A man from Salford has been arrested on suspicion of illegal money lending.
A 35-year-old man from Salford was arrested on suspicion of illegal money lending and money laundering earlier today (IMLT) (October 14) following an operation by the England Illegal Money Lending Team in Salford.
The team worked in partnership with officers from Greater Manchester Police to execute a warrant at an address in Walkden.
Officers seized a mobile phone and the suspect was taken into custody to be questioned by IMLT investigators.
The team works in partnership with Salford Trading Standards Service to investigate suspected money lenders.
Dave Benbow, head of IMLT, said: “If you’ve been offered a loan and then threatened when you couldn’t pay, had your bank card taken as security, or found that your debt keeps growing despite making regular payments, you may be dealing with an illegal lender.
“If you, or someone you know, has experienced this or has information about illegal money lending anywhere in England, please contact our team. You can speak to us in complete confidence, you have done nothing wrong and we are here to help.”
The IMLT say many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members. They can resort to threats, intimidation and even violence id repayments are not made.
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.
The Illegal Money Lending Team are urging 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 here.
