Three people were arrested today on suspicion of illegal money lending following a major operation by the England Illegal Money Lending Team across East Sussex.
The IMLT worked in partnership with officers from Sussex Police to execute warrants at addresses in the Heathfield, Eastbourne and Bexhill-on-Sea areas. A business premises in Bexhill-on-Sea was also searched.
A man, aged 47, was arrested in Eastbourne, a 66-year-old man in Heathfield, and a woman, aged 58, in Bexhill-on-Sea. IMLT officers seized electronic devices and documentation, and the suspects were taken into custody to be questioned.
The IMLT works in partnership with East Sussex Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “We work with partners across the country to tackle illegal lending which can blight communities.
“This was a major operation across East Sussex and is part of an ongoing investigation into allegations of illegal lending in this area.
“If you think you or anyone you know has been targeted by a loan shark in this area, or anywhere in England, you can call our team in confidence for help and advice about what to do next.”
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 extra charges. They often resort to threats, intimidation and even violence if repayments are not made.
Illegal lenders do not complete affordability checks on borrowers – often meaning they are lending to people who cannot pay them back. 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.
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.
