Town hall chiefs want to protect people from falling prey to loan sharks by finding an ‘alternative source of credit’ for hard-pressed residents during the cost of living crisis. Greater Manchester Police last month teamed up with the England Illegal Money Lending Team (IMLT) to crack down on loan sharks operating in the Stockport area.
The targeted campaign also seeks to raise awareness of illegal money lending to prevent people from becoming trapped in a cycle of debt and intimidation. But Stockport Labour councillor Andy Sorton has warned there is another dimension to the problem that still needs to be addressed.
“There’s a cost of living crisis, loan sharks will prosper,” he told a meeting of the full council on Thursday night. “While the police can enforce, what they can’t do is find that alternative credit option for people.
