Office Admin/ June 11, 2018/ Uncategorized/ 0 comments

To help launch our new Loan Shark Initiative, we had a stall at the annual Victoria Park Community Centre Summer Fair on Sunday 10th June 2018.

The Scheme is very similar to the one run last year and is open to the first 50 new Adult members only, so long as you save a minimum of £10 for each of 3 consecutive months until the end of October, you will be rewarded with £25 added to their accounts from the Proceeds of Crime fund.

Just click here to join up, or you can call us on 01278447100 or  01823336425, by email or by visiting us at our Taunton or Bridgwater offices.

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

People are urged never to use loan sharks who may refuse to tell the borrower how much they owe or how long they will be repaying for, or the APR rate. Often they do not give paperwork and loans will just keep growing even if the borrower is making regular payments. These criminals may appear friendly at first, but resort to violent, threatening and extreme methods when payments are not met.

Nationally, Illegal Money Lending Teams have secured more than 370 prosecutions for illegal money lending and related activity, leading to nearly 318 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:

  1. Call the 24/7 confidential hotline 0300 555 2222
  2. Visit the website www.stoploansharks.co.uk
  3. E-mail reportaloanshark@stoploansharks.gov.uk 
  4. Private message us on www.facebook.com/stoploansharksproject
  • TERMS AND CONDITIONS:

To be eligible for this incentive, and to receive the £25 bonus, you will need to;

  • Save a minimum of £10 per month, each month, for the first three months from opening your account (at least one payment each month)
  • Have an income of less than £26,000 per annum
  • Only one application per household (on a first come first served basis)
  • Agree that information regarding your membership (not your name) can be passed to the Illegal Money Lending Team, who are running and funding this incentive to raise awareness of the dangers of loan sharks.
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