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 Ilford News Stories

Yesterday, 15:00
Katerina Leah, hopes to triumph in a national busking competition.

A musician is hoping to be crowned busker of the year at the country’s biggest street music competition.

Yesterday, 15:00
Dagenham's Ford factory, circa 1970.

Take a look at the stories of note from this week 20, 40 and 60 years ago.

Yesterday, 12:00
The Recorder joined Redbridge Council enforcement officer Jules Onalaja investigating fly-tips. Tip in Green Lane, Seven Kings. Picture: Ajay Nair

Engaging with the community is key in the crackdown on a culture of littering and fly-tipping, according to a senior enforcement officer.

Saturday, July 23, 2016
Festival goesr at the One Love festival

A reggae festival is promoting a message of peace and love as it returns for its ninth year in September.

Newsletter Sign Up

Most read news

HOT JOBS

Show Job Lists

Competitions

Which book character do you share cleaning habits with?

Whether you have more in common with put-upon Cinderella, emotionally turbulent Jane Eyre, or easily distracted Mole, you’re sure to appreciate four sessions of free cleaning. Enter our quiz for your chance to win. All entrants can get £10 off their first clean when making a repeat booking.

£15k prize bundle

Imagine having the opportunity to win an incredible £15,000 bundle of some of the most amazing prizes available. Well, for one lucky contest entrant that dream could soon become a reality because we at MyOffers are offering an incredible free prize bundle that will make even the most hardened person wild with excitement.

Digital Edition

cover

Enjoy the
Ilford Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now