Suspected loan shark arrested in Tyne and Wear
A 20-year-old man was arrested today on suspicion of illegal money lending following an operation in Tyne and Wear.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Northumbria Police to execute a warrant at an address in the Washington area early this morning (August 20, 2024).
Officers seized an electronic device, and the suspect was taken into custody to be questioned by IMLT investigators and later bailed pending further inquiries.
The IMLT works in partnership with Sunderland Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, acting head of the IMLT, said: “We work hard with our partners to take action against illegal lenders who blight our communities and make life a misery for the most vulnerable.
“We would urge anyone who thinks they have been targeted by an illegal lender, or has knowledge of illegal lending activity going on, to contact us 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).
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
- Pretending to be a friend at first, but then using intimidation or violence if you don’t pay
This year marks the 20th anniversary of the IMLT. Since its launch, the team has supported over 31,700 people and written off over £91.3 million worth of illegal debt, securing over 420 prosecutions for illegal money lending, leading to over 600 years in jail.
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.
