Suspected loan shark arrested in Washington
A man has been arrested on suspicion of illegal money lending following an operation in Washington.
A 38-year-old man was arrested in the Donwell area of Washington, in Tyne and Wear, on the morning of Wednesday, April 8, after officers seized a mobile phone and paperwork from his address.
The suspect was taken into police custody and is being questioned by officers.
The warrant for his arrest was issued by Northumbria Police in partnership with England’s Illegal Money Lending Team, who works in partnership with Sunderland Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, head of the England Illegal Money Lending Team, said: “Illegal money lending will not be tolerated in our communities.
"They target the vulnerable and cause misery and devastation.
“If you have been offered a loan, been 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 this sounds familiar, or you are worried at all, please contact our team in complete confidence.”
There are a number of warning signs that suggest someone may be an illegal money lender, including offering no paperwork or agreement on a loan, refusing to give out information about a loan and adding more interest or charges to an existing loan so the debt is not paid off.
Other signs include keeping personal items until the debt is paid, such as a bank cards or passports, and using intimidation or violence if the money is not paid.
According to Stop Loan Sharks, many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members.
Loan sharks are unregulated, give loans with no paperwork and do not complete affordability checks on borrowers.
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 https://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.