A multi-agency raid has resulted in the arrest yesterday
(10 August) of two suspected loan sharks in the Bleadon area of
Weston-super-Mare.
Officers from the South West Illegal Money Lending Team [SWILMT]
assisted by North Somerset Trading Standards and Avon and Somerset
Police, raided two homes.
Two men, aged 51 and 36, were arrested on suspicion of illegal
money lending and money laundering activities.
They were taken to Weston-super-Mare police station where they
were interviewed by officers from the SWIMLT.
The men have been released on bail until October and enquiries
into their activities continue.
The South West Illegal Money Lending Team is a specialist
trading standards unit based at Bristol City Council but covering
the whole of the South West.
Councillor Peter Bryant, our executive member with
responsibility for Trading Standards said: "Loan sharks target the
most vulnerable members of our community - people who feel they are
forced to go to these illegal lenders because they cannot access
legal affordable credit and believe they have nowhere else they can
turn.
"These victims are then trapped into a cycle of debt dependency
as the amount demanded in repayment increases. All too often,
when they cannot repay the debt they are subjected to intimidation
and the threat of real violence.
"As a result, some victims become forced into criminal
lifestyles, resorting to committing crime, acting as drug runners
or even becoming prostitutes in order to repay the loan shark.
"We would urge anyone borrowing money from an unlicensed loan
shark to call our hotline in total confidence and speak to an
investigator."
The Hot Line telephone number is 0300 1234 247 - which can also
be used to report suspected loan shark activity.
"There is no legal obligation to pay any borrowed money back to
an illegal lender (i.e. one unlicensed by the Office of Fair
Trading)," added Cllr Bryant.
Legal money lenders are regulated and licensed by the Office of
Fair Trading (OFT) and must follow strict procedures and
regulations which are enforced by Trading Standards.
Anyone with any doubt about the legality of a money lender or
credit offer can call the Consumer Credit Public Register on 0207
211 8608 Monday - Friday between 9.30am and 4pm.
Where can I go for advice on legal borrowing?
Local people on a low income looking for legal and affordable
borrowing options can contact North Somerset Credit Union on 01934
429 573.
Other organisations providing free legal help and advice
include:
• North Somerset Citizens Advice Bureau – 08444 111 444
(Monday to Friday 10am –2pm)
• National Debtline – 0808 808 4000
(Monday to Friday 9am to 9pm, Saturday 9.30am – 1pm).
