I paid loan shark £60k
A BUSINESSMAN who ran up debts of £60,000 has told how he forced to rely on food banks after loan sharks exploited his drinking and betting problems.
Struggling to care for his mother, who had dementia, the classic car dealer’s gambling and businesses debts spiralled out of control. The 53-year-old paid £60,000 on a £1,500 loan after the lender jacked up borrowing costs when he missed repayments over five years.
He said: “My monthly income from the family business was slashed to the bone. I had to use a food bank to put food on the table.” It comes as new figures show more than £72million of illegal debt has been written off under a nationwide crackdown on dodgy lenders.
The victim, who ran a firm in West Yorks, got “carried away” using fixed-odds betting terminals at bookies, where he was approached by a man who offered to help him financially. He said: “I fell into a pattern of borrowing money and paying it back days later with eye-watering interest on top.”
More than 300,000 hard-up households and businesses are believed to be using the illegal lenders, who are said to be extorting more than £700million a year.