A 28-year-old man was arrested on suspicion of illegal money lending following an operation in Birkenhead early today (THURSDAY 28th AUG).
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Merseyside Police to execute a warrant at an address in the Rock Ferry area.
Officers seized electronic devices and the suspect was taken into custody to be questioned by IMLT investigators. A business premises in the Moreton area of Wirral was also searched as part of the operation.
The IMLT works in partnership with Wirral Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Today’s operation is part of our ongoing work to investigate reports of illegal lending activity in England.
“If you have been offered a loan but had lots of extra charges added and you’ve been threatened when you couldn’t pay, you may have borrowed from an illegal lender.
“We would urge anyone who has experienced any of these things or has any knowledge of illegal lending activity not just in this area, but anywhere in England, then contact our team 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 their communities and are often introduced to borrowers through friends or family members.
They can appear friendly at first, but they are unregulated and give loans with no paperwork, charging extortionate interest rates. They often resort to threats, intimidation and even violence if repayments are not made.
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.
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.
