Wednesday, 16 January 2013

Investment Helps Vulnerable Stay Away From Loan Sharks

Cllr Mike Pitt
(LD, West Chesterton)

Cambridge residents are to be offered extra protection from loan sharks through an initiative to be considered by Cambridge City Council at tomorrow's (Thursday, January 17) Community Services Scrutiny Committee.

The move, to promote closer working with Cambridge Credit Union, involves £14,000 worth of funding to help find and train volunteers to work for the CU and a further £20,000 to support or secure emergency loans for people in crisis.

“Times are tough for many people in our city,” said Mike Pitt, Lib Dem Executive Councillor for Community Development and Health, “and people can find themselves desperately short of money and unable to go to mainstream lenders for help.

“This is when they become easy prey for the loan sharks, illegal money lenders. We hope this investment will go some way to preventing people from having to turn to these unscrupulous dealers by offering much-needed help.”

There have been several investigations by police and trading standards
into loan sharking. This has been centred around the south of the city
and there have been arrests in Cherry Hinton.

The Credit Union not only offers help in times of need but also encourages saving and provides access to banking facilities for those rejected by the High Street banks.