AN INCENTIVE has been launched to encourage people to start saving and to highlight the dangers of illegal money lenders.
The initiative has been launched by the England Illegal Money Lending Team, in partnership with 6Towns Credit Union, in order to raise awareness of the dangers of borrowing from illegal money lenders, more commonly known as loan sharks.
The joint initiative will see the team use proceeds of crime money, confiscated from convicted loan sharks, to 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 into their credit union account.
6Towns has a branch at The Link in Winyates and holds weekly drop in sessions in Church Hill and the Ecumenical Centre.
Tony Quigley, from the National Illegal Money Lending Team 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.”
The public are also being reassured they can speak in confidence to the Illegal Money Lending hotline on 0300 555 2222 if they think a money lender is operating with being Financial Conduct Authority authorised.
Alternatively email [email protected] or text loan shark and your message to 60003. Nationally there have been over 370 prosecutions for illegal money lending and related activity, leading to nearly 318 years’ worth of custodial sentences, and £71.9 million worth of illegal debt has been written-off.
