Loan shark warning after arrest in Hull
A MAN has been arrested on suspicion of illegal money lending, following an operation in Hull this morning.
The suspect, 39, is currently in custody assisting police officers with their enquiries.
The England Illegal Money Lending Team working in partnership with Hull City Council Trading Standards executed a warrant at a residential property seizing cash and documentation.
Councillor John Hewitt, Hull City Council's Portfolio Holder for Neighbourhoods and Communities, said: "By working in partnership with the England Illegal Money Lending Team we have supported a successful action.
You ever dreamed of owning your own baby grand piano ? We can make it affordable with low-rate finance to suit you and its on offer as well save £850 with this voucher ! £6499
01482 326525
Contact: 01482 420006
Valid until: Saturday, August 31 2013
"We would urge people not to borrow from a loan shark and if you are aware of loan sharks operating in your area, please report them.
"You may only be borrowing a couple of hundred pounds to 'tide you over' but in the end it may cost you thousands to pay back having not been fully aware of the high interest rates that may make it difficult to pay back."
To report a loan shark, call the 24/7 confidential hotline on 0300 555 2222.
Comments
by David_Nivea
Friday, December 14 2012, 12:33PM
“Live within your means, even if this means having virtually nothing. Resist the materialistic brainwashing.
That is all.”
by Sezby
Friday, December 14 2012, 9:54AM
“Do the people they lent to still have to pay their money back?”
by WhoMeNever
Friday, December 14 2012, 8:45AM
“The problem is that the banks and the government have created an environment for these rogues to flourish. If loans were available from more reputable sources at reasonable prices then there would be no opportunities for loan sharks to operate. I think questions need to be asked (again) of the lending policies of legitimate financial institutions.”
by 343YE4T3R
Friday, December 14 2012, 7:01AM
“The intrest rate on the loan will be your testies”
by dontwo
Thursday, December 13 2012, 5:51PM
“I remember the Government promising to stop this high interest loan business, but all of a sudden companies started to advertise on TV offering "loans" with massive interest rates. They use the same tactics that this arrested scum made,preying on desperate vulnerable people yet they are allowed to get away with it legally and are even allowed to portray themselves as a friendly bunch of old codgers. An immoral obscene bunch of sharks more like.”
by TigersLady
Thursday, December 13 2012, 5:13PM
“"You may only be borrowing a couple of hundred pounds to 'tide you over' but in the end it may cost you thousands to pay back having not been fully aware of the high interest rates that may make it difficult to pay back."
Are the interest rates as high as some of the ones advertised on TV for the likes of Wonga ? Some of them are over 4000% interest and they are meant to be legal.....”