Suspected loan shark arrested in Coventry
A 22-year-old man was arrested in Coventry today (May 28th) on suspicion of illegal money lending.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from West Midlands Police to execute an early-morning warrant at an address near the city centre.
Officers seized a mobile phone, and the suspect was taken into custody to be questioned by IMLT investigators. He was later bailed pending further inquiries.
The IMLT works in partnership with Coventry Trading Standards Service to investigate and prosecute illegal money lenders in this area.
The IMLT is a national team that works across the country to tackle illegal lending.
Dave Benbow, head of the IMLT, said: “Illegal lenders target some of the most vulnerable people in our communities and we work hard with our partners to take action against these criminals.
“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, and we would urge you to contact our team in confidence straight away.”
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
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.
