Loan shark jailed after our customers give evidence as part of prosecution

Loan shark jailed after our customers give evidence as part of prosecution

A loan shark has been brought to justice after we supported two customers who helped the investigation into him.

The customers, who live in Coventry, were among the victims of James Ringrose who lent thousands of pounds to people including workmates before charging ‘exorbitant’ interest rates and put pressure on them to make repayments.

Ringrose, 38 and formerly of Barley Lea in Coventry, admitted two charges of illegal money lending and money laundering at Warwick Crown Court following an investigation by the England Illegal Money Lending Team (IMLT).

He was jailed for a total of 28 months in relation to these offences, thanks in part to the evidence of our customers.

As well as the prison sentence, Ringrose was given a Criminal Behaviour Order which means he must not enter the Stoke Aldermoor area of Coventry and not provide or collect unauthorised loans, directly or indirectly for the next five years. If he breaches the order he could face a further jail term.

Our dedicated neighbourhood team supported our customers throughout the investigation process by finding a safe space where they could be interviewed and felt comfortable talking about their experiences. We also shared necessary information which supported the investigation and prosecution of Ringrose.

The investigation found that Ringrose would charge double interest on any loans over £100 and in one case told a borrower who had lent £5,000 they still owed him over £60,000 despite repaying £50,000.

Director of housing care and support at Citizen, Peter Gill, said: “Our teams worked incredibly hard to support our customers through this difficult process so they could contribute their experiences to the investigation.

“We’re so pleased with this outcome and hope this helps to raise awareness of loan sharks.

“It’s so important to be vigilant and not fall victim to a loan shark. If you are struggling financially or feel you may have fallen victim to a loan shark, get in touch with us and our money advice team will be able to help and support you.”

Dave Benbow, acting head of the England Illegal Money Lending Team (IMLT), which led this prosecution, said: “Our team often works alongside officers from housing associations like Citizen to help identify anyone who might have been targeted by an illegal lender.

“We work together to ensure that any borrowers that are identified are fully supported and able to access debt advice and keep their tenancy secure. We would urge anyone who has been targeted by an illegal lender and who may be feeling isolated or scared, not to suffer in silence but to contact us in confidence on our 24/7 helpline 0300 555 2222 or visit stoploansharks.co.uk.”

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