Published: 04 Feb 2010
The Trading Standards South East illegal money lending team will investigate and prosecute loan sharks across the county in partnership with Surrey County Council.
Nationally, the Stop Loan Sharks project has so far helped more than 10,000 victims, written off more than £30million of illegal debt, secured more than 50 years in prison sentences and is pursuing criminal assets worth more than £10million through the courts.
Surrey County Council's Cabinet Member for Community Safety Kay Hammond said: "The Loan Sharks project has been very successful in other parts of the country and we welcome it to Surrey. The team will identify how big a problem this is in the county, deal with loan sharks unearthed and provide support and expert advice to the people who have been their victims.
"People often start by borrowing a small amount but have to pay excessive interest rates and end up paying back far more than they imagined. In fact, they are often not aware of how much they pay as loan sharks rarely provide paperwork or repayment plans or explain what interest rates they are charging.
"Added to this, because a debt 'owed' to a loan shark is not legally enforceable and therefore cannot be legally collected, the loan shark may resort to violence and intimidation to get back what he thinks he is owed. This can leave people living in fear and despair, their lives controlled by the loan shark."
The team also works closely with partner organisations such as housing associations, credit unions, voluntary groups and health services to raise awareness and ensure people know the warning signs that someone may be involved with a loan shark. Regionally-based financial inclusion partnership officers provide victim support and help people regain control of their finances by helping them access proper forms of credit and financial advice and encouraging people to start saving.
They are asking people across Surrey to join them in saying 'no' to loan sharks. These are the signs to look out for:
