Suffolk: Loan shark made victim pay �90k - after he borrowed just �250
A MAN who was bullied into paying back tens of thousands of pounds to an illegal money lender has received a national award.
The man, who cannot be named for security reasons, borrowed �250 from a friend to buy a car but over the next 17 years ended up paying him �90,000 for the favour.
He was threatened and attacked in front of his family by the loan shark and suffered a heart attack. He also lost his house and his job.
Yesterday, the man received the Trading Standards Institute’s Hero Award after reporting the loan shark to the England Illegal Money Lending Team (IMLT). The money lender was prosecuted and sent to jail for eight months.
Head of IMLT Tony Quigley said: “It took all of this man’s courage to come forward and report the lender. This was a massive help to the England Illegal Money Lending Team.
“He has done everything he can to warn other people about the perils of borrowing from illegal money lenders.”
The victim said: “I was always stressed. I was doing two jobs just to get the money to pay him.
- 1 World War Two-themed holiday accommodation plans at former airfield
- 2 Matchday Live: Chaplin wins it as Town claim three points
- 3 Thatch roof of cottage 'fully alight' in village near Needham Market
- 4 McKenna hoping Portman Road routine changes can help 'find an edge'
- 5 Police called to anti-vaccine demonstration at Suffolk pharmacy
- 6 9 forgotten pubs that were at the heart of their Suffolk towns
- 7 Police arrest driver after single car crash
- 8 New cafe toasts successful first week
- 9 Appeal to find 33-year-old missing man
- 10 Let's get physical, 'spanner in the works' and selection headaches
“Everything was as a result of the loan shark – it wasn’t a life. When I was retired due to ill-health, I was given a lump sum of �8,000 – I gave him the majority of it, but I still owed him �90,000.
“I’m really glad I reported the loan shark – I should have done it 15 years ago. When he was imprisoned for it I knew it was all over.”
He is now an ambassador for IMLT and has documented his experience in a film,