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The PSNI has urged the public to help bring more predatory money lenders before the courts.
Just three people have been prosecuted by the Paramilitary Crime Task Force for illegal money lending in Northern Ireland since 2017.
PSNI Supt Joanne Gibson said it was “totally unacceptable for communities to go through this fear and intimidation”.
A new campaign on the problem is being led by the Crimestoppers charity.
It has the backing of the Police Service of Northern Ireland (PSNI), the Executive Programme on Paramilitarism and Organised Crime and Advice NI.
“We want people to tell us because we absolutely want to start seeing those convictions and seeing those successful prosecutions that they have had in the rest of the UK,” PSNI Supt Joanne Gibson told BBC Radio Ulster’s Good Morning Ulster.
Supt Gibson said “criminal and predatory money lenders make their living from exploiting and intimidating others and, sadly, they are now taking advantage of current economic times to tighten their grip”.
“It’s a manipulative process, which starts with the lender supposedly ‘helping’ those who are struggling to make ends meet,” she added.
‘Shocking anecdotes’
“When loan repayments, with inevitable hefty interest rates, are not met the lenders will use threats and violence.
“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.
“We’ve also heard shocking anecdotes of young people being forced into sexual exploitation as a form of repayment.”
Advice NI, an independent charity which offers confidential debt advice to anyone who finds themselves in this situation, said it had “seen an increase in people contacting our free debt advice helpline over the last quarter due to the cost-of-living crisis”.
“Advisors are dealing with more people experiencing extreme financial difficulties and poverty, some of whom will turn to illegal and high-cost money lenders to make ends meet,” its chief executive Bob Stronge said.
“We would encourage anyone struggling to make ends meet to contact our Freephone helpline on 0800 915 4604 to have a benefits entitlement check carried out to ensure they are in receipt of all the benefits they are entitled to, or speak to our debt advisors who are trained experts, and can provide help and support to those in any type of debt and will work with you to find a solution that is right for you.”
