A 43-year-old man was arrested on suspicion of illegal money lending today following an early-morning operation by the England Illegal Money Lending Team in Keighley.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from West Yorkshire Police to execute a warrant at an address in the town. Officers seized electronic devices and some paperwork, as well as drugs and drug paraphernalia and a vehicle.
The suspect was taken into custody where he was questioned by IMLT investigators and later bailed pending further inquiries.
The IMLT works in partnership with West Yorkshire Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Illegal lending is a scourge on our communities, and we will not tolerate those who prey on the vulnerable in this way.
“Illegal lenders often appear to be a friend offering a favour at first, but they can quickly start demanding extra payments and can become threatening or violent.
“If you, or anyone you know, has experienced any of these things in the Keighley area, or anywhere in England, then contact our team for support in complete confidence.”
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).
Many illegal money lenders are well known within communities and are often introduced to borrowers through friends or family members.
They are unregulated and 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.
