Action on loansharks

Back in September I flagged up warnings about a gang of loan sharks that had begun operating in the Roehampton area. Apparently loans at an interest rate of 66% were being touted.

Loansharking is illegal but despite this over 165,000 households are believed to borrow from loansharks each year: a problem made worse by banks dramatically cutting back on lending - even to those with decent credit histories.

This week Consumer Affairs Minister Gareth Thomas launched a confidential national hotline to help people stuggling with loansharks and to help with indebtedness.

The hotline number is 0300 555 2222.

The Stop Loan Sharks teams have successfully prosecuted more than 60 people with a further 90 prosecutions underway. This amounts to nearly 40 years of custodial sentences for illegal lending and associated crimes. The teams have supported more than 7,000 victims of illegal money lenders. Their work has meant around £14million has been saved for consumers who were locked in illegal deals with these money lenders.

In addition to the website, there's a website at www.direct.gov.uk/stoploansharks; and you can also get help by texting loan shark [include the space] and any message to 60003.

Watch out for the loan sharks

I've just heard on the grapevine that a firm of sharks has been going round Roehampton trying to sign people up for loans with an interest rate of 66%.

No doubt their parents are proud of the scum delightful individuals from whichever "business" this is - I'm in the process of finding out and you'd better believe I'm going to name and shame them when I do - who pray on those who can least afford such inexcusable repayment rates.

Of course, this only emphasises the need to bring banks, building societies and credit unions to Roehampton: an area that has been free of such institutions for years and years. I can tell the Council this for free: a bank is in far greater demand in Danebury Avenue than another branch of Waitrose - and the Conservatives should get their priorities straight.

In the meantime, please be on the lookout for these loan sharks and - however desperate your plight - don't accept any money from them, because you'll only end up in far worse financial problems than you are now.

If you've already borrowed from them you're under no legal obligation to repay the debt: this is a company that operates outside the law - contact Wandsworth Trading Standards who can help. They're on 8871 7720, or tradingstandards@wandsworth.gov.uk.

If you do need help with debt or personal finances, visit Roehampton Citizens Advice Bureau at 166 Roehampton Lane. They're open Monday to Thursday - exact times can be found here.