Team moves in to target loan sharks

Apr 2 2008 by Peter Collins, South Wales Echo

LOAN sharks in the Vale are to be targeted by a team of special investigators from Cardiff.

As the credit crunch begins to bite, more and more people are beginning to feel the financial pinch. Some are forced to borrow money from “illegal money lenders” who prey on people with money problems.

Council leaders in the Vale today agreed to allow officers with the Illegal Money Lending Unit at Cardiff council to move into the Vale to flush out the loan sharks.

The operation will be based on two successful pilot schemes in Birmingham and Glasgow where 1,500 victims have been helped, 12 guns have been taken off the streets, £44,170 in cash has been seized and prison sentences totalling 26 years have been handed down.

The extent of illegal money lending in the Vale has not been calculated, but officers will search out and prosecute those who do operate in the area, many of whom are described as “lifestyle criminals”.

In his report to the Vale council’s cabinet, legal director Peter Evans, said: “The evidence so far indicates that illegal money lenders are widespread and prevalent. They operate in areas that have a high proportion of rented accommodation. High-rise flats are common premises targeted as legitimate lenders do not lend to people living in this type of accommodation due to the health and safety risks for their collectors.”