A 50-year-old woman was arrested on suspicion of illegal money lending following an operation in Middlesbrough early this morning.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Cleveland Police to execute a warrant at an address in the Thorntree area.
Officers seized a mobile phone and documentation, and the suspect was taken into custody to be questioned by IMLT investigators. She was later bailed pending further inquiries.
The IMLT works in partnership with Middlesbrough Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the IMLT, said: “The England Illegal Money Lending Team works with partners across the country to take action against illegal lenders who blight our communities and target the most vulnerable.
“If you think you, or anyone you know, has been targeted by an illegal lender, then we would urge you to get in touch with our team as soon as possible in complete 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
- Keeping items until the debt is paid such as your bank card or passport
- 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.
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. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
