Certainly sounds a world away from the big banks and the Government's bounce back loan scheme
Taxi drivers are being urged not to turn to dodgy 'loan sharks' in the lockdown
https://www.manchestereveningnews.co.uk ... t-18195068
'Drivers have been threatened, intimidated, some have even considered suicide because of the impact that these loan sharks have had in charging exorbitant rates and then demanding the money back.'
Taxi drivers are being told not to use illegal loan sharks to borrow money during the coronavirus pandemic.
It comes as pressure increases on self-employed people who cannot get out to work because of the lockdown.
According to Bolton council, there has been an increase in the number of private hire and hackney cab drivers calling up asking for help.
The town hall urging people not to turn to illicit money lenders offering what may seem like a short-term loan. It could lead to serious consequences, including threats of violence or intimidation, they say.
Coun Adele Warren, cabinet member for environmental service delivery, said: “Loan sharks are a blight on our communities, causing misery to lots of families.
“Private hire and taxi drivers are a particular group being targeted during this pandemic.
“If you think you’ve borrowed from a loan shark please get in touch with the Illegal Money Lending Team in confidence so they can help you.”
The England Illegal Money Lending Team (IMLT) is a national Trading Standards squad set up to prosecute loan sharks and support their victims.
It warns that sharks are unregulated, often give cash loans without any paperwork and usually charge extortionate interest rates.
They often use threats and violence against those who fall behind with their payments, forcing many victims into crime.
One case covered by the IMLT involved a money lender who preyed on taxi and private hire drivers and lent money at excessive interest rates. Drivers were typically paying back at least £100 per week.
To ensure loans were repaid, the loan shark took different forms of collateral, including spare car keys and an electricity payment card from one customer.
In most cases, victims are introduced to these people either through a friend, family member or because they are known in the community. They believe the loan shark is offering them a service, but their behaviour can quickly change if repayments are not met.
Some of the offences these individuals have already prosecuted for include illegal money lending, blackmail, threatening behaviour, violence, kidnap, drugs offences and even rape.
“Drivers have been threatened, intimidated, some have even considered suicide because of the impact that these loan sharks have had in charging exorbitant rates and then demanding the money back," said Tony Qugley, head of the IMLT.
"I urge anyone affected by illegal money lending to get in touch for confidential support."
Bolton council is offering its own support to self-employed drivers through the Self-Employment Income Support Scheme (SEISS).
Coun Warren added: “Undoubtedly times are tough for the self-employed and this includes the private hire and hackney carriage trade.
“We’ve had quite a few calls from worried drivers and we wanted to remind people that there is help out there.
“Please make the most of the support available.”
For more information on the SEISS, click here.
To get in touch with the Illegal Money Lending Team’s 24 hour helpline confidentially call 0300 555 2222, email reportaloanshark@stoploansharks.gov.uk or complete an online report form at http://www.stoploansharks.co.uk
