Central Credit Union has won national recognition from the England Illegal Money Lending Team for its work to support the fight against loan sharks.
The Liverpool-based credit union, which helps people across Liverpool, West Lancashire, Wigan, Warrington, Chester and Cheshire West, is now an official accredited partner of the IMLT.
The award recognises the commitment and dedication shown by the team in helping to spot the signs of illegal lending and ensure those affected get the help they need.
The credit union is a not-for-profit financial co-operative dedicated to helping people manage their money. They help people take control of their finances and encourage saving to increase financial resilience and reduce the risk of them being targeted by illegal money lenders.
The IMLT, also known as Stop Loan Sharks, is a national organisation that investigates and prosecutes loan sharks and supports borrowers.
Dave Benbow, head of the IMLT, said: “We are delighted to welcome Central Credit Union as an official partner of Stop Loan Sharks. We have already built a strong working relationship with the team, who have shown real commitment to protecting their community by helping to identify the warning signs of illegal lending and ensuring those affected can access the support they need.
“Illegal lenders can cause immense financial hardship, fear and misery. Tackling this crime takes a united effort, which is why partnerships like this are so important. We are incredibly grateful to Central Credit Union for their support and look forward to continuing to work together to make our communities safer and ensure victims know help is available.”
Eileen Halligan, Chief Executive Officer at Central Credit Union, said: “Loan sharks don’t just target individuals, they take root in communities. Preying on people at their most vulnerable and leaving a trail of fear and debt that affects whole families and neighbourhoods.
“Becoming an Accredited Partner with Stop Loan Sharks means Central Credit Union can play a direct role in tackling that. Not just for our members but for anyone across our common bond who needs a safe place to turn. Our Park Street branch is now a genuine access point for support, and every one of our branches can help point people in the right direction. This is exactly the kind of work a community-owned credit union should be doing; standing between our neighbours and the people who try to exploit them.”
Many illegal money lenders are well known within their communities and are often introduced to borrowers through friends or family members.
They are unregulated and give loans with no paperwork, often adding charges and high interest to loans. They can resort to threats, intimidation and even violence if repayments are not made.
Because these lenders are not registered with the Financial Conduct Authority, borrowers do not have the protection of consumer law such as cancellation periods and the ability to apply for help if they can’t pay. This can cause huge amounts of stress and impact other finances – leaving them unable to pay rent or other priority bills.
Anyone who has been affected by illegal money lending should call the Stop Loan Sharks 24/7 free, confidential and non-judgemental helpline on 0300 555 2222 or send a WhatsApp message to 07700 102773. Support, including a Live Chat facility can also be access online at www.stoploansharks.co.uk.
Live Chat and WhatsApp services are monitored from 9am to 8pm, Monday to Friday.
