Regulators to get tougher on Loan Sharks
Regulators to get tougher on Loan Sharks
With Credit still being hard to obtain some people are so desperate they are turning to anyone they can to give them a short term hand. However, the Office of fair trading and Trading Standards office are steping up their action against loan sharks.
Around 200,000 leaflets and posters will be handed out to warn people of the dangers involved in borrowing from Loan sharks.
It is estimated that around 165,000 in Britain currently borrow money from Loan Sharks. The campaign is to highlight the trouble with Loan sharks including the chances of paying exorbitant interest rates and the possibility of suffering threats and violence. If you believe you have borrowed from an illegal money lender or you are having trouble with a lender and you believe you may be in danger, please click the link below for help
http://www.oft.gov.uk/OFTwork/consumer-protection/campaign10-11/loan-sharks/
Short URL: http://credit4everyone.co.uk/?p=715
Posted by credit4everyone
on May 29 2010 Filed under Our Guides.
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I think its great that there is a real effort happening to stamp out the loan sharks however I think more needs to be done to educate people about the long term negatives of borrowing from loan sharks. As long as their are people willing to take out these loans thre will always be loan sharks. The problem needs to be tackled from both the borrowers side of things as well as the lenders.