UK’s Oldest Loan Shark Ordered to Repay £173k
An 83-year-old woman, dubbed the UK’s oldest loan shark, has been ordered to repay £173,000 to her victims. The woman, who was found to have been lending money illegally since 2016, was visited by officers from the Wales Illegal Money Lending Unit (WIMLU) in August 2022.
A loan shark’s illegal activities have devastating consequences for borrowers.
The woman, who had previously held a licence to lend money legally, continued to do so even after it had expired. She loaned out £126,000 while unlicensed, making threats to borrowers and leaving one couple trapped in a cycle of debt.
Borrowers can easily become trapped in a cycle of debt.
A search of her home revealed a safe containing £6,550 in cash, despite her claims of having lost the keys. The work of a locksmith soon uncovered the truth.
A safe containing £6,550 in cash was found in the loan shark’s home.
The woman’s actions have had devastating consequences for her victims, who were left struggling to repay their debts. Her illegal activities have highlighted the need for stricter regulations on money lending.
The importance of regulating money lending cannot be overstated.
The case serves as a warning to others who engage in illegal money lending, and a reminder to borrowers to be cautious when seeking loans.
“The actions of this loan shark have had a significant impact on the lives of her victims. It is essential that we continue to crack down on illegal money lending and protect vulnerable individuals.” - A spokesperson for WIMLU
The Wales Illegal Money Lending Unit is dedicated to combating illegal money lending.
The case highlights the importance of regulating money lending and protecting borrowers from exploitation.
