COUNCIL MOTION SUPPORTS ACTION IN TAKING BITE OUT OF LOAN SHARKS
At next Wednesday’s full Council meeting (6th February), Leader of the Opposition and the Lib Dem Group, Councillor Howard Sykes, will propose a motion expressing appreciation for the recent work carried out by the Council’s Trading Standards Team, the England Illegal Money Lending Team (IMLT) and Police to combat loan sharks in our borough and support for the Labour Administration’s stand against them.
Cllr. Sykes said:
“Loan sharks are illegal money lenders who operate without a licence from the Department of Fair Trading. Through the application of extortionate interest rates, intimidation and violence, loan sharks leech many thousands of pounds from those residents in our borough who are often amongst those who are poorest and least able to pay.
“Liberal Democrats endorse the tough stand of this Administration on this issue and the action now being taken by Council officers and partner organisations to rid our communities of these parasites.
“It is my hope that Councillors of all parties will feel able to support the motion that sets out a number of practical measures to help raise the profile of the ‘Stop Loan Sharks’ campaign in our borough, alongside promoting the availability of affordable credit for Oldham residents through membership of credit unions.”
A copy of the motion is below.
This Council notes the excellent work that is being carried out in Oldham by the Council’s Trading Standards Team, the England Illegal Money Lending Team (IMLT) and Police to combat loan sharks in our borough.
We congratulate the Administration on taking a lead on this issue and the agencies concerned on the recent arrest of individuals engaged in this activity in Oldham, Manchester and Tameside.
This Council resolves that the Chief Executive write to all District Partnerships; social landlords; the Oldham Voluntary, Community, and Faith Partnership; and the Oldham Business Leadership Group urging them to get behind the Stop Loan Sharks campaign to rid our communities of loan sharks by:
– promoting the Stop Loan Sharks Campaign to partners and to the public;
– inviting the England Illegal Money Lending Campaign / Trading Standards Team to meetings and public events:
– including information on this campaign in newsletters, flyers and on-line
– promoting membership of credit unions as an alternate source of affordable credit
District partnerships are also urged to make best use of the £500 made available to them by the IMLT (which was seized from apprehended loan sharks) to help support this work.
Proposed: Cllr Howard Sykes
Seconded: Cllr Lynne Thompson