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Bumper payday for Credit Union

Published Monday, 20 October 2014

The Enfield Credit Union has enjoyed a bumper payday, thanks to Enfield Council who presented them with a cheque for £1,000.

Enfield Council won the 2013 National Stop Loan Sharks Award and donated the prize money to the Credit Union to help in its fight against loan sharks . The presentation on Monday will also see the unveiling of the Community Charter setting out Enfield’s commitment to ending the misery caused by loan sharks.
 
The money will be used to help residents manage their money more effectively and make them less likely to fall prey to loan sharks.
 
Enfield Credit Union will offer the first 100 new customer £10 when they open a savings/loan account.

The offer applies to new members opening a savings/loan account. They must save a minimum of £10 per month for 6 months before the £10 credit is deposited. Where new members take out a loan they must save £20 as well as the repayment and will receive the £10 credit after 6 months of membership.
 
The offer excludes ISA’s and one off payments. More details can be obtained from the Credit Union.
 
Enfield Council's Cabinet Member for Environment and Community Safety, Cllr Chris Bond, said: "Loan sharks are parasites preying on the poorest and most vulnerable members of society and we are determined to take them out when we find them and also help people falling prey to them in the first case.
 
“I am delighted we have been able to support the Enfield Credit Union in supporting residents in managing their finances  so they are less likely to fall victim to loan sharks, the whole community needs to work together to tackle this issue so I’m delighted with the support they are offering.
 
“Loan sharks can be seen by some residents as a last resort to resolve financial difficulties but taking out a loan in this way can lead to serious stress and financial implications that can continue for months or years.

"We would urge any Enfield resident who is involved with a loan shark to call the 24/7 confidential hotline 0300 555 2222 to obtain advice and support.”
 
The funding, from Enfield Council, is part of a concerted effort to tackle the menace of illegal money lenders in the borough and work in partnership with the England Illegal Money Lending Team and the police in leading the fight against loan sharks.
 
Last month Operation Borago, involving the Police and the England Illegal Money Lending Team’s specialist officers, saw four suspected loan sharks arrested in Enfield and Essex and suspected drugs, documents and large quantities of cash recovered from five addresses.
 
Supporting Operation Borago, Trading Standards held an information stand at the Co-op in Hertford Road and Edmonton Green last week to offer support to victims, encourage them to come forward and raise awareness over the dangers of borrowing money from a loan shark. 
 
What is a loan shark?
 
Someone who lends money without the approval of the Financial Conduct Authority. Loan Sharks rarely, if ever, give any paperwork and if payments are missed they often use intimidation and violence to get money from their 'clients'.
 
If you  have been bitten by a loan shark or you know or have any knowledge of loan shark activities then call the 24/7 confidential hotline  0300 555 2222: Text ‘loan shark + your message’ to 60003, E-mail or private message on facebook.
 
If you want advice on managing your finances contact the Citizens Advice Bureau branch at Unit 3, 5 Vincent House, 2e Nags Head Rd, Enfield, Middlesex EN3 7FN or ring on 020 8375 4170

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