A woman aged 70 and a 68-year-old man were arrested on suspicion of illegal money lending and money laundering following an early morning operation in Liverpool today.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Merseyside Police to execute a warrant at an address in the Dingle area.
Officers seized mobile phones and paperwork and the suspects were taken into custody to be questioned by IMLT investigators. They were later cautioned.
The IMLT works in partnership with Liverpool Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “Illegal lenders are often well-known in their communities and often pretend to be a friendly face offering a favour. The reality is that they are exploiting the vulnerable and living their own pockets.
“We work with partners across England to tackle this criminal activity and protect communities. If you or someone you know has borrowed from someone you suspect is an illegal lender, call our team in confidence for advice and support.”
There are up to 1.7 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
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. The Live Chat and WhatsApp services are monitored from 9am to 8pm, Monday to Friday.
