Two arrested in Billericay by England’s Illegal Money Lending Team

Police officers executed a search warrant at an address in Billericay yesterday morning.

The operation was led by England’s Illegal Money Lending Team (IMLT), which is cracking down on rogue lenders trying to take advantage of cost-of-living crisis.

Documents, electronic devices and a quantity of cash were recovered during a search of the property.

A 42-year-old woman and a 59-year-old man remain in police custody for questioning.

Dave Benson, of IMLT, said: “Very often people think there is a stereotype of a loan shark, a big bully that goes around threatening people.

“But loan sharks are very calculated and manipulative people.

"They come in a variety of guises, male and female, young and old.

"They tend to try and come across as a friend to help you out, but they are not, they are greedy people preying on vulnerable people.

“They can be vulnerable because of financial needs, because of emotional need, they may be going through a period of grief, or mental health issues.”

Basildon councillor Kerry Smith said: “People are already going through so much hardship financially.

“Residents are seeing their domestic bills go up and up, along with food costs and petrol costs.

"When you push people into a corner and they feel like they don’t have any other way out, they may look to the wrong people for help and end up in even more trouble."

A recent report published by the Centre for Social Justice, Swimming with Sharks, estimated one million people may currently owe money to loan sharks, with some lenders demanding sexual favours as repayment from borrowers.

Tony Quigley, head of the IMLT, added: “We are committed to working with our partners to clamp down on illegal lenders and their exploitative practices.

“Loan sharks cause real pain and suffering to our communities. They offer what appear to be quick fix loans, but trap borrowers in a spiral of debt through extortionate fees and threats of violence.