Biting back against the loan sharks.
Byline: KATRINA CHILVER News Reporter firstname.lastname@example.org
DESPERATE money borrowers are being urged to 'bite back' against loan sharks.
Warwickshire County Council is working in partnership with the England Illegal Money Lending Team to launch a campaign to try and encourage residents to turn away from loan sharks and report if they have been a victim of threats, violence and intimidation.
Coun John Horner, portfolio holder for community safety at Warwickshire County Council said: "Loan sharks are a blight on our communities, causing misery to thousands of families.
"Warwickshire Trading Standards is helping to raise awareness of the problems caused by loan sharks and clamp down on their activities."
"Individuals and families borrow from these loan sharks and are often trapped into spiralling debt as extra amounts and interest are added at random. The debts can't legally be enforced, which sees many lenders resorting to other ways to demand repayment, including threats, violence and intimidation." Tony Quigley, head of the England Illegal Money Lending Team said: "Illegal money lending is a despicable crime which causes nothing but harm to our communities.
"These lenders may appear to be offering a community service but borrowers are often forced to pay back far and above what they have borrowed and can afford. Many are subjected to threats, violence or other callous enforcement methods."
The hashtag #STANDUPTOLOANSHARKs is being used to share information on how to stamp down on loan sharks.
If you have been a victim of a loan shark, call the Illegal Money Lending team on 0300 555 2222 to report them in confidence.
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