Black Country loan shark suspect arrested - latest advice on illegal money lenders

The England Illegal Money Lending Team (IMLT) worked in partnership with officers from West Midlands Police to execute a warrant at an address in the Black Country early this morning (Wednesday, July 31).

The suspect was not at the address in Rowley Regis, but was arrested a short time later. He was taken into custody to be questioned by IMLT investigators.

The IMLT works in partnership with Sandwell Trading Standards Service to investigate and prosecute illegal money lenders.

Tony Quigley, head of the IMLT, said: “We will not tolerate illegal money lending in our communities and we work with our partners across England to take action against those who blight our communities in this way.

“If you, or anyone you know, has any knowledge about illegal lending activities, then contact our team 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).

How to spot a loan shark and what to do if you suspect someone

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

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.