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Christmas warning - Loan Shark awareness

Published Thursday, 20 October 2016

A campaign is underway to highlight the misery that loan sharks can bring to people who borrow money from them.

Loan sharks will initially be friendly but then will often use violence and intimidation to ensure they get their money causing their victims endless misery.

In the run up to Christmas many people feel under pressure to borrow money but loan sharks are not the people to go to and the Citizens Advice Bureau can help people to avoid loan sharks and also help to make sense of the situation people may find themselves in.

Coventry Citizens Advice Bureau want to ensure that everyone knows what a loan shark is and more importantly how to report one.

Loan Sharks are illegal money lenders who loan money without having the correct permissions from the Financial Conduct Authority. They often give cash loans out without any paper work and want double the amount back or charge extortionate interest rates. When you struggle to make repayments they may use violence, threats and intimidation, to ensure you keep paying them.

If you believe you have borrowed from a loan shark, contact the England Illegal Money Lending Team in confidence:

Visit https://www.gov.uk/report-loan-shark

Credit Unions in Coventry

Credit Unions are rapidly growing as they encourage people to get into the habit of saving and can also provide loans.

Credit Unions can help to steer people away from relying on pay day loans. The not for profit financial co-operatives providing a range of financial services to members.  They are managed and controlled by their members and are covered by the financial services compensation scheme. 

The unions have a wide range of members. But for them to grow more members are needed.

To find out more about the city’s two credit unions:

Visit the New Central Credit Union website at www.newcentralcu.co.uk or https://www.facebook.com/newcentralcreditunionltd/

The Coventry and District Credit Union also offers a range of banking services in the city for details visit www.creditunioncoventry.com.

 

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