£700 million paid to loan sharks every year in UK - and it could be more

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£700 million paid to loan sharks every year in UK - and it could be more
9th December 2014

Research suggests that around two per cent of people have borrowed money from illegal money lenders, meaning the number of people going to loan sharks has risen. 

City Hall is concerned it might be even more. They're worried that people's reluctance to admit borrowing money means the actual amount of illegal lending is a lot higher.

Jenny Jones joined Wake Up London to discuss the matter. She says that even two per cent of the population means £700million is paid to loan sharks every year. 

Baroness Jones says the stress is on the poorer levels of society and says that although debt advice agencies and credit unions can be helpful, they don't always offer adequate support. 

The Baroness stresses that borrowing illegally is the worst option for those needing money and calls for more education about help is available. She calls on councils to do more to support citizens.

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