Greedy loan sharks are a scourge on our poverty-ravaged communities.
Today we tell how one of their desperate victims, a 44-year old mum called Becky, was driven to the brink of suicide by an illegal money lender.
Becky was sucked into a depressing cycle of debt after borrowing just £50 to pay for her kids’ school uniforms.
It’s a simple necessity of life. With Christmas coming up, presents to buy, food and decorations to provide, making ends meet is a tough and desperate task for many.
Becky has a stark warning: don’t be tempted by smooth talking loan sharks offering a quick fix.
As weeks passed, falling deeper into the red due to the exhorbitant interest rates demanded by her avaricious lender, and too ashamed to tell even her husband, Becky tried to commit suicide.
She was saved in the nick of time by police who broke down the door and is now getting help from counsellors. Becky’s loan shark was a neighbour she once regarded as a friend.
Sadly, her case is not unique. There are thousands of Beckys struggling not only to provide for their families but with the mental anguish of disappearing in a vortex of uncontrollable debt.
They need help. Many turn to loan sharks because lenders such as banks and building societies refuse even short term loans, at fair rates of interest, due to bad credit records.
Investigators from the England Illegal Money Lending Team, a government-funded unit set up to tackle the problem, has treated the symptoms, writing off £75 million in illegal debt and helping 30,000 back on to an even keel.
But the cause needs addressing. Legal lenders need to act.
