We’re all too well aware of the hard financial times that people in the UK face at the moment and the stretch of water between us and the mainland does not exclude the Island from those difficulties.
It’s during times like this when vulnerable people are most at risk of being taken advantage of. Therefore, a decision due to be taken by the Cabinet Member for Fire and Community Safety later in the month, to ensure that Islanders are not exposed to illegal money-lending or the wider crime and disorder that usually accompanies it should be welcomed.
What’s wrong with loan sharks?
You might wonder what’s wrong with illegal money lenders. It’s true that some people in need might not have the credit rating to use traditional money lenders, but we’re told that these loan sharks are charging up to three times the amount a legal money lender might, so it doesn’t take much to realise that they are really taking advantage of those in need.
Who’s going to stop it?
Birmingham City Council’s Illegal Money Lending Team (that’s the lot investigating rather than lending) are seeking permission from the Isle of Wight Council to be able to investigate and prosecute any illegal money lenders practising on the Island. These guys are experts in the field and have had great success across the South of the UK targeting and prosecuting loan sharks.
We understand from a report released by the council today that the Illegal Money Lending Team focus their attention in areas where the incidence of illegal money lending activity is likely to take place and the Island falls within this area.
Successful prosecutions and support
The report goes onto to say that more than 60 people have been prosecuted nationally by the the Illegal Money Lending Team and a whopping £30 million has been saved for consumers who were locked into deals with illegal moneylenders.
As well as working to rid the streets of loan sharks, the team also offer support and advice for anyone who has been affected, having helped 10,000 victims so far.
No risk to Isle of Wight Council
We understand that there would be no legal or financial implications to the Isle of Wight Council or Tax Payers and if the recommendation is approved, the team could be covering the Island from as soon as 1st February.
Image: Smelly Knee under CC BY-ND 2.0
