Summary
The Illegal Money Lending Team (IMLT) in England update provided an extensive overview of the pernicious effects of loan sharks on borrowers. It highlighted the significant emotional, physical, and financial distress caused by illegal lenders, alongside statistical insights into the demographics of those affected, their reasons for borrowing, and the outcomes of such engagements.
Key Points
The IMLT focuses on investigating and prosecuting illegal lenders while offering support to borrowers.
A significant majority of borrowers (81%) experienced extreme stress, worry, or depression due to their involvement with loan sharks.
Physical harm or threats thereof, including forced sexual services, were reported by 31% of borrowers.
Suicidal thoughts or attempts were experienced by 31% of borrowers as a result of their dealings with loan sharks.
The youngest and oldest borrowers were 19 and 91 years old, respectively, showing the wide age range of individuals targeted by loan sharks.
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