MP Highlights Exploitation of Vulnerable Individuals by Paramilitary-Linked Loan Sharks Ahead of Christmas

Foyle MP Colum Eastwood has stated that loan sharks with paramilitary connections are preying on and taking advantage of vulnerable individuals in the period leading up to Christmas. Mr. Eastwood reported that over ten individuals have sought assistance at his Londonderry office in recent weeks concerning loan sharks associated with dissident republican groups. The Police Service of Northern Ireland (PSNI) confirmed two arrests and four proactive searches have been conducted recently in the north west area regarding illegal money lending. However, the PSNI also noted that offenses of this nature frequently remain unreported. Eastwood advised those facing financial difficulties to avoid illegal lenders during the Christmas season and instead to seek assistance from legitimate services when help is required. During an interview on Thursday with BBC Radio Foyle’s North West Today programme, the former SDLP leader indicated a significant rise in the number of individuals visiting his office to report incidents involving paramilitary-affiliated loan sharks. Eastwood remarked, “Everyone knows Christmas can be a difficult time for many people, it can obviously be a very expensive time.” He added, “Many people are struggling financially and understandably Christmas can make that even more difficult.” He further stated, “It is deeply worrying to see some people, who are linked to dissident republicanism, in our community feeding off that misery that people are going through.” Eastwood explained that in certain instances, individuals lending money do not seek its repayment but instead aim to use the debt as a means of control, compelling borrowers to engage in criminal activities. “These people want a hold over you, they want to control you,” Eastwood affirmed. He continued, “I know of cases where people have gotten into difficult positions with the law because they have been asked to store weapons because these people [loan sharks] have control over them.” “I know of very vulnerable people who had no link whatsoever to dissident republicanism and they have ended up in situations where they have had to store things on behalf of a specific organisation,” he elaborated. “I also know of people who have got themselves into debt that is multiple times what they borrowed from these people.” Supt William Calderwood, the Derry City and Strabane district commander, declared that predatory money lending, regardless of whether it originates from individuals, organised crime groups, or paramilitary groups, constitutes an illegal act. He stated, “We know that in the run up to Christmas many families feel the pressure of spending huge amounts of money on gifts for loved ones.” He added, “People who are struggling with finances may be manipulated by illegal lenders, who falsely present themselves as trying to help.” “Unfortunately, the initial loan of money often results in hefty interest rates on repayments, and victims find themselves in a terrifying cycle of debt and fear, as they struggle to pay money back,” Calderwood explained. He continued, “Victims with unpaid debts, and indeed their loved ones, are exploited and often forced to repay by other means, such as storing or selling drugs.” He urged anyone contacted by illegal money lenders to report the incident to the police.