Trading Standards officers across Rhondda Cynon Taf are helping communities hit back against loan sharks.
They are supporting the national “Stop Loan Sharks” campaign being rolled out by the Office of Fair Trading by promoting to residents the information and support that is on hand, including a new video and leaflets that are available.
Rhondda Cynon Taf Council has a zero tolerance approach to loan sharks and, recently, its Trading Standards and Benefit Fraud officers were involved in a successful sting against a pair who were offering hard-up residents loans with exorbitant interest rates – using threats and violence if they did not get their payments.
As a result, it is keen to promote all campaigns that are launched to empower and educate residents when it comes to make safe and responsible financial decisions.
The Office of Fair Trading estimates there are 165,000 households in some of the most deprived areas of the UK that use illegal money lenders.
They are trying to warn residents that only individuals or organisations with a consumer credit license, issued by the Office of Fair Trading, should be lending money, to ensure legal obligations and consumer rights are met.
Cllr Paul Cannon, Cabinet Member with responsibility for Safer Communities, said: “We know there are families in Rhondda Cynon Taf who have been the victim of loan sharks and we have worked with partner agencies, including the Wales Illegal Money Lending Unit, which we work with closely, to deal with offenders.
“Just recently we stopped a pair of offenders, who were offering illegal credit to vulnerable parents at the school gates, in their tracks. That work will continue.
“However, we are also keen to empower and inform residents and urge them to make contact with the experts if they have been approached by, or have suspicions about, a loan shark.
“We also want residents to be aware that free, impartial financial advice is also available, via our One4All centres, from a credit union and the Citizens’ Advice Bureau and urge them to use those amenities, not illegal money-lenders.”
Ray Watson, Director of the Office of Fair Trading’s Consumer Credit Group, said: “If you have borrowed money from a loan shark, you have not broken the law, they have.
“Loan sharks cause misery to thousands of families and should be stopped. If you have information about a loan shark, or suspicions about the practice of those offering credit, contact the Illegal Money Lending Hotline.”
Nationally, Stop Loan Sharks has helped over 11,500 people trapped at the mercy of illegal money lending, writing off over £31m of illegal debt while also securing prison sentences totalling 60 years for loan sharks – including one who was jailed indefinitely to protect the public.
Contact the Illegal Money Lending Team via 0300 555 2222 or text ‘loan shark’ to 60003. alternatively, you can email [email protected]
