Using the company’s business model, the couple ran a legitimate business until 2007 when they didn’t renew their license to lend money to customers.

Teesside Crown Court learned of how they continued to lend money to customers until they were reported in March of last year for illegal trading.

Simon Mortimer, prosecuting, said they had made loans worth around £ 382,800 recouping £ 214,044 in interest payments, making a total of £ 573,457 over a 12-year period.

Mr. Joyce, 80, and his 78-year-old wife, pleaded guilty to two counts of illegal money lending between July 2007 and October 2019.

Nigel Soppitt, in mitigation, told the judge how the couple planned to retire in 2007 and therefore did not renew their license, but then continued to hand over money to new and old clients.

He said the £ 214,000 they earned was between themselves and over the years which was a relatively small amount shared between them.

Mr Soppitt added: “There is no suggestion of exploitation in this case.”

Recorder Toby Hedworth QC handed down a ten-month prison sentence, suspended for two years.

He said: “The shame that you have to endure at this point in your life is great, but you rightly have to share it because for very good reasons those who are offering the money lending services that you have offered for many years must be approved. ”

A demand for proceeds of crime will follow.

Tony Quigley, Head of the Illegal Money Lending Team in England, said: “It is clear that the Fromsons have benefited greatly at the expense of others, but thanks to the information provided to our team we were able to put an end to their illegal activities. ”

To report a loan shark, call the 24-hour Stop Loan Sharks hotline on 0300 555 2222 or visit here. All calls and information are treated in the strictest confidence.