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Loan Shark arrest in Sneinton (NCC release)

A man in his sixties has been arrested as part of a Community Protection operation with Nottinghamshire Police and the East Midlands Illegal Money lending Team, to tackle alleged loan sharks operating within the city.

The man, residing in the Sneinton area, was arrested on 18th Jan 2011 on suspicion of 'illegal money lending and money laundering'.

Steve Ward from Community Protection's Illegal Money Lending Unit said:

Illegal lenders prey on the vulnerable and needy. In the current climate, we know that it can be difficult for people to obtain credit and so do the loan sharks.

Illegal money lending occurs when the person conducting a consumer credit business does not have a licence from the Office of Fair Trading.  Illegal Money Lending (loan sharking) is a criminal offence, so members of the public who owe money to a loan shark may not be legally obliged to pay back the loan, under the Consumer Credit Act 1974.

Steve said:

Victims are usually recommended to an illegal lender via a friend or it is well known on an estate that a particular person lends money. Some victims do not enquire about how long they will be paying a loan off for as they are only concerned about the weekly payment.  It is when victims are not able to pay that violence or intimidatory tactics are used.

The Illegal Money Lending Unit works closely in partnership with a wide range of support services giving free debt advice. The unit can also refer victims to legal affordable forms of credit such as credit unions.

The East Midlands Illegal Money Lending Unit is very keen to hear from anyone who is aware of loan sharking activity in the region. All calls will be treated in the strictest confidence.

To report a loan shark:

• Call the 24/7 confidential hotline 0115 851 0351
• Text 'loan shark + your message' to 60003
• E-mail reportaloanshark@stoploansharks.gov.uk
• Log-on to www.direct.gov.uk/stoploansharks

(Thursday 03 February 2011 09:00:00 GMT)

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