Families struggling to keep up with the rising cost of living are being warned of the dangers of loan sharks after the arrest of a suspected loan shark in Doncaster.
The warning comes after a man was arrested on suspicion of illegal money lending and money laundering offences following an operation in the town earlier this week.
Officers from the England Illegal Money Lending Team (IMLT) worked in partnership with South Yorkshire Police to execute a search warrant at a residential address in Conisbrough.
Documentarian and electronic devices were recovered during a search of the property.
The IMLT works in partnership with Doncaster Trading Standards to investigate and prosecute illegal money lenders.
The 42-year-old suspect was taken into custody for questioning. He has since been released on bail pending further enquiries.
Tony Quigley, Head of the Illegal Money Lending Team, said: “We are committed to working with our partners to clamp down on illegal lenders and their exploitative practices.
“At a time when families are under extreme pressure with mounting living costs, we are deeply concerned that those who are already struggling to make ends meet could be targeted by these predatory lenders.
“If you think you may have been targeted by a loan shark or you are worried about someone close to you, our Stop Loan Sharks Helpline is available 24 hours a day on 0300 555 2222 for confidential advice and support.”
Warning signs to indicate that you could be dealing with a loan shark include giving no paperwork upon the agreement of a loan, refusing to provide detailed information about a loan, intimidation and threats, taking items such as a bank card or passport until the debt is paid, and taking things from you if you do not pay on time.
If you have borrowed from a loan shark or are worried about someone else who has, please call our Stop Loan Sharks 24 Hour Helpline on 0300 555 2222. Alternatively, you can access support using our confidential live chat service. Click the chat icon in the bottom right hand corner of the screen to talk to our expert support team. Live chat is available on our website between 9am – 5pm, Monday to Friday.