Two women, aged 68 and 34, were arrested on suspicion of illegal money lending and money laundering following an operation in the Camden area of London today led by the England Illegal Money Lending Team.
The IMLT worked in partnership with officers from the Metropolitan Police to execute a warrant at an address in the Regent’s Park area.
Officers seized electronic devices and documentation, and the suspects were taken into custody to questioned by IMLT investigators.
The IMLT works in partnership with Camden Council Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Illegal money lending will not be tolerated in England, and we will continue to work with our partners to take action against those who blight our communities in this way.
“If you have been offered a loan, been threatened when you couldn’t pay, had your bank card taken from you as security or if what you owe keeps growing even though you are making payments, then you may well have been targeted.
“If you, or anyone you know, has experienced any of these things or has any knowledge of illegal lending activities, not just in this area, but anywhere in the country, then contact our team in complete confidence.”
There are up to 1.7 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 their 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 8pm, Monday to Friday.
