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Stear clear of loan sharks

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6:59am 13th September 2011
(Updated 11:28am 13th September 2011)

North Yorkshire residents urged to steer clear of loan sharks.
   
North Yorkshire Credit Union have joined forces with the England Illegal Money Lending Team in a bid to deter people away from callous loan sharks, and encourage them to start saving instead.

The Credit Union provide a legal alternative to illegal money lenders, who often charge exorbitant rates of interest and trap people into a spiral of debt.

They have locations throughout North Yorkshire, and are spreading the message that it's not too early to start saving for Christmas.

Using money confiscated from a convicted loan shark, the Illegal Money Lending Team sponsored a quiz, which was won by Gemma from Eastfield. Gemma received a £50 prize in a North Yorkshire Credit Union Christmas Account.

Whilst the Credit Union are keen to encourage saving, they understand the financial needs of their members.

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

"Illegal money lenders can have a hugely detrimental impact. The often pressurise their victims into paying back over the odds, using intimidation, threats or violence.

"It is important that people realise that loan sharks are not a community service, and that there are alternatives available.

"We would urge anyone of aware of any illegal money lending activity to contact us in confidence on 0300 555 2222"

To report a loan shark:

   Call the 24/7 confidential hotline 0300 555 2222
   Text 'loan shark + your message' to 60003
   E-mail reportaloanshark@stoploansharks.gov.uk 
   You can also click here

For further information about North Yorkshire Credit Union go to click here

 

 

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