A 66-year-old man was arrested on suspicion of illegal money lending following an operation in Leeds early this morning.
The England Illegal Money Lending Team (IMLT) executed a warrant at an address in the Bramhope area, working in partnership with officers from West Yorkshire Police.
Officers seized a mobile phone, and the suspect was taken into custody to be questioned by IMLT investigators. He was later released under investigation pending further inquiries.
The IMLT works in partnership with West Yorkshire Trading Standards to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Illegal lenders can be well known in their communities, and they target the most vulnerable. We work with partners across England to ensure people are kept safe from these predatory criminals.
“We investigate reports and support those who have borrowed. If anyone needs help, not only in the Leeds area but anywhere in England, they can contact us for free, confidential advice and support.”
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
- Using intimidation or violence if you don’t pay
Illegal money lenders unregulated and often give loans with no paperwork adding high charges. 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. 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. There is a Live Chat facility on the website and the team can also be contacted via WhatsApp on 07700 102773. The Live Chat and WhatsApp services are monitored from 9am to 5pm, Monday to Friday.
