A 51-year-old suspected 'loan shark' was arrested on suspicion of illegal lending and money laundering this morning.
Officers from the England Illegal Money Lending Team (IMLT ) Cheshire Police and Halton Borough Council Trading Standards executed a warrant in the Appleton area of Widnes as part of a probe into suspected loan shark activity. An IMLT spokeswoman said officers seized documents and electronic devices during the search.
The woman remains in police custody for questioning. Residents have been reminded of the dangers of borrowing from illegal lenders.
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Tony Quigley, head of the IMLT, said: “We are determined to warn residents about the dangers of loan sharks, and we will work with partners to take action against them. Loan sharks are criminals that prey on the most vulnerable people in our communities.
“They trap their victims into spiralling debt and will often use intimidation and violence. We will not tolerate these activities in Halton and would urge anyone with information about loan sharks to report them as soon as possible.
“Anyone who needs to borrow money from a safe and responsible lender should contact Halton Credit Union. The website is www.haltoncu.co.uk .”
The IMLT spokeswoman said the Swimming With Sharks report, published by the Centre for Social Justice last week, estimated up to 1.08m people could be in debt to loan sharks in England, with some lenders demanding sexual favours as repayment from borrowers.
Residents are urged to beware a range of warning signs when dealing with illegal lenders, including providing no paperwork or agreement, refusing to supply information about the loan, keeping items such as a passport or bank card until the debt is paid, removing property for late payment, adding interest or charges so the outstanding amount never decreases, or using intimidation and violence over non-payment.
