Norwich credit unions promote loan shark alternatives

Saturday, February 25, 2012
5:59 PM

Credit unions in Norwich are working with a national team to raise awareness of loan sharks.

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The England Illegal Money Lending Team, who prosecute illegal money lending offences, have been working with Norfolk County Council Trading Standards, West Norwich Credit Union and Ketts Credit Union to encourage people to look at alternatives to illegal money lenders.

New credit union accounts are being sponsored by proceeds of crime money, with £20 bonuses for the first 50 people to sign up with the Ketts Credit Union scheme and make two payments by Wednesday.

An estimated 310,000 households nationally borrow from illegal money lenders, many of whom charge exorbitant rates of interest to trap people into a spiral of debt and resort to bully tactics or intimidation to enforce repayment.

See www.kettscreditunion.org.uk