A suspected loan shark was arrested in Leeds today following an early morning operation by the England Illegal Money Lending Team (IMLT).
IMLT officers worked in partnership with officers from West Yorkshire Police to execute a warrant at an address in the Pudsey area. A 61-year-old man was arrested on suspicion of illegal money lending and officers seized documents, electronic devices and cash.
The suspect was taken into custody to be questioned by IMLT investigators and was later bailed pending further inquiries..
The IMLT works in partnership with West Yorkshire Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Illegal money lending will not be tolerated in our communities, and we work with our partners to take action against those who target the vulnerable in this way.
“If you borrowed money from someone you thought of as a friend but are now feeling afraid and you’re paying back more than you borrowed, you may have been targeted.
“Our team can offer specialist confidential advice, so if you are worried get in touch now. We are here to help, not to judge and you shouldn’t feel ashamed or embarrassed to reach out for 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 no paperwork or agreement on a 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
Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. 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.
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 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.
