A man and a woman were arrested on suspicion of illegal money lending following an operation in North Devon early today (Wednesday September 24).
The England Illegal Money Lending Team (IMLT) works in partnership with Heart of the South West Trading Standards Service to investigate and prosecute illegal money lenders.
On Wednesday (September 24) officers from Devon & Cornwall Police executed a warrant.
The suspects, both aged 23, were arrested at an address in Barnstaple and were taken into custody to be questioned by IMLT investigators. Two mobile phones were seized.
Dave Benbow, head of the IMLT, said:
“Illegal money lending will not be tolerated in England, and we will continue to work with our partners to take action against those who blight our communities in this way.
“If you have been offered a cash loan, threatened when you couldn’t pay, had your bank card taken from you as security or if what you owe keeps growing even though you are making payments, then you may have been targeted.
“If you, or anyone you know, has experienced any of these things or has any knowledge of loan shark activities then contact our team in complete confidence.”
Fakir Mohamed Osman, Head of Heart of the South West Trading Standards Service, said:
“Loan Sharks destroy lives. They profit from the most vulnerable in society and we work closely with the England Illegal Money Lending Team, the police and other partners to stamp out this illegal practice.”
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).
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.
Illegal 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. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
ENDS