Search

Ilford loan shark couple imprisoned after lending money to 43 ‘vulnerable’ borrowers

07:00 03 September 2014

A couple who operated a “sophisticated” loan shark business which took advantage of “vulnerable” borrowers were imprisoned for 14 months at Snaresbrook Crown Court this week.

German Alcomendas, 55, and Elisa Alcomendas, 56, of South Park Road, Ilford, both pleaded guilty at an earlier hearing on June 2 to seven offences of illegal money lending.

In the period from December 2007 to November 2013 more than £300,000 was lent to 43 borrowers by the couple.

Most of the victims came from the hospital where German worked as a nurse.

One stated that at first he believed German was helping his family but quickly realised that the couple were only interested in making as much money as possible.

None had any paperwork relating to their loans.

One victim paid back nearly £11,000 from an initial £6,000 which they had borrowed to visit their mother in the Philippines.

Other victims borrowed the money to send home to fund treatments for ill relatives in the Philippines.

In court, Simon Mortimer, prosecuting, said: “The system engaged by the couple meant that between five and 10 per cent would have to be paid each month on a capital sum that never reduced.

“In essence, many customers make repayments of more than double the amount loaned and still owed the original sum to the Alcomendas.”

The investigation and prosecution was led by the England Illegal Money Lending Team working in partnership with Redbridge Trading Standards.

Tom Quigley, head of the England Illegal Money team, said: “We are continuing to crack down on illegal money lending and bring offenders like the Alcomendas couple to justice.

“It is important to remember that loan sharks are only motivated by greed so should never be used.”

To report a loan shark call confidential hotline on 0300 555 2222 or email reportaloanshark@stoploansharks.gov.uk

Latest News Stories

15:00
The bus stop where Jusna Rahman, 39, had a lucky escape

The woman who escaped death after a motorcycle crashed into a bus stop where she was standing killing a 20-year-old biker and his passenger has spoken publicly for the first time.

14:15
Tyler Burton, 29, Ilford, guilty of murdering Ashley Latty

A man has been jailed for life after the brutal murder of a 25-year-old man at a party.

12:32
Safiyah Mitchla, five and Nadia Saleh at Valentines Mansion taking part in the investigation into toys that children played in the past

They are a generation more used to entertaining themselves with computer games.

10:03
TFL tweeted a photo of the HGV on its side following the incident Photo credit: Twitter/ TFLtrafficnews

A lorry overturned at the A12 Redbridge Roundabout this morning.

Most read news

Competitions

Two phones. Same phone case. Genius.

To celebrate the launch of the first luxury dual phone case, PearPeel, we are giving away two of the black leather Rocha cases, perfect for holding two iPhone 6 handsets.

Spruce up for spring with this beauty bundle from Justmylook!

Looking to update your look for spring? Well, you’re in luck.

Digital Edition

Image
Read the Ilford Recorder e-edition today E-edition
Family Notices 24


Our trusted business finder