A 64-year-old man was arrested on suspicion of illegal money lending following an operation near Doncaster this morning.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from South Yorkshire Police to execute a warrant at an address in the Belton area of North Lincolnshire. A business premises in the Armthorpe area of Doncaster was also searched.
Officers seized documentation, cash and a mobile phone and the suspect was taken into custody and questioned by IMLT investigators.
The IMLT works in partnership with trading standards services at City of Doncaster and North Lincolnshire councils to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “We work with local authorities, police forces and other partners across the country to tackle the scourge of illegal lending in our communities.
“We urge anyone who has any knowledge of illegal lending, or who needs help to contact us in confidence as soon as possible.”
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 loan
- Refusing to give you information about the loan
- Keeping items until the debt is paid such as your bank card or passport
- Taking things from you if you don’t pay on time
- Adding more interest or charges so the debt never goes down
- Using intimidation or violence if you don’t pay
Many illegal money lenders are well known within communities and are often introduced to borrowers through friends or family members. They are unregulated and give loans with no paperwork, adding high charges. They can resort to threats, intimidation and even violence if repayments are not made.
Unauthorised lenders do not complete affordability checks on borrowers – often meaning they are lending to people who cannot pay them back. These borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay. This causes huge amounts of stress and can impact their other finances, leaving them unable to pay rent or other priority bills.
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. The Live Chat and WhatsApp services are monitored from 9am to 5pm, Monday to Friday.
