STANDING on her doorstep, mother-of-four Sarah Smith thought of desperate excuses to send the man on her step away.
Once a family friend who lent her and her husband Anthony money at Christmas, he turned into a sex-crazed loan shark who offered her an “easy” way to pay off her debts.
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“Put on some sexy underwear and we can come to an agreement,” he said.
Sarah, who categorically refused, is among thousands of women across the country who are being targeted by twisted and heartless lenders, driving some victims to the brink of suicide.
Frightened borrowers shared shocking stories of exploitation, violence and blackmail.
One shark even offered to send a group of men to a woman’s house to have sex “while the kids are at school.”
Our exclusive statistics reveal that almost one in ten borrowers have been asked to pay off debts through sex.
It is the first time such figures have been recorded by the Illegal Money Lending England Team, a group of specialist investigators and officers.
Sarah and Anthony, 39, who live in the West Midlands, borrowed around £10,000 over 15 years but were unable to make the payments when Covid hit and they suffered health problems.
Anthony, who was paying 70% interest on the loan, said: “It was then that the shark started pressuring and intimidating me, making comments to my wife in front of our 14-year-old daughter.
“He asked my wife to wear sexy bras and pants and stuff like that.
“We heard from other people that he was trying to make it so that if they gave him sexual favors it would make him some money.”
‘Prostitution seemed to be the only way out’
The Sun can today reveal the terror that British loan sharks exert on destitute families – many of them struggling with the cost of living crisis.
Almost half of those targeted work, but have been hit hard by rising food and energy bills.
Carer Paula, 28, from Leeds, told how a shark pestered her for sex before suggesting she become a prostitute to pay off her debt.
She was introduced to the lender through a friend at work and asked to borrow £100.
Paula faced what is known as a “double interest bubble”, in which the amount owed doubles every week.
The amount was tripled the following week if she didn’t pay.
She soon owed £3,000.
She said: “The creditor contacted my parents saying I owed money.
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“He came to my workplace to intimidate me. I closed my Facebook account out of fear of what he might post there. I felt trapped.
“He pestered me for sex and told me to become a prostitute to pay back what I owed.
“I could never do it, but at one point it seemed like this might be the only way out.
“It was more the pestering for sex that seemed so oppressive.”
Paula’s nightmare only came to an end when she was contacted by the Illegal Money Lending Team, who were already investigating the man.
Jane, a mother of three who borrowed money from someone she knew at work, was petrified when she changed her phone number and the lender threatened to kill her.
The loan shark contacted my family so they could make me pay and said they would kill me. I went to a bridge and was going to jump. Only the thought of my children stopped me
South London Jane
The 52-year-old, from south London, revealed: “They contacted family to make me pay and said they would kill me.
“I went to a bridge and was going to jump because of the threats. Just thinking about my kids stopped me from doing that.”
Delivery driver Sunny, 26, from Devon, found an illegal lender online after becoming so financially strapped that he ran out of food to ensure his children ate.
He said: “On paper, my income looked great, but in reality we were constantly trying to catch up, paying it off.”
All of these victims, who told their stories to IMLT, were too scared to reveal their true identities to The Sun for fear of reprisal.
An estimated one million borrowers owe money to loan sharks, according to a report published by the Center for Social Justice.
This number has more than tripled since 2010.
New statistics from IMLT reveal that 31 percent of borrowers have contemplated or attempted suicide, while three in ten have been threatened or assaulted by lenders.
IMLT expert Catherine Wohlers said: “Nine per cent of the borrowers we helped last year were told they could settle their debts with sexual favours.
“Some of the suggestions are quite explicit and direct, but others are less so, like, ‘It would be nice if you could wear something nice when I arrive.’
“One woman was told, ‘If I send some men when the kids are at school, that could solve your debt.’”
Catherine says that almost half of the people who take out loans from Sharks are people on low incomes or families in financial crisis.
She added: “We’ve seen a shift in the reasons people use them.
“Many are now taking out loans for food and fuel, when historically they would have been for one-off expenses such as a new car tyre, school uniforms or for Christmas. It is a myth that everyone who takes out a loan receives benefits. More than 40 percent are working, some in low-paid jobs, or perhaps their circumstances have changed due to a relationship breakdown, bereavement or business collapse.
‘I get angry because they made me feel like an idiot’
“The youngest borrower we helped last year was 19 and the oldest was 91. The highest amount borrowed was £99,000 and the person in question paid back £450,000 over 25 years.
“Half of borrowers were left without food, fuel or making priority payments to repay the loan.”
The numbers also show that 8% encountered loan sharks on social media, double the figure in 2022.
The revelations come after one of Britain’s most violent loan sharks was sentenced this month to seven years in prison for kidnapping, GBH and illegal money lending.
Richard Dawson, 35, from Barnsley, placed his victim in the boot of his car and took her to an ATM to make payments.
Sheffield Crown Court heard how ruthless, tattooed Dawson raked in £52,000 from 88 “clients”.
He once broke the jaw of a man who couldn’t pay.
His lawyer, Sean Fritchley, said Dawson’s actions looked like “something out of The Sopranos” but that his client was “ashamed.”
The judges also arrested several pensioner loan sharks – including the oldest in the country, aged 83.
Two Philippine hospital workers attacked immigrant colleagues, lending them £4.2 million over a 16-year period.
Luz Guerra Villar, 67, and Leticia Manipol, 71, received suspended prison sentences in 2021 after admitting illegal loans and money laundering.
Last month they were ordered to pay back £1.2 million by a court in south London.
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It is the largest amount confiscated in 14 years.
Gangster great-grandmother Tabitha Richardson lent neighbors and “friends” £120,000 over 20 years.
The 83-year-old from Newport, South Wales, was described as “menacing and menacing” as he charged 40% interest on six-month loans.
She was given a two-year suspended sentence last August after admitting her illegal dealings.
Last month she was ordered to pay back £173,000.
Tony Quigley, head of IMLT, said: “Illegal lenders often live a life of luxury while the people who borrow from them face hardship.
“It is only fair that these criminals are not only prosecuted, but that they are finally forced to pay back at least some of their ill-gotten gains.”
Sarah and her husband Anthony are now starting their lives over.
He said: “It still irritates me because they made me feel like a fool.
“Finding out later that there were so many other people he made money from makes me very angry.
“It’s a vile thing to have hanging over your head. It’s like being trapped in an endless hell.”
- To report a loan shark, call 0300 555 2222 or visit stoploansharks.co.uk.
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This story originally appeared on The-sun.com read the full story
