SHOP A SHARK
We join clampdown raid in bid to tackle £700m illegal loans racket
A CRACKDOWN has been launched on loan sharks preying on struggling families in the Christmas run-up.
A Government-backed team have carried out a countrywide series of raids alongside police against criminals in a racket that rakes in £700million a year.
The sharks, routinely charging 100% interest in pandemic hard times, threaten non-payers with violence and even shame ‘bad debtors’ on social media.
Tony Quigley, who heads the Illegal Money Lending Team chasing the back street gangs said: “They ruin lives. We know people are forced into shoplifting to pay them back or told to carry out sexual favours.”
Victims among 300,000 households across the UK believed to have fallen prey have had passports and even pets seized to make them pay debts.
Last week the Sunday Mirror joined the IMLT on an early morning raid on a suspected illegal lender’s £300,000 home in Kempston, near Bedford, after a tip-off from a member of the public. Backed by police, they led away a 61-year-old woman in a red coat and seized a laptop and paperwork in a search of her semi.
Mr Quigley said: “Information came to us about this woman. As a result we obtained a warrant.”
The Home Office team, which includes investigators, lawyers and counsellors, have conducted similar raids in Merseyside and Leeds.
The sharks’ tactics to rinse victims struggling with bills and the pressure of Christmas ranges from psychological to violent. “The enforcement can be subtle.
It can be shame,” said Mr Quigley. “Lenders threaten to send messages back home so it impacts on their families. We found one online lender who would send a picture of your front door if you failed to pay. He was saying we know where you live.
“One debtor was punched in the face by a stranger passing in the street who said ‘pay your debt’ and walked off.
THREATEN
“In other case people turn up at all times of day and night and threaten people.
“We are seeing more use of Facebook, Instagram and Snapchat to create groups where they can apply pressurewith things like, ‘We can’t do loans this week because so and so hasn’t paid.” One victim was warned she would have her kneecaps broken if she failed to repay a £150 loan. In a string of messages on WhatsApp, she was told to hand over a bracelet until the loan was repaid.
Mr Quigley added: “I would say illegal money lending is going on in most communities in one form or another..”
Last week’s raid coincided with the IMLT’s online campaign to stop families falling prey to loan sharks if facing hardship over the Christmas period.
AllIWantForChristmas features advice and tips on how to stay safe from illegal money lenders.
The IMLT, which was set up in 2004, has so far secured more than 400 prosecutions and related activity and written off £87million worth of illegal debt. It encourages people to pluck up the courage to shop criminals
Anyone with concerns about illegal money lending can contact the Stop Loan Sharks 24/7 helpline in confidence on 0300 555 2222.
Anyone with concerns about illegal money lending can contact the Stop Loan Sharks
24/7 Helpline in confidence on 0300
555 2222