Britons fall victim to loan companies

The union said 15 percent of the trading standards workforce has already been plunged under the coalition government, saying that the “cuts were reducing the ability of the remaining workforce to identify and crack down on loan sharks.”

Moreover, according to the Unison’s recent survey, a massive 85 percent of staff fear the public are more likely to turn to unscrupulous money lenders at a time of economic crisis.

“Illegal and legal money lenders always flourish in difficult economic times, but staff shortages and budget cuts are holding trading standards services back, allowing these operations to continue preying on the public,” said Helga Pile, Unison national officer for trading standards.

Last year, pay-day lender and loan shark Wonga registered profits of £46 million by ripping-off people with a shocking interest rate of 4,214 per cent per annum.

Critics believe turning to money lenders is the last resort for people at the time when the British government imposes massive cuts without thinking about the consequences.

MOS/MOL/HE

Source Article from http://www.presstv.ir/detail/2013/01/29/286167/victim/

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