Pendle MP Andrew Stephenson has backed Government action to crack down on loan sharks who prey on vulnerable people by charging extortionate rates of interest or using intimidating tactics to get people into debt.
This follows a 16% year-on-year increase in funding to support investigations and prosecutions of illegal lenders. Four times as much will be spent encouraging people at risk of being targeted to join credit unions. The increase in funding comes from money seized from illegal money lenders.
Andrew Stephenson MP said, “I am delighted that extra money is going into tackling these loan sharks, who have exploited too many vulnerable people in Pendle. Their actions put people into financial distress and can ruin lives.
“Encouraging more people to join credit unions like the excellent Pennine Community Credit Union (PCCU), will mean people are better protected from these criminals and fraudsters whilst receiving the advice they need to make safer choices about their finances.”