Family man pushed to brink of suicide by illegal loan sharks

Illegal loan sharks are doing a good job of tarnishing the short-term high-interest loan market’s reputation. Recently a father of six found himself on the brink of suicide because of the mess that he had found himself in after borrowing money from loan sharks. The government funded squad that fights loan sharks, the Illegal Money Lending Team, is there to help cases just like this one and when this victim called the team he was speaking out for the many victims of illegal loan sharks.

It is believed that there are currently up to 300,000 victims of illegal lending across the country. The Illegal Money ending Team has prosecuted approximately 300 loans sharks in the last seven years. Tony Quigley, who is the head of the squad said,

“It really is hideous what loan sharks can do to a community. I believe that we have stopped 25 suicides, but people are often afraid to come forward due to intimidation.”

Illegal loan sharks: An uneasy relationship

The Father of six found himself lining pills up in a row getting ready to swallow them all because he could not see his way out of the massive debt that he owed illegal loan sharks. For nearly three years, he put up with the anxiety of non-stop phone calls and visits from the sharks demanding payment of loans. The sharks would threaten to break the windows of his house and even visit him accompanied by intimidating thugs. He just couldn’t take it anymore. What had started as a 20-pound loan, ended up in a 7000-pound hole.

Illegal loan sharks set the trap

The ex-RAF serviceman had quit his job to look after his disabled wife. He was making a good income, but once he left his job, his income decreased, and he had no savings to fall back on. A friend gave him a card with a man’s name and number and told him to call for a little loan. He started off borrowing 20 pounds, and as the interest rate was 50 percent, he would have to pay 30 pounds back. The loans got bigger. They went from 20 pounds to 100 pounds and up to 1000 pounds. One of the loans of 900 pounds accrued interest of 2100 pounds because he could not pay it back for several months. Alongside the extortionate interest, he was also often visited by the loan shark and not for a pleasant cup of tea. As our victim lined up his pills, he found himself unable to leave the people who relied on him, namely his family. Instead, he did the best thing he could have done in his situation. He called the Illegal Money Lending Team. Because he spoke out, the sharks that were terrorizing him were investigated and arrested.
Illegal loan sharks are not out to conduct fair business transactions, and it is, therefore, a step in the right direction to see the payday industry regulated.

As the regulations begin to bear fruit, so the lenders are seen more as legitimate credit providers than shady loan sharks.