Legal News

An investigation by the England Illegal Money Lending Team (IMLT) in partnership with Medway Council’s Trading Standards team and Kent Police has resulted in a loan shark being ordered to repay £55,000.

In September 2016, Kevin Carroll, 59, of Nelson Road in Gillingham, Kent was sentenced to 16 months in prison by Maidstone Crown Court.

He had previously pleaded guilty to counts of illegal money lending and money laundering and was given three months to repay the money or face a default sentence of an extra 11 months in prison.

When searches were conducted at Carroll’s home address in September 2015, IMLT officers recovered a number of payment cards containing names, amounts and dates and more than £1,000 in cash. Financial investigations showed that Carroll had issued a total of 282 loans to more than 70 individuals.

Prosecutor Craig Evans told the court how Carroll’s interest rates were extremely high and would at times result in the borrower paying back at least double what they had borrowed.

Carroll’s loans either related to the supply of cash or home electrical items, such as cookers, fridges, televisions and they were agreed verbally, without a written agreement or signature.

When Carroll was sentenced in September 2016, Recorder McDonagh said that Carroll “took advantage of the financial vulnerabilities” of his customers for his own benefit – adding that he was aware he was committing an ongoing crime.

Carroll would issue borrowers with a payment card, which would be amended each week to show the repayments being made and the balance outstanding. This would be torn up once the loan had been repaid, meaning that no paper trail was left.

Head of Service for the National Illegal Money Lending Team, Tony Quigley, said:

“Another loan shark has been ordered to pay back for the crime that they once committed.

“We are continuing to crack down on illegal money lending and bringing those who break the law to justice – it’s important to remember that loan sharks are only motivated by greed and should never been used.”

Medway Council’s Portfolio Holder overseeing Trading Standards, Councillor Jane Chitty added:

“Sometimes people who are struggling to manage their debt turn to loan sharks for help – however, this can lead to long-term debt and sky-high interest rates that can spiral out of control.

“Our Trading Standards team works closely with the England Illegal Money Lending Team to raise awareness of illegal money lenders – and to encourage victims to come forward. Thanks to their continued efforts, another offender has been identified and prosecuted.”

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