feel confident using credit and getting help to sort out their financial difficulties."
Anyone with information on illegal money lending to contact the confidential helpline on 0121 693 1122.
(gmcg/mb)
Loan sharks illegally give out quick cash loans, often using intimidation and threats of violence to extort large sums of money in return.
Undercover investigations and information volunteered by the public will be used to tackle the criminal gangs.
Speaking at the project launch in Birmingham today, Consumer Minister, Gerry Sutcliffe said: "We are working on a package of reforms to ensure transparency and protection across the credit sector.
"As part of this we are cracking down on rogue lenders, and taking action to get loan sharks off our streets."
The team will also work with local agencies to improve the financial advice and education available, ensuring that people have access to the right credit products for them. A second pilot project will be launched in Glasgow in the near future.
Mr Sutcliffe added: "We want to create a climate where consumers can feel confident using credit and getting help to sort out their financial difficulties."
Anyone with information on illegal money lending to contact the confidential helpline on 0121 693 1122.
(gmcg/mb)
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26 July 2005
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A loan shark who made around £800,000 by targeting vulnerable people has been jailed after becoming the first person to be caught by a new government funded team of loan shark hunters.
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A loan shark who made around £800,000 by targeting vulnerable people has been jailed after becoming the first person to be caught by a new government funded team of loan shark hunters.
23 July 2003
'Fair deal' for loan repayers proposed
People who repay loans early will get a "fairer deal" under changes outlined by the government today. The government has found that around seven-in-10 personal loans are settled early, but people often have to pay big charges if they do so. The government wants to scrap the rules that penalise customers.
'Fair deal' for loan repayers proposed
People who repay loans early will get a "fairer deal" under changes outlined by the government today. The government has found that around seven-in-10 personal loans are settled early, but people often have to pay big charges if they do so. The government wants to scrap the rules that penalise customers.
10 May 2006
1,000% loan shark sentenced
A Birmingham loan shark who charged more than 1,000% interest on debts has been sentenced to 150 hours community service. Alan McNally operated the unlicensed money lending operation in the Northfield area of Birmingham after poaching his employer's clients whilst working at a finance company.
1,000% loan shark sentenced
A Birmingham loan shark who charged more than 1,000% interest on debts has been sentenced to 150 hours community service. Alan McNally operated the unlicensed money lending operation in the Northfield area of Birmingham after poaching his employer's clients whilst working at a finance company.
24 September 2013
Manchester Loan Sharks Jailed
Three Manchester men have been jailed over illegal lending and money laundering. 27-year-old Ian Parsons, of Blackley was jailed for 32 months, while 37-year-old Christopher Weaver and his 35-year-old brother Mark, both of Gorton, were jailed for 18 months and three months respectively.
Manchester Loan Sharks Jailed
Three Manchester men have been jailed over illegal lending and money laundering. 27-year-old Ian Parsons, of Blackley was jailed for 32 months, while 37-year-old Christopher Weaver and his 35-year-old brother Mark, both of Gorton, were jailed for 18 months and three months respectively.
03 March 2009
New Measures To Combat Loan Sharks
Fresh measures to tackle criminals illegally lending money were announced today by Consumer Affairs Minister Gareth Thomas. The national hotline - which is confidential - is now up and running and gives consumers one single point of contact.
New Measures To Combat Loan Sharks
Fresh measures to tackle criminals illegally lending money were announced today by Consumer Affairs Minister Gareth Thomas. The national hotline - which is confidential - is now up and running and gives consumers one single point of contact.
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