Shropshire credit union supports campaign against loan sharks
Shropshire and Telford & Wrekin’s not-for-profit savings and loans co-operative today announced its backing for tougher action – including more custodial sentences – against loan sharks.
Just Credit Union has announced the strongest support for a new ‘Swimming with Sharks’ report that highlights the devastating impact of borrowing from loan sharks.
The report, published by the Centre for Social Justice (CSJ), estimates that as many as 1.08 million people in England alone could be in debt to an illegal money lender.
The think-tank behind the report proposes a three-pronged attack: More custodial sentences for those convicted of illegal lending; a national advertising campaign and better financial education on the dangers of loan sharks; efforts to boost non-profit-making credit unions.
Just Credit Union’s Development Officer Steve Barras said today: “We warmly welcome this investigation into loan sharks’ activity and the scale of the problem. Just Credit Union strong supports the CSJ’s recommendations and we will continue to raise awareness of the dangers as well as the support that is available to anyone who is in the clutches of a loan shark.
“We also continue to provide fair and ethical alternatives with loans which we ensure are affordable and help for people to begin to save.”
The CSJ report suggests thousands of victims are forced down a pathway of ‘hidden debt’ not realising its risks until late in the day with victims of illegal lending are the target of appalling abuses.
Tony Quigley, Head of the England Illegal Money Lending Team, said: “Victims are often subjected to threats, intimidation and psychological coercion which prevents them from speaking out and accessing help.
“We encourage consumers to utilise credit unions that provide a safe and convenient route for responsible financial products and services. This helps build financial resilience in communities across the country.
“The Team will continue to work with partner agencies to encourage reporting and ensure that victims who come forward receive specialist support that is tailored to their individual needs and circumstances.”
Anyone with concerns about illegal money lending is advised – in confidence - to contact the Stop Loan Sharks Helpline on 0300 555 2222.
Alternatively, use the Stop Loan Sharks live online chat service to talk to a support worker in real-time. This can be done by clicking the chat box in the right hand corner of the screen.
The service is available between 9.00 am and 5.00 pm Monday to Friday.
