A suspected loan shark was arrested in Ashton-under-Lyne today during an early morning operation by the England Illegal Money Lending Team (IMLT).
The IMLT, working in partnership with officers from Greater Manchester Police, executed a warrant at an address in the Ashton Hurst area.
Officers seized items of interest, and the suspect was taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with Tameside Council Trading Standards Service to investigate and prosecute illegal money lenders in the area.
Dave Benbow, head of the IMLT, said: “Illegal money lending will not be tolerated anywhere in England, and we will continue to work with our partners to identify these criminals and take action.
“Illegal lenders are often well known in communities and we would urge anyone who has any knowledge of this activity, or who has been affected by illegal lending in any way to contact us 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).
The warning signs of a loan shark include being given no paperwork or information about the loan, having items like bank cards or passport taken as security and having charges or interest added so what you owe never seems to go down. Loan sharks can also use intimidation of violence if you struggle to pay.
They 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. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
