Illegal money lenders in Thurrock are to be investigated.
The council’s cabinet agreed last night (wednesday) to authorise the only Government-funded team in England to work in the borough.
A report to cabinet stated that, operating in other areas, the team had “had a number of successes in dealing with illegal money lending operations and have secured prison sentences, community sentences and recovery of assets”.
Cabinet member for crime and disorder, Cllr Gerard Rice, said afterwards: “This is a win-win for the council. There is no cost to us and, at present we do not know what the illegal money-lending situation is here.
“By authorising the Birmingham team to work in Thurrock we should get information on the problem and, if there is one, counter it too.
“In these times when money is tight, unscrupulous money lenders can prosper. A lot of work has already been done in the large urban areas, but this tends to push the problem further out from the cities.
“It’s not just a question of unbelievably high interest rates, there is also a major issue around the methods used to collect repayments.”
While welcoming the move, council leader John Kent added: “I would also ask the Government to look more closely at the so-called legal money-lenders as well.
“I have seen adverts ― so presumably they’re legal ― with interest rates in the thousands of per cent. Surely that should not be allowed either.”
Here is a clip from Operation Shark, which targeted Illegal Money Lending teams in London
It is about time that someting was done about these loan sharks, they are used by those who cannot get credit elsewhere and are already in a financial pit, with the sharks bully boy tactics all these poeple are doing is to dig themselves deeper.
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Whilst looking into these people maybe that should look at BrightHouse which caters for those on lower income and then charges extortionate rates on their products, prime example would be a TV which costs £1618 and if you take the service cover the product will eventually cost you £3586 almost £2000 more than the product is worth that is over 100% increase