Suspected loan shark arrested in south east London
A 38-year-old woman was arrested on suspicion of illegal money lending early today following an operation in south east London.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Metropolitan Police to execute a warrant at an address in Lewisham borough.
Officers seized electronic devices and paperwork and the suspect was taken into custody to be questioned by IMLT investigators. She was later released under investigation.
The IMLT works in partnership with Lewisham Council Trading Standards service to investigate and prosecute illegal money lenders.
Dave Benbow, acting head of the IMLT, said: “We work with our partners across England to take action against those who blight our communities with illegal lending activities.
“Many illegal 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, often charging high interest rates. 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.
“If you have been offered a loan, 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 by an illegal lender and we would urge anyone in this position to call our team in 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).
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. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
