A SUSPECTED loan shark has been arrested in Coventry.
A 22-year-old man was arrested yesterday (Wednesday May 28) on suspicion of illegal money lending.
Officers from the England Illegal Money Lending Team (IMLT) and West Midlands Police carried out an early-morning raid at an address near the city centre.
They seized a mobile phone, and the suspect was taken into custody to be questioned by IMLT investigators.
The IMLT works in partnership with Coventry Trading Standards Service to investigate and prosecute illegal money lenders in the area.
Dave Benbow, head of the IMLT, said: “Illegal lenders target some of the most vulnerable people in our communities and we work hard with our partners to take action against these criminals.
“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 well have been targeted, and we would urge you to contact our team in confidence straight away.”
Figures from the Centre for Social Justice show there are over a million people in debt to loan sharks in England.
The warning signs of an illegal lender include no paperwork, refusing to give information, keeping items until debt is paid, adding more interest or charges, and using intimidation or violence.
Visit www.stoploansharks.co.uk or call the Stop Loan Sharks 24/7 Helpline on 0300 555 2222 for support.
