AN NEW scheme has been launched to encourage people to start saving and highlight the dangers of loan sharks, writes Neil Gordon.
It has been started by the England Illegal Money Lending Team, in partnership with 6Towns Credit Union, to raise awareness of the dangers of borrowing from illegal money lenders.
Proceeds of crime cash, confiscated from convicted loan sharks, will sponsor new credit union accounts with the first 200 people in Worcestershire to join 6Towns Credit Union and save £5 per week for three months between April and July, being awarded with a £25 savings boost straight in to their credit union account.
Tony Quigley, The National Illegal Money Lending Team’s head of service, said “Illegal money lenders can have a horrific impact on our communities and should never be used under any circumstances.
“We would always urge residents to look at borrowing from safe and legal alternatives, such as their local credit union.
“Loan sharks may appear friendly at first and act as though they’re offering a community service, but don’t be fooled by this behaviour as it soon changes once monies are owed.”
Anyone who knows of a money lender operating without authorisation by the Financial Conduct Authority (FCA) can speak in confidence to the Illegal Money Lending hotline on 0300 555 2222.
Alternatively, email [email protected] or text ‘loan shark’ and the message to 60003.
