A new East Midlands Public Protection Project Team is launched in Nottingham today to help net loan sharks and protect their victims.

The new team,  launched as part of the Government’s biggest ever crackdown on illegal money lending, will be based in Nottingham and provide support to victims and secure convictions against illegal lenders. The new team has been developed under the Government’s financial inclusion agenda to help people gain access to affordable credit.

John Hutton, the Secretary of State for Business, said: "Around 10,000 households in the East Midlands are exploited by loan sharks every year. Victims are not only charged astronomical interest rates but very often are subject to violence, intimidation or blackmail if they fall behind with payments. Using a loan shark can ruin your life and that’s why this new team is so important."

Caraline Ryan, Head of Public Protection for Nottingham City Council, said: "We welcome the opportunity for Nottingham to host this regional team and provide increased protection for consumers in the East Midlands. The team will work with partners in other enforcement agencies to track down and take tough action against loan sharks. We will also work with voluntary groups and other financial inclusion projects such as Victim Support, Citizens Advice and Credit Unions to provide support to victims and help ensure the availability of affordable credit."

Anyone who has been approached by a loan shark or threatened as a result of not making repayments to a loan shark should contact the Public Protection Project Team.

The new hotline, 0115 851 0351, will be open 24 hours a day, 7 days a week and all calls will be taken in total confidence.