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Loan shark ordered to pay £1.2m thanks to Stop Loan Sharks campaign

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Loan shark ordered to pay £1.2m thanks to Stop Loan Sharks campaign

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.
This, combined with the often quite sophisticated trickery methods used by illegal lenders, has led to a feared influx of loan sharks.
But help is at hand. Crucial to the Stop Loan Sharks scheme are FIPO’s –Financial Inclusion Partnership Officers – who work with victims of illegal money crime and those fallen prey to loan sharking.
FIPO’s help with access to debt advice, affordable credit, basic bank accounts and home contents insurance and are committed to helping people every step of the way – from moral support to re-housing.
They undertake training and joint work with partner agencies, victim and witness support, crime prevention and awareness-raising.
In extreme circumstances they will even re-house a victim or a family.
For anonymous advice or to report a loan shark in confidence call the 24/7 confidential hotline 0300 555 2222




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