LOANS TO A COACHMAN.

Waikato Times, Volume 98, Issue 16174, 27 December 1924, Page 9

LOANS TO A COACHMAN.

J GETS £2 A WEEK. PAYS £163 A MONTH INTEREST. How an illiterate coachman with 2s a week pocket money became involved in debts amounting to £3OOO through borrowing £1 twelve years ago was told at Brighton Bankruptcy Court. The coachman, Thomas Penl'old, aged 60, said that of his £2 a week wage he gave his wife 38s a week for house-keeping. Penfold in his petition stated his liabilities as £3722 13s, but now said he had over-estimated them by £IOOO. His assets amounted to £lO. The chief creditor was a Miss Parks, a cook employed at the same house as Penfold, who claimed £033. "I don't know how much I owe her," said Penfold, "but at first she stated her claim as £1933."

Penfold said his troubles began 12 years ago when he borrowed £1 from Miss Parks to pay a betting debt. He had further losses and kept borrowing.

Betting 'Losses

The Official Receiver:' Am I to understand that you lost all this money on betting?—No; I had to keep paying the interest. On one occasion I borrowed\£loo to pay interest. The Official Receiver: The rate of interest was enormous. Penfold: I have been paying £163 a month in interest. It took me nearly a fortnight to make that out. The Oflicial Receiver: Where did you get the money?—l had to borrow from Peter to pay Paul." \ Were you in your right senses?—l don't know. Thcji Official Receiver, saying the principal had been paid many times over, added that as non-registered money-lenders the were liable to be proceeded against. After Penfold had promised not to bet or borrow again the Registrar adjourned the hearing.