This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/wales/7261673.stm

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
Hotline to report 'loan sharks' Hotline to report 'loan sharks'
(about 2 hours later)
A hotline to report 'loan sharks' is being launched to help people having problems with illegal money lenders. A hotline to report loan sharks in Wales is being launched to help people deal with illegal money lenders.
It is part of a crackdown on money lenders who are unlicensed and often charge extortionate rates of interest. It is part of a crackdown on lenders who are unlicensed and often charge extortionate rates of interest.
Many also use threats of violence to intimidate those who cannot repay the money they borrowed on time.Many also use threats of violence to intimidate those who cannot repay the money they borrowed on time.
Social Justice Minister Dr Brian Gibbons will launch the scheme, led by the Wales Heads of Trading Standards and Cardiff Trading Standards. Social Justice Minister Brian Gibbons will launch the All Wales Illegal Money Lending Unit, which will be led by trading standards specialists.
The confidential hotline offers help and support to loan shark victims and their families and will be staffed by the All Wales Illegal Money Lending Unit. The confidential hotline offers help and support to loan shark victims and their families.
They hold too many consumers in an ever increasing spiral of debt, causing misery Dave Holland, Cardiff Trading Standards They hold too many consumers in an ever-increasing spiral of debt, causing misery Dave Holland, Cardiff Trading Standards
It has been set up with funding from the Department of Business, Enterprise and Regulatory Reform (formerly the DTI) and forms part of a national roll-out where teams tackling illegal money lending will operate in every region of the UK.It has been set up with funding from the Department of Business, Enterprise and Regulatory Reform (formerly the DTI) and forms part of a national roll-out where teams tackling illegal money lending will operate in every region of the UK.
The unit in Wales, run by eight trading standards officials with close links to the police, will try to bring more prosecutions against illegal money lenders as well as helping those facing spiralling levels of debt.The unit in Wales, run by eight trading standards officials with close links to the police, will try to bring more prosecutions against illegal money lenders as well as helping those facing spiralling levels of debt.
It has been estimated that around 15,000 people use loan sharks in Wales. It has been estimated that about 15,000 people use loan sharks in Wales.
Dave Holland of Cardiff Trading Standards said: "This presents Trading Standards with an excellent opportunity to tackle loan sharks who prey upon vulnerable Welsh consumers.Dave Holland of Cardiff Trading Standards said: "This presents Trading Standards with an excellent opportunity to tackle loan sharks who prey upon vulnerable Welsh consumers.
"They hold too many consumers in an ever-increasing spiral of debt, causing misery and compelling many to turn to crime to repay these debts."They hold too many consumers in an ever-increasing spiral of debt, causing misery and compelling many to turn to crime to repay these debts.
These 'lenders' often charge extortionate rates within an environment of intimidation and violence Social Justice Minister Dr Brian Gibbons These "lenders" often charge extortionate rates within an environment of intimidation and violence Social Justice Minister Brian Gibbons
"Working with a range of other agencies the unit aims to stop this illegal trade and drive the criminals behind the activities from local communities." "Working with a range of other agencies, the unit aims to stop this illegal trade and drive the criminals behind the activities from local communities."
Dr Gibbons said the service would help to take loan sharks off the streets and would create a climate in which victims can come forward without fear of reprisals.Dr Gibbons said the service would help to take loan sharks off the streets and would create a climate in which victims can come forward without fear of reprisals.
"We know that many people on low incomes simply can't access affordable sources of credit and are often forced to seek out expensive alternatives - from doorstep lenders to pawnbrokers to illegal loan sharks," he said."We know that many people on low incomes simply can't access affordable sources of credit and are often forced to seek out expensive alternatives - from doorstep lenders to pawnbrokers to illegal loan sharks," he said.
"These 'lenders' often charge extortionate rates within an environment of intimidation and violence," he added."These 'lenders' often charge extortionate rates within an environment of intimidation and violence," he added.
The UK Government's Minister for Consumer Affairs Gareth Thomas said: "This team will protect people from loan sharks. UK Minister for Consumer Affairs Gareth Thomas said: "This team will protect people from loan sharks.
"Illegal lenders are criminals who target vulnerable people and the government is determined to get them off our streets.""Illegal lenders are criminals who target vulnerable people and the government is determined to get them off our streets."
The launch of the scheme will take place at a Wales Financial Inclusion Seminar at the Welsh Assembly Government offices in Merthyr Tydfil. The launch of the scheme will take place at the Welsh Assembly Government offices in Merthyr Tydfil.
The confidential hotline number is 0300 123 3311.The confidential hotline number is 0300 123 3311.