A credit union that covers Norfolk and Suffolk has won national recognition for its work to support the fight against loan sharks.
Wherry Dragon Credit Union is now an official accredited partner of the England Illegal Money Lending Team (IMLT).
Wherry Dragon offers savings and loan services to employees of local government and related organisations across Norfolk and Suffolk and works closely with the IMLT to raise awareness about the dangers of loan sharks and the help available to borrowers.
The IMLT, also known as Stop Loan Sharks, is a national organisation that investigates and prosecutes loan sharks and supports borrowers.
To get official partnership status, Wherry Dragon staff have taken part in specialist IMLT training to learn how to spot the signs of a loan shark and how to get help. They will also continue to raise awareness and support the work of the IMLT.
Dave Benbow, head of the IMLT, said: “We are delighted to welcome Wherry Dragon as an official partner. We are hugely grateful for the work they do to support us in disrupting illegal lending that causes so much misery.
“Partners like this are an invaluable help in getting these criminals removed from communities, protecting the most vulnerable and making everyone feel a little bit safer.”
Ian Leather, Wherry Dragon CEO, added: “We are delighted to have received this recognition of our continued commitment to help support the Stop Loan Sharks campaign. We work closely with the IMLT to highlight the dangers of loan sharks and ensure people are aware that we are here as an ethical, safe and affordable alternative to illegal lending. We encourage anyone who is looking for an alternative finance provider to consider using a credit union before a loan shark.”
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 Helpline on 0300 555 2222 or access support online at www.stoploansharks.co.uk. Live Chat is available on the website from 9am to 5pm, Monday to Friday.
To find out more about Wherry Dragon Credit Union, visit www.wherrydragon.org.uk
