Reel in and gut ruthless loan sharks

WE all experience financial pressures around Christmas.

Presents, dinner, nights out, can all add up. And even if you budget carefully there always seems to be a last-minute emergency.

But even with those challenges it is important not to turn to backstreet lenders. Experts estimate more than 310,000 families are using these loans. And the industry is worth about £700million.

Today we expose the sheer horror of the people preying on the vulnerable.

These loan sharks are no more than thugs who take advantage of people’s desperation.

The figures reveal their most common targets are people with disabilities, health problems or who are out of work.

And their tactics are nothing short of horrific.

In some cases they charge APR of a million per cent. In other cases they intimidate, and assault – even rape – their victims.

They take passports, bank cards, driving licences. And they ruthlessly hound and bully their victims. These loan sharks are the lowest of the low.

So the national crackdown on them is to be welcomed.

They are being hauled in and prosecuted at the rate of one a week – but there are still plenty of them out there. Being in debt is nothing to be ashamed of. Anyone can get into financial trouble.

There is plenty of help available. No one has to deal with debt alone.