Man arrested in Macclesfield on suspicion of being a loan shark

A 55-year-old man was arrested on suspicion of illegal money lending early today following an operation in Macclesfield.

The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Cheshire Police to execute a warrant at an address in the town.

Officers seized electronic devices, paperwork and cash and the suspect was taken into custody and questioned by IMLT investigators. He was later released under investigation pending further inquiries.

The IMLT works in partnership with Cheshire East Council Trading Standards service to investigate and prosecute illegal money lenders.

Dave Benbow, acting head of the IMLT, said: “We will not tolerate illegal lending in our communities and we work hard with our partners across England to take action against those who target the vulnerable in this way.

“Many illegal lenders are well known in communities. They are unregulated and give loans with no paperwork, often charging very high interest and using threats, intimidation and violence if repayments are not made. 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.

“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 have been targeted by an illegal lender. 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.