Two women ran £4m loan shark operation from their Home
Discussion
https://uk.news.yahoo.com/two-women-ran-4m-loan-06...
O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
Ouroboros said:
https://uk.news.yahoo.com/two-women-ran-4m-loan-06...
O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
More like a loan Sea Bass ?O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
Mojooo said:
I suspect behind it are tales of pressure to pay back etc
There is a reason you need a credit licence and things have to be documented.
There a quite a few people who can't get a bank account and access to credit.There is a reason you need a credit licence and things have to be documented.
Now lets say these women operators a loan buiness that made 6k a year profit, that doesn't sound like a loan shark operation sounds like a community bank. All very odd really.
Ouroboros said:
https://uk.news.yahoo.com/two-women-ran-4m-loan-06...
O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
Article suggests "high rates of interest" so perhaps the books aren't reliable?O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
There was a loan shark in the council estates where I policed.
I did a room/shed search for a burglar living at home. I did four all told, and got on quite well with the parents. After the first got a cup of tea and for the last, a piece of cake. I was in their front room, overlooking the road, and I saw two heavies of the loan shark in a new car. I took the index number and the bloke asked me why. I explained. He said that when he needed to pay off for some criminal damage his son had done, no one would loan him money. He said he went to the loan shark, who ensured he could repay it. Money cash-in-hand and the repayments collected from their house. (I wonder if they asked the bloke in for a cuppa.) He paid it off. He said no one else gave a damn.
I later interviewed the bloke who ran the loan sharking, as a witness. Lovely summer day, and I took it on his patio, with a view of the sea, and his Mrs(?) sunbathing topless by the pool. The garden was multi-level, well-designed, seeminly professionally. I asked him what I should put down as his job. He said lone shark.
He sort of mirrored what the father of the little [....] said, saying that he could be put out of business at a stroke if banks changed their policies and loaned money to those who needed it. I mentioned his heavies, and he said that they had never hurt anyone, not even clients, although they had, on occasion (of which there were records held at the nick) of times when they had to defend themselves. There were the occasional calls to 'two men damaging a car' but there were never, ever any complainants.
I liked the bloke. Personable, entertaining, interesting and interested in the police point of view. He seemed quite intelligent and had a range of interests. I asked him if he played golf (no idea why) and he said when he was younger he tried to join a local, rather posh, club and they refused. He'd recently been asked to join via a client, and had turned them down. When I shook hands to leave, he said that he had wanted to join the police as a kid, but the pay had put him off.
I did a room/shed search for a burglar living at home. I did four all told, and got on quite well with the parents. After the first got a cup of tea and for the last, a piece of cake. I was in their front room, overlooking the road, and I saw two heavies of the loan shark in a new car. I took the index number and the bloke asked me why. I explained. He said that when he needed to pay off for some criminal damage his son had done, no one would loan him money. He said he went to the loan shark, who ensured he could repay it. Money cash-in-hand and the repayments collected from their house. (I wonder if they asked the bloke in for a cuppa.) He paid it off. He said no one else gave a damn.
I later interviewed the bloke who ran the loan sharking, as a witness. Lovely summer day, and I took it on his patio, with a view of the sea, and his Mrs(?) sunbathing topless by the pool. The garden was multi-level, well-designed, seeminly professionally. I asked him what I should put down as his job. He said lone shark.
He sort of mirrored what the father of the little [....] said, saying that he could be put out of business at a stroke if banks changed their policies and loaned money to those who needed it. I mentioned his heavies, and he said that they had never hurt anyone, not even clients, although they had, on occasion (of which there were records held at the nick) of times when they had to defend themselves. There were the occasional calls to 'two men damaging a car' but there were never, ever any complainants.
I liked the bloke. Personable, entertaining, interesting and interested in the police point of view. He seemed quite intelligent and had a range of interests. I asked him if he played golf (no idea why) and he said when he was younger he tried to join a local, rather posh, club and they refused. He'd recently been asked to join via a client, and had turned them down. When I shook hands to leave, he said that he had wanted to join the police as a kid, but the pay had put him off.
Ouroboros said:
https://uk.news.yahoo.com/two-women-ran-4m-loan-06...
O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
Issued loans £2.7MO.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
Repayments Received £2.8M
Outstanding Balances ?
Sheepshanks said:
Ouroboros said:
https://uk.news.yahoo.com/two-women-ran-4m-loan-06...
O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
Article suggests "high rates of interest" so perhaps the books aren't reliable?O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
TX.
They have loaned X amount and recovered the initial outlay of the loans...however what does the debt of the clients stand at? That is the question. My guessing is that they have caught the pair at the break even stage and that the "profit" stage would be the next many years of squeezing interest/payments out of people with outsourced intimidation.
ETA
Rustilldown is correct.
ETA
Rustilldown is correct.
Edited by MattsCar on Friday 11th February 22:30
Edited by MattsCar on Friday 11th February 22:31
Very common on inner city estates, it’s the modern equivalent of the “man from the pru” calling weekly for his money
It’s often women that collect the dues
It’s a whole other subculture of lending that’s rife and an everyday occurrence for those that fall below sub sub prime
It has a nasty under belly and often defaults lead to having grow houses in their homes or even prostitution to repay debt
But for many it’s a way of life
It’s often women that collect the dues
It’s a whole other subculture of lending that’s rife and an everyday occurrence for those that fall below sub sub prime
It has a nasty under belly and often defaults lead to having grow houses in their homes or even prostitution to repay debt
But for many it’s a way of life
Ouroboros said:
https://uk.news.yahoo.com/two-women-ran-4m-loan-06...
O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
It doesn't say 6k, has the story changed?O.K. on face on it sounds horrible but look at the actual figures, around 6k gross profit a year..
Doesn't really sound like a loan shark operation?
It says high rates of interest and loans in millions with 100k+ of profit.
98elise said:
It doesn't say 6k, has the story changed?
It says high rates of interest and loans in millions with 100k+ of profit.
Are you reading a different article, can't see where it says 100k+ profit.It says high rates of interest and loans in millions with 100k+ of profit.
The judge said ''case raked in millions of pounds from their illegal activity'' yet accordining to the ledger books gave out millions....
Again lots of conjunction not actually based on what has been reported.
Found another article , says '' In the majority of cases, interest of 20% was charged on the loans.''
20% FFS, a credit card for bad credit is 50%.
Is that really what a loan shark charges?
'' penalties for missing payments, the setting up of direct debits to repay loans, apologies for non-payments from numerous individuals and reference to interest applied to loans.''
What the banks do already lol.
It is a very funny world really.
Edited by Ouroboros on Saturday 12th February 10:44
Ouroboros said:
Found another article , says '' In the majority of cases, interest of 20% was charged on the loans.''
20% FFS, a credit card for bad credit is 50%.
Is that really what a loan shark charges?
20% over what period? Per week? Per month? APR?20% FFS, a credit card for bad credit is 50%.
Is that really what a loan shark charges?
Ouroboros said:
'' penalties for missing payments, the setting up of direct debits to repay loans, apologies for non-payments from numerous individuals and reference to interest applied to loans.''
What the banks do already lol.
It is a very funny world really.
They weren’t setting up direct debits. Standing orders maybe but not DDs, which are highly regulated. I’d suggest that whoever wrote that didn’t understand what they were talking about.What the banks do already lol.
It is a very funny world really.
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