Latest Debt News
Loan shark couple plead guilty
27/01/2006 16:17:00
A couple who illegally charged astronomical interest rate fees on loans could find themselves behind bars after being caught by Birmingham Trading Standards.
Kim and Elizabeth Cornfield, from Redditch, were apprehended by the Loan Shark Investigation Team after it was discovered they were running a loan shark racket, the Birmingham Mail reveals.
As part of their unlicensed loan offering, they were demanding interest of up to 4,000 per cent from financially impoverished families in the area.
Councillor Neil Eustace, chairman of the city's public protection committee, said: "Loan shark activity is not a community service.
"The loan shark investigation team will use the full weight of the law to bring these people to justice and this sends a clear message that this activity will not be tolerated and these people will be caught."
The husband and wife both pleaded guilty to their offences and will be sentenced at Worcester Crown Court next month.
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