Money Wellness
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calendar icon22 Apr 2024

Loan shark pensioners ordered to pay £1.2m

Two female pensioners, who operated as loan sharks in London, have been told they must pay £1.2m or face jail.

Leticia Manipol (71) and Luz Guerra Villar (67) were handed down suspended prison sentences in 2021 after admitting illegal money lending and money laundering over a 16-year period.

The two women lent over £4.2m to fellow Filipinos across south London.

Last week, the case was back in court and both women were given a confiscation order for £600,000 after the judge heard the pair had raked in £1.2m between them.

If they don’t pay up within three months, they face going to jail for up to six years.

The case was prosecuted by the England Illegal Money Lending Team. Its head, Tony Quigley, said:

“This is a fantastic result and once again shows that illegal money lending really doesn’t pay.

“Illegal lenders are often living a life of luxury while the people who have borrowed from them are left to struggle…

“Action like this hits these people where it hurts, in the pocket.”

Find out what to do if you’ve borrowed from an illegal money lender in our guide on everything you need to know about loan sharks.

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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