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

16:39
Police want to speak to this woman in connection with an assault on a homeless woman at Wanstead Tube station. Picture: British Transport Police

Police have launched an investigation after a deaf homeless woman was allegedly assaulted at a Tube station.

16:31
Sixteen-year-old Alfie Perrin died after falling from scaffolding in Camden Road, Wanstead

A building site supervisor broke down today when recalling the moment a 16-year-old apprentice under his watch fell to his death on a building site.

13:48
Black cab David Perry, 'abused position of trust' when preying on sleeping  passengers

A black cab driver has been jailed for 10 years after sexually assaulting two women who both fell asleep in his cab.

Snaresbrook Crown Court Pic: John Stillwell/PA

A man who attempted to rob a bookmakers after pretending his tin of pilchards was a bomb has been given a suspended prison sentence.

Most read news

Competitions

Funky adidias iPhone cases up for grabs!

We’ve teamed up with adidas Originals to give away four iPhone 5/5s cases.

A Sun-Maid goodie bag could be coming your way.

Easter is a time for reflection, thanks and celebration, and what better way could there be to spend the holiday than treating yourself to good company and great food?

Digital Edition

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


Our trusted business finder