Jail for 75-year-old 'loan shark' from Stafford

Robert Phillips charged up to 70% interest on loans

A man has been jailed for 32 months after admitting illegally lending more than £370,000.

The England Illegal Money Lending Team (IMLT) described Robert Phillips, 75, from Stafford as a loan shark who made at least 966 loans to 147 different borrowers.

He charged either 60% or 70% interest, IMLT said.

It worked with Staffordshire Police and trading standards after an IMLT hotline received a complaint in March 2022.

In November that year, police executed a warrant at his address and found items that related to a loans business.

Investigators found he made his first loan on 6 November, 2006, with the most recent being in November 2022.

'All walks of life'

Phillips admitted two charges related to lending money without the proper permissions and another of concealing the proceeds of his crime and was sentenced on Friday.

Speaking after the hearing, head of the England IMLT, Tony Quigley, said: "Some of the borrowers in this case had known this lender for many years, and many would have considered him a family friend.

"This case demonstrates that illegal money lenders come from all walks of life and shows some of the shocking tactics they will use to force people to make repayments they may not be able to afford."