Man arrested on suspicion of operating as a loan shark during Sunderland raid
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The man was arrested after England Illegal Money Lending Team (IMLT), working in partnership with Sunderland City Council Trading Standards and Northumbria Police, executed a warrant a home in Hendon this morning (July 21).
Officers seized a quantity of cash, documentation and electronic devices as part of the investigation.
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Hide AdThe suspect remains in police custody where he is being questioned.
Sunderland City Council estimates more than £12million leaks out of Sunderland’s economy annually in extra interest payments to high cost lenders, rent to own stores and payday lenders.
Leader of Sunderland City Council, Councillor Graeme Miller said: “Most people at some point in their lives need access to credit and many more may now be feeling the pinch financially because of COVID.
“This City Council wants to see affordable options because nobody should be having to resort to illegal lending and extortionate rates.
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Hide Ad“Tackling financial exclusion and reducing poverty includes creating better credit and debit solutions. As with many other local authorities across our region, we are actively promoting the Moneywise credit union.
“Sunderland is a co-operative council and credit unions are co-operative solutions helping to create a financial community where members of the union mutually benefit because there's no profit for shareholders.
“Credit unions are for everyone, not just the poor, and a good credit union with a mixed economy of customers can be very useful for those who cannot get access to ordinary bank products. People should not have to go to money lenders.”
Nationally, Illegal Money Lending Teams have secured more than 400 prosecutions for illegal money lending and related activity, leading to 586 years’ worth of custodial sentences. They have written off £83 million worth of illegal debt and helped over 30,000 people.
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Hide AdTony Quigley, Head of the Illegal Money Lending Team, said “We will continue to work closely with our partners to protect communities and families from the devastation of loan sharks.”
To report a loan shark, call the 24/7 confidential helpline on 0300 555 2222, email [email protected] or complete an online form at www.stoploansharks.co.uk.