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Illegal Money Lending and stopping Loan Sharks

06 July 2023

In this episode, Steve meets with Cath Wohlers from the Illegal Money Lending Team to talk about the nation’s efforts to Stop Loan Sharks.

Coincidently in the week just before Mantas Daujotas is sentenced to four and a half years in prison for having illegally lent about £2m, making a profit of £450k.

This is a complex topic that lives in the grey area of where we draw the line on sub-prime lending. On the one hand, Jason Wassell, Chief Exec of the Consumer Credit Trade Association argues that shrinking the market leads to financial exclusion, while Mick McAteer of the Financial Inclusion Centre takes the view that improved regulation has protected people from unaffordable products.

Also around this time, Fair4All Finance publishes a report into loan sharks and is looking to convene cross-sector, cross-party support to create a credit market that supports everyone, presumably to fill the gap between Jason & Mick’s viewpoints. Free training is available from the Illegal Money lending team, just call 0300 555 22 22 and ask for Cath or go to stoploansharks.co.uk and use the live chat.

Click below to listen to the podcast.