Loan sharks cash used to help Dudley savers

A NEW INCENTIVE has been launched in Dudley as part of a scheme to encourage residents to start saving and make them aware of the dangers of using loan sharks.

The England Illegal Money Lending Team (IMLT) have teamed up with Castle & Crystal Credit Union to promote saving and make residents aware of the safe ways to borrow money.

A joint initiative will see the team use proceeds of crime money, confiscated from convicted loan sharks, to sponsor new credit union accounts.

The first 50 people to join Castle & Crystal Credit Union and save a minimum of £10 per month for the first three months, will be awarded a £25 savings boost directly into their credit union account.

This new incentive will encourage residents to build up savings for a rainy day and will prevent more people from having to turn to a loan shark to borrow emergency cash.

Tony Quigley, Head of Service for the England Illegal Money Lending Team, said:

“We are pleased to be working with Castle & Crystal Credit Union to launch this new incentive, which will see loan sharks cash being put to good use, to sponsor new credit union accounts.

“Loan sharks can have a horrific impact on our communities and should never be used under any circumstances. If you or someone you know has been the victim of a loan shark, the team are here to help on 0300 555 2222. Your call will be handled by a trained IMLT officer and all information will be treated in the strictest confidence.”

A loan shark is someone who lends money without the correct authorisation from the Financial Conduct Authority (FCA).

Loan sharks often target low-income and desperate families; preying on struggling individuals and exploiting them for personal financial gain.

An estimated 310,000 households nationally are borrowing from illegal money lenders, many of whom charge exorbitant rates of interest to trap people into a spiral of debt.

Dharminder Dhaliwal, Business & Finance Manager at Castle & Crystal Credit Union, said:

 “People in Dudley, Coseley and Brierley Hill will greatly benefit from this scheme, as this will help them to establish a healthy savings pattern, as well as benefit from the many credit union services we offer to our members.

“We’re really pleased to have the support of the England Illegal Money Lending Team and are committed to ensuring people in need have an alternative to loan sharks and illegal lenders in their local community.”

For more information on how to become a member of Castle & Crystal Credit Union, call 01384 815771 or pop in to branch to speak to an advisor at 25 New Street, Dudley, West Midlands, DY1 1LT. Alternatively, please visit the website at www.castleandcrystal.co.uk for details on how to join the credit union.

This incentive is only available to residents living in the Coseley, Dudley and Brierley Hill areas.

Nationally, Illegal Money Lending Teams have secured more than 378 prosecutions for illegal money lending and related activity, leading to nearly 325 years’ worth of custodial sentences. They have written off £71.9 million worth of illegal debt and helped over 26,500 people.

To report a loan shark:

Call the 24/7 confidential hotline 0300 555 2222

Text a report to 078600 22116

Visit the website www.stoploansharks.co.uk

E-mail reportaloanshark@stoploansharks.gov.uk 

Private message us on www.facebook.com/stoploansharksproject

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