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Government Launches 'Loanshark' Helpline

The government have launched a national helpline for the victims of loan sharks, enabling consumers to "shop" companies, individuals or organisations lending money illegally at exorbitant rates.

The Department for Business, Enterprise and Regulatory Reform (DBERR) said the helpline would give people who fall into the hands of unlicensed moneylenders a single point of call.

The announcement comes amid fears that cash-strapped consumers are increasingly turning to loan sharks as the recession deepens and they are unable to borrow money from legal organisations. This is exposing them to high rates of interest backed by threats of violence if they fail to pay.

The move is intended to build on the government-funded Stop Loan Sharks teams, which were rolled out across England, Scotland and Wales in 2007. The DBERR said these teams had so far prosecuted 60 offenders with a further 90 cases pending, and provided support to 7,000 victims.

The 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."

0300 555 2222

6th March 2009
March 2009 - Government Launches 'Loanshark' Helpline