A 42-year-old man was arrested on suspicion of illegal money lending following an operation by the England Illegal Money Lending Team in Bristol early today.
The IMLT worked in partnership with police officers from the South West Regional Organised Crime Unit to execute a warrant at an address in the Broomhill area.
Officers seized documents and electronic devices, and the suspect was taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with Bristol City Council Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: āWe work with partners across England to tackle the scourge of illegal lenders who target the most vulnerable in our communities.
āIf you have been offered a loan by someone you may have thought of as a friend, but then been threatened when you couldnāt pay and had huge charges or interest added, then you may have been targeted.
“If you, or anyone you know, has experienced any of these things or has any knowledge of illegal lending, not only in the Bristol area but anywhere in England, then contact our team in complete confidence.ā
There are up to 1.08 million people in debt to loan sharks in England, according to figures from the Centre for Social Justice (CSJ).
The warning signs of an illegal lender include:
- Giving you no paperwork or agreement on a loanĀ
- Refusing to give you information about the loanĀ
- Keeping items until the debt is paid such as your bank card or passport
- Taking things from you if you don’t pay on timeĀ
- Adding more interest or charges so the debt never goes downĀ
- Using intimidation or violence if you don’t pay
Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, charging extortionate interest rates. They often resort to threats, intimidation and even violence if repayments are not made.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. There is a Live Chat facility on the website, and the team can also be contacted via WhatsApp on 07700 102773.
