Stop Loan Sharks is a government-funded project that works with local authority trading standards services across the country. A team of highly trained investigators from the project will work with the four South Yorkshire local authorities - Barnsley, Sheffield, Rotherham and Doncaster - to track down loan sharks who prey on some of the most vulnerable people in the community. As well as the crackdown, it is important that assistance and advice is available for those people already in debt and that other forms of affordable credit are available, such as credit unions. As well as the launch, it is proposed that links to all these agencies will be made available through the four South Yorkshire trading standards authorities' websites to assist people in their fight against debt. Rosie Winterton, MP for Doncaster Central, said at the launch: "It is obviously very difficult to say exactly how widespread the problem is but we have very good information that some of the most vulnerable members of our community are overcome by debt to illegal money lenders and are consequently living in fear. "Many people end up in debt with illegal money lenders having borrowed only small sums of money and ending up owing excessive amounts. They do not know where to turn and, as there is no legal way of collecting the debt, the lenders threaten violence to collect it. We do not want this sort of thing in South Yorkshire and the 'Stop Loan Sharks' initiative not only gives us the enforcement tools to deal with the illegal money lenders, it also provides advice and guidance to those people who need financial assistance." The launch will include a film of an actress portraying the experience of a 19-year-old woman who borrowed £300. She was initially told the loan would cost £690 to repay at the rate of £20 per week but when she defaulted after four weeks, £300 was added to the debt. Even after she had borrowed £700 from family members to repay the debt she was threatened and physically attacked when she refused to pay off the debt of an ex-boyfriend. When she went to the police further threats forced her to move home. Loan sharks are also associated with illegal weapons, smuggled cigarettes and counterfeit DVDs and other goods. The removal of loan sharks permits victims to manage their finances more effectively and often results in a drop in reported crime. The project has so far helped over 7,000 victims, secured more than 30 years' prison sentences and written off £8million in illegal debt.
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