SWINDONIANS are being encouraged to join a Credit Union to avoid borrowing money from loan sharks.
Thousands of residents will this week receive a newsletter as part of a campaign by the borough council and England Illegal Money Lending team to try and prevent people who have financial difficulties from borrowing cash from a loan shark.
The England IMLT, which is funding the newsletter, is the Government body behind Stop Loan Sharks. The team was set up in 2004 to investigate and prosecute illegal money lenders.
Since launch, the team has supported more than 28,000 people and written off over £73.7 million worth of illegal debt.
Cllr Russell Holland, Swindon Borough Council’s deputy leader and cabinet member for finance, said: “Loan sharks prey on people who often find themselves in desperate situations. It can quickly spiral out of control with victims forced to pay back far more than they initially borrowed and are able to afford.
“They may also be subjected to violence, and other threats against themselves and family members. The Council’s Financial Inclusion Policy encourages residents to join Credit Unions, in order to save regularly or enable them to obtain legal, affordable loans, when emergencies arise.
The Wiltshire and Swindon Credit Union (formerly Wiltshire Savings and Loans) has recently been set up in Swindon.
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