Newport loan shark, 83, ordered to repay £173,000

Loan shark Tabitha Richardson charged £400 interest on every £1,000 she lent

An 83-year-old loan shark has been ordered to pay more than £173,000.

Tabitha Richardson, who avoided a jail sentence last August, had been illegally lending money for 20 years.

In that time she told people who missed repayments that she would "come looking for them" unless they came up with the money.

A proceeds of crime hearing at Cardiff Crown Court was told she would have to sell her house to raise the funds.

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The court heard that Richardson, from Nash Road, Newport, had benefited from her criminal activities by £173,195.92.

She was ordered to repay the money through a confiscation order and six victims will receive compensation totalling £35,285.

Judge Hywel James said that if the money was not repaid within three months she could face a jail term of one year and nine months.

In 2023 Richardson was given a two year sentence, suspended for two years.

During that previous hearing the court heard she took advantage of vulnerable people and charged "extortionate" interest rates - as much as £400 on every £1,000 she lent.

The lending model she used was said to be copied from her previous employer, which offered legal loans.

Cardiff Crown Court heard Richardson will have to sell her house in order to raise the funds

Her individual money lending licence expired in 2003, but Richardson continued lending illegally and even told some customers that she was "not legally supposed to".

When payments were missed she often sent text messages which were described as threatening and menacing.

She sent one customer a text which read: "Just ring me - you know I can find you," adding: "Call me, before I come looking for you."

Her actions came to light following an investigation by the Wales Illegal Money Lending Unit.

Speaking on behalf of some of Richardson's victims was Ryan Evans of Stop Loan Sharks Wales.

"Often the hardest part often for them is to speak out and contact us, because they were scared and there's pressure not to be seen as a 'grass'," he said.

"They didn't have enough money to eat or turn on the heating because they were forced to live on £100 a week, the rest of their money was going on paying back the loans."

He added that he hoped the Richardson case will persuade other victims of loan sharks across Wales to take the first step and contact Stop Loan Sharks Wales.

"Once we're involved we can stop it overnight," said Mr Evans.

There will be a further court hearing to determine costs on Wednesday.

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