Three people were arrested in Somerset early on Wednesday October 9th on suspicion of illegal money lending following a Police operation.
The England Illegal Money Lending Team (IMLT) worked in partnership with officers from Avon and Somerset Police to execute warrants at two addresses in the Holford and Highbridge areas.
Officers say they seized electronic devices and cash. The suspects – two men, aged 36 and 29, and a woman, aged 27 – were all taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with The Heart of the South West Trading Standards Service to investigate and prosecute illegal money lenders.
Dave Benbow, acting head of the IMLT, said: “Illegal money lending will not be tolerated in England. We continue to work with our partners to take action against those who blight our communities in this way and we urge anyone who has been affected by illegal lending to contact us.”
“People can speak to 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).
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, often charging high interest rates. They can resort to threats, intimidation and even violence if repayments are not made.
This year marks the 20th anniversary of the IMLT. Since its launch, the team has supported over 32,000 people and written off over £91.3 million worth of illegal debt, securing over 424 prosecutions for illegal money lending, leading to over 606 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.
