A convicted loan shark who made £220,000 through his money lending must pay back 'the proceeds of his illegal trade' to the courts or face a further 30 months in prison.

Stephen Chapman, of Gorse Road, Addington, has six months to pay back £177,426.44 or he will be jailed.

The ruling was made at Croydon Crown Court following an investigation into his assets by the England illegal money lending team, working in partnership with Croydon Council’s trading standards department.

His assets include a house in Kent which he had bought with cash, the money in his bank accounts and £1,500 cash which was seized at his home.

During the search of his home investigators the money along with notebooks and other paperwork listing names, amounts and interest added.

There was also a record of late payment charges. Some of the loan books dated back to January 2005.

Loans were usually for fairly small amounts and steep interest payments were usually added, including a loan for £150 for which £240 had to be repaid within a period of just five months, and £2000 back on a £1000 loan.

In December 2012 he was sentenced to eight months in prison after pleading guilty to eight charges of illegal money lending.

The council’s cabinet member for community safety Councillor Simon Hoar said: "Those individuals who were forced by Chapman to pay through the nose for loans they couldn’t afford will be glad to see that, in addition to his prison sentence, he has been forced to hand over the proceeds of his illegal trade.

"Others engaged in this activity, which seeks to take advantage of those least able to afford these crippling interest rates, should take heed of the court’s decision and be aware that they will be caught and punished accordingly."

Call 0300 555 2222 or email reportaloanshark@stoploansharks.gov.uk to report a loan shark.

TODAY'S TOP STORIES

JOIN US ON FACEBOOK