Join Stop Loan Sharks event to learn how to protect your money
Derbyshire county council is holding a Stop Loan Sharks event on Wednesday July 16th to help residents find out more about how to keep their money safe.
Loan sharks are illegal lenders who offer loans to vulnerable residents without being registered with the Financial Conduct Authority.
Loansharks have been known to charge huge amounts of interest on their loans leaving victims in significant amounts of debt.
The borrower has no protection around the amount of interest charged on a loan and can face aggression and even violence when it comes to repaying the loan.
The Stop Loan Sharks event takes place on Wednesday July 16th at Loundsley Green Community Centre, Chesterfield between 1.30pm - 4.30pm.
Residents can hear from a range of local and national debt and financial support organisations.
There will be advice and support on hand from local organisations giving advice on affordable credit, income maximisation, free school meals, debt management and more.
It is estimated that across the UK, over 1.08 million people are in debt to a loan shark. This equates to 2% of the population.
Derbyshire County Council’s Cabinet Member for Health and Communities, Councillor Dawn Abbott said: “Loan sharks prey on some of the most vulnerable people in our communities.
“They cause fear and stress as well as adding more financial pressure onto people who are already struggling to make ends meet.
“Our affordable credit team has been working hard to support residents to keep their money safe, and if people absolutely have to borrow money - then they are providing safer, lower cost methods to help them do so.”
Derbyshire County Council’s affordable credit team has been working alongside the Illegal Money Lending Team and local Credit Unions since 2021.
They aim to raise awareness of safe lending and saving - helping to reduce the need for illegal and high-cost borrowing.
Since the project started in 2021, Derbyshire Credit Unions have seen an increase in membership of 19% compared to the England average of 12%.
The project has also trained over 523 professionals around the dangers of illegal money lending and how this practise can affect their clients.
In addition to online training sessions, the project also works with local organisations to support vulnerable people such as temporary accommodation providers and care leaving teams.
To find out more about affordable credit visit www.derbyshire.gov.uk/creditunions
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