Man admits illegal money lending

Lee Bates of Cottingham Road pleaded guilty to illegal money lending and money laundering at a hearing at Hull Crown Court and is due to be sentenced on Tuesday February 28.

Bates came to the attention of the England Illegal Money Lending Team after clients complained to Hull Trading Standards.

During a raid investigators discovered evidence of the illegal business including a number of loan books and 56 separate credit agreements.

Bates had worked previously as a collector for a legitimate loan company, but kept hold of borrowers’ details when he left in order to offer them unlicensed loans of between £100 and £750.

A spokeswoman for the England Illegal Money Lending Team said: “There was no paperwork. He’d never give anything to the customers. They were completely in the dark about what they were repaying.”

Hull Council said there were legal, reputable lenders in the city, such as the Hull and East Yorkshire Credit Union.