Loan Sharks Money Used to Help Savers

A new incentive has been launched in Gloucestershire to encourage residents to start saving and make them aware of the dangers of borrowing from illegal money lenders.

The England Illegal Money Lending Team (IMLT) are working in partnership with Gloucestershire Credit Union to raise awareness of the dangers of borrowing from illegal money lenders,  known as loan sharks.

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 fifty people to join Gloucestershire Credit Union before 30th November 2017 and make at least three payments into their account will qualify for a savings boost of £25.

Click here to find out more information about how to join

You can call the Credit Union on Tuesdays and Thursdays on  01452 422712.

Tony Quigley, Head of the England 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’d 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.

“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.”