Bradford expert in appeal to tackle loan sharks (From Bradford Telegraph and Argus)

Bradford expert in appeal to tackle loan sharks

11:00am Tuesday 27th December 2011 in News By James Rush

Families facing financial difficulties in Bradford have been warned of the dangers of falling into the trap of using loan sharks to help pay for Christmas.

West Yorkshire Trading Standards, who have been working with the England Illegal Money Lending Team to crack down on unlawful lenders, have warned interest rates reaching six figures have been seen in the district.

Officers have warned households of the importance of avoiding and managing debt, and urged people to contact legitimate sources of help, including credit unions and Citizens Advice, should they find themselves in trouble.

Graham Hebblethwaite, chief officer of West Yorkshire Trading Standards, said: “Loan sharks are illegal. You’re getting yourself into territory which has significant dangers, not just in paying back extortionate amounts, but there are too many examples where people have had intimidation and threats and it has ruined their lives. Obviously it’s people in the more deprived areas who tend to be forced into this direction, but it certainly isn’t uniquely that case, as the credit crunch has affected more and more people, it’s likely to be much more widespread.”