Police Campaign Against Illegal Lenders in Peterborough

Cambridgeshire Police is initiating an awareness campaign concerning illegal money lenders, commonly known as loan sharks, in Peterborough, and highlighting the assistance accessible to individuals facing financial difficulties. Starting next week, law enforcement personnel will collaborate with the England Illegal Money Lending Team (IMLT), also identified as Stop Loan Sharks, with the objective of addressing individuals conducting such operations within Peterborough’s central districts. Lyndsay Mylchreest, a neighbourhood policing inspector, stated that current cost-of-living challenges have generated apprehension regarding “where people are obtaining additional much-needed funds from”. She further explained, “There is little reported to police or partner agencies regarding illegal money lending, therefore we are seeking to raise awareness of the issue.” An illegal money lender, often referred to as a loan shark, is defined as an individual who provides loans without the necessary authorisation from the Financial Conduct Authority (FCO). Nationally, an estimated 1.08 million individuals are indebted to these types of lenders. Cambridgeshire Police has outlined the indicators of a loan shark, which include: Since its establishment in 2004, the Stop Loan Sharks campaign has resulted in over 424 successful prosecutions throughout the UK. Dave Benbow, representing the IMLT, commented: “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.” Updates on Peterborough news are available via BBC Sounds, Facebook, Instagram, and X. Copyright 2024 BBC. All rights reserved. The BBC bears no responsibility for the content found on external websites. Information regarding our policy on external linking is available.