A 45-year-old woman was arrested on suspicion of illegal money lending following an operation in north London early today.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from the Metropolitan Police to execute a warrant at an address in the Upper Edmonton area.
Officers seized electronic devices and documentation, and the suspect was taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with London Borough of Enfield Council 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 England, and we work with partners across the country to identify and prosecute those who blight our communities in this way.
“There are many signs that someone is an illegal lender – they might not give you any paperwork or they might keep adding charges so that what you owe never goes down. They might also threaten or intimidate you so that you continue to pay them even if you’re struggling.
“If you, or anyone you know, has experienced any of these things, then I would urge you to contact our team in complete confidence for expert help and advice.”
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 IMLT is a national team set up over 20 years ago to investigate and prosecute illegal lenders and support borrowers. It has helped tens of thousands of people escape the clutches of loan sharks and overseen hundreds of successful prosecutions.
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 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.
