24 September 2007
The Association of British Credit Unions (ABCUL) has backed recent proposals announced by the government to crack down on illegal money lending in the UK.
Last week, MP John Hutton, Secretary of State for Business, Enterprise and Regulatory Reform announced the UK's biggest ever attack on loan sharks through a targeted campaign.
Specialist teams have received funding of £3 million to hunt down loan sharks across England, Wales and Scotland.
Commenting on the government proposals, Mark Lyonette, Chief Executive of ABCUL, described the news as "fantastic".
"ABCUL and its members are delighted to hear that the government will be doing a lot more to stamp out illegal lending," he said.
"Loan sharks are the scourge of less well off communities so any action that helps deal with this problem is good news."
The comments come as the government has also pledged more investment in ABCUL's Now Let's Talk Money campaign.
Funded by the Treasury and delivered by the Department for Work and Pensions, the scheme aims to inform people about free money advice and the alternatives to illegal money lenders.
Since 2006, the government's Face to Face debt advice projects have helped 45,000 people at risk of financial exclusion, appointing more than 500 new debt advisers.