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Loan Shark makes £88,000 out of £500 'loan' and walks free!!!

rog2
rog2 Posts: 11,650 Forumite
10,000 Posts Combo Breaker
in Debt-free wannabe
What else can I say, other than BEWARE OF DOORSTEP LENDERS:

http://uk.news.yahoo.com/5/20090805/tuk-menacing-loan-shark-escapes-prison-t-45dbed5.html
I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.

HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7

DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    However in a similar but unrelated story this shark was not so lucky http://news.bbc.co.uk/1/hi/england/8185365.stm and got 5years. Not that 5years is enough though.....
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • rog2
    rog2 Posts: 11,650 Forumite
    10,000 Posts Combo Breaker
    Tixy wrote: »
    However in a similar but unrelated story this shark was not so lucky http://news.bbc.co.uk/1/hi/england/8185365.stm and got 5years. Not that 5years is enough though.....

    They both make the 'provvy' look positively saintly in comparison. :rolleyes:
    I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
    If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.

    HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7

    DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
  • dancingfairy
    dancingfairy Posts: 9,069 Forumite
    The first one was mentioned on the BBC I think - am guessing it was the same one. Can't believe they didn't get sent to prison - that poor women ended up having 2 strokes . Grrr. Nasty people those sharks.
    df
    Making my money go further with MSE :j
    How much can I save in 2012 challenge
    75/1200 :eek:
  • KipKip_2
    KipKip_2 Posts: 315 Forumite
    makes me angry!!! :mad:
    I have learnt from my in-debt days....never again!
  • GeorgeUK
    GeorgeUK Posts: 7,737 Forumite
    Is there not a law now that illegal earnings can be taken from criminals?
    Are they actually going to follow through with this or will the get away with their ill gotten gains?
    After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91

    Dad Gift 6k ¦ Savings & Inv Tst: £2,500
    Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0

    Total Owed: £2,270 (+6k) 11/08/2011
  • Pobby
    Pobby Posts: 5,438 Forumite
    Nasty, nasty, nasty!
  • rog2
    rog2 Posts: 11,650 Forumite
    10,000 Posts Combo Breaker
    GeorgeUK wrote: »
    Is there not a law now that illegal earnings can be taken from criminals?
    Are they actually going to follow through with this or will the get away with their ill gotten gains?

    There is, indeed, such a Law, George - whether it will be used in these cases, I don't know :confused:
    It should be - and the proceeds handed back, with interest, to the 'victims'.

    Even the one who got 'five years' will probably be eligible for parole in two. :rolleyes:
    I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
    If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.

    HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7

    DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
  • talana
    talana Posts: 1,077 Forumite
    Should serve as a cautionary note to those who suggest that payday loan companies should be banned. As sure as night follows day, without the payday companies more criminal loan sharks will step up to fill the void.

    Of course nobody loves payday loan companies (me included) but I know which I'd rather have out there. ;)
  • rog2
    rog2 Posts: 11,650 Forumite
    10,000 Posts Combo Breaker
    talana wrote: »
    Should serve as a cautionary note to those who suggest that payday loan companies should be banned. As sure as night follows day, without the payday companies more criminal loan sharks will step up to fill the void.

    Of course nobody loves payday loan companies (me included) but I know which I'd rather have out there. ;)

    I'm not sure that it should, talana. :confused:

    I do take note of what you say about 'not loving payday loan companies' but I don't think that they are particularily 'different' from Loan Sharks. They 'may' hide behind a degree of respectability but they are, at the end of the day, making often obscene profit from other people's misery and desperation, often 'lending' their debtors more money with which to keep up their repayments with total disregard to the problems that this creates for their debtors.

    Personally, I lump these companies in exactly the same category as 'Loan Sharks' and would urge anyone who is having problems with 'Predatory Lenders' to contact their local Citizens Advice Bureau.
    I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
    If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.

    HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7

    DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS
This discussion has been closed.
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