Loans Shark ordered to Pay Costs
The government’s Stop Loan Sharks initiative, launched in 2004, has helped bring to justice the notorious loan shark, John Kiely.
Convicted last July, Kiely has been ordered to pay £1.2 million by Manchester Crown Court.
So far the Stop Loan Sharks project has written off more than £31 million of illegal debt, secured over 64 years in prison sentences and helped more than 11,500 victims.
Thanks to the campaign, those vulnerable to corrupt lending can seek help by simply picking up the telephone.
The campaign was launched six years ago and many industry experts feel it is more crucial now than ever. Within the financial sector there are growing concerns that the recent economic downturn has led to an increase in corrupt borrowing as people face financial difficulty.
Some fear that those who would have never normally have turned to a loan shark may now be tempted.
Written by Frank Polenose of Secured Loans
and Payday Loans