Jail for lender charging more than 1,500% interest

Lee Walker, 39, from Farmcote Road, was sentenced by the Birmingham Crown Court and his imprisonment was welcomed by consumer minister Ian McCartney.

“It takes a real parasite to prey on the most vulnerable in our communities and bully and intimidate them out of their hard-earned money,” the consumer minister said.

“I hope that this case gives hope to the thousands of people who live in fear of loan sharks,” he added.

Mr McCartney is aiming to ensure better protection for those facing serious debt management difficulties and to help these people avoid the temptation to turn to loan sharks in an effort to become debt free, he explained.

An announcement from the same minister earlier this month suggested that millions of people aiming to become debt free in the UK will benefit from the newly introduced Consumer Credit Act, which was hailed as the “biggest shake-up in consumer protection law for more than 30 years”.