Police to clamp down on city loan sharks

Cambridgeshire Police wants to tackle illegal money lenders operating in Peterborough

Cambridgeshire Police is raising awareness around loan sharks in Peterborough and the support available to those who find themselves financially trapped.

Next week, officers will be joined by the England Illegal Money Lending Team (IMLT), known as Stop Loan Sharks, as they look to clamp down on people operating in central areas of the city.

Lyndsay Mylchreest, neighbourhood policing inspector, said cost-of-living issues had led to concerns around "where people are obtaining additional much-needed funds from".

"There is little reported to police or partner agencies regarding illegal money lending, therefore we are seeking to raise awareness of the issue," she said.

A loan shark, or illegal money lender, is someone who lends money without authorisation from the Financial Conduct Authority (FCO).

It is estimated there are 1.08 million people in debt to such lenders across the country.

The England Illegal Money Lending Team is helping Cambridgeshire Police target loan sharks

According to Cambridgeshire Police, signs of a loan shark include:

• Pretending to be a friend at first and offering to lend money as a favour

• Being given no paperwork about the loan

• Being told to make repayments that add up to much more than you initially borrowed

• Being intimidated or threatened if you struggle to make repayments

• Being told to hand over items such as bank cards or a passport until you can pay.

Since Stop Loan Sharks was set up in 2004, across the UK the campaign has secured more than 424 prosecutions.

Dave Benbow, from IMLT, said: "We realise it can be difficult for people who have borrowed to come forward, but we want to reassure anyone in that position that we are here to help and not to judge.

"We'd urge anyone who had any knowledge of illegal lending, or who needs support, to get in touch with us in confidence."