Suffolk: Week Of Action Against Loan Sharks

A week of actions is being taken against illegal loan sharks operating in Suffolk.

Ipswich Borough Council say they are 'declaring war' on loan sharks who prey on the vulnerable.
 
The England Illegal Money Lending Team along with the Borough Council and other agencies will be holding a Week of Action to raise awareness of the dangers of loan sharks and to encourage people to contact the Ipswich & Suffolk Credit Union.

Illegal money lending loan sharks or unlicensed money lenders operate outside the law and are known to charge very high interest rates and use threats and violence to frighten people who cannot pay back the money they borrowed.

Councillor Keith Rawlingson, Chair of Ipswich Borough Council’s  South-East Area Committee, said: “Many people who borrow from loan sharks are subjected to threats and violence. Anyone who has been the victim of a loan shark should report this in confidence; they can get help and action can be taken against the loan shark.”

The team will also being going into schools to speak to children and speaking to parents outside of primary schools.

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