Crackdown needed on loan sharks

ireland-income-tax-increase-390x285Fianna Fáil Justice Spokesperson Dara Calleary has called on the Government to crack down on loan sharks who target vulnerable people under financial pressure.

Deputy Calleary commented, “I listened in anger today to the extremely distressing story of a caller to RTE’s Liveline who fell victim to an unscrupulous loan shark. This woman and others who tell their stories in public are to be commended for their bravery and honesty.

“It t is bad enough that so many people feel they have no option but to borrow money from loan sharks, but the situation where these parasites appear to be above the law has to stop. Loan sharks need to feel the heavy hand of the law and must be prevented from threatening and intimidating people who are under serious financial pressure.

“I am calling on the Government to mount a nationwide campaign warning people to avoid loan sharks at all costs and advising on the support available to people with money problems. This should include resources and promoting the MABS service.

“Last month Fianna Fáil published legislation to regulate debt management advisors and stop cowboy operators from preying on vulnerable consumers. I am again asking the Government to consider these proposals, and I intend to push the Finance Minister Michael Noonan and the Justice Minister Alan Shatter to take action against loan sharks.”

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