Pair arrested in Essex on suspicion of being loan sharks
A man and a woman were arrested on suspicion of illegal money lending and other offences following an operation in Essex.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Essex Police to execute a warrant at an address in the Canvey Island area on Tuesday, September 17. Officers seized electronic devices and a quantity of cash.
The woman, aged 47, was arrested on suspicion of illegal money lending offences and a public order offence. The man, aged 66, was arrested on suspicion of illegal money lending and an offence under the Malicious Communications Act.
The suspects were taken into custody and questioned by IMLT investigators.
The IMLT works in partnership with Essex Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, acting head of the IMLT, said: “We work hard with our partners across England to investigate reports and take action against illegal lenders.
“We realise it may be difficult for someone who has borrowed from an illegal lender to report it, but we want to reassure people that our officers are here to support borrowers however they can.
“If you, or anyone you know, thinks they have borrowed from an illegal lender, 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).
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
- Appearing to be a friend at first but then using intimidation or violence if you don’t pay
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 can impact other finances – leaving them unable to pay rent or other priority bills.
This month (SEPT) marks the 20th anniversary of the IMLT. Since its launch, the team has supported more than 32,000 people, securing 424 successful prosecutions, with illegal lenders locked up for more than 606 years. More than £91.3 million in illegal debt has been written off.
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.
