Wiltshire and Swindon Credit Union (WASCU) has joined forces with the England Illegal Money Lending Team (IMLT) to use proceeds of crime money as an incentive to encourage people across Wiltshire and Swindon to save, and to raise awareness of the dangers of borrowing from illegal money lenders.
WASCU is a not-for-profit organisation founded in 2016 following the merger of South Wiltshire, North Wiltshire, West Wiltshire and Steam Ahead Credit Unions. They offer ethical savings and fair, affordable loans to members of the local community.
The new scheme is being funded by the England Illegal Money Lending Team using proceeds of crime money; cash confiscated from convicted loan sharks, following successful prosecutions.
The first 50 people to join WASCU between now and the end of September 2019, and who make at least three monthly payments into their account, will qualify for a savings boost of £25.
Prospective members can sign up for the promotion online, call the team on 01722 421 881 or visit one of the local service points quoting promo code ‘WASCUSharkStop’.
Tony Quigley, Head of the England Illegal Money Lending Team, said: “We are pleased to be working with the Wiltshire and Swindon Credit Union to launch this incentive to encourage residents to save for a rainy day and steer away from using loan sharks.
“Credit unions offer a real lifeline for some people because they offer access to safe and legitimate financial services, helping to reduce the risk of people going to illegal money lenders.”
An estimated 310,000 households nationally are borrowing from illegal money lenders, many of whom charge exorbitant rates of interest to trap people into a spiral of debt.
Many loan sharks will resort to bullying tactics, such as intimidation, threats and even violence to enforce repayment, and often won’t set an interest figure or have any form of paperwork.
Nationally, Illegal Money Lending Teams have secured more than 390 prosecutions for illegal money lending and related activity, leading to nearly 480 years’ worth of custodial sentences.
They have written off £74.9 million worth of illegal debt and helped over 29,000 people.
To report a loan shark, call the 24/7 confidential hotline 0300 555 2222 or visit www.stoploansharks.co.uk.
Notes to Editors
For press enquiries, contact Natalie Bruins. Marketing & Communications Manager, WASCU. natalieb@wascu.co.uk | 07749326 885
Wiltshire and Swindon Credit Union was formed by bringing together a number of smaller credit unions which operated around the county.
Read MoreWe run a number of community points around the county and in Swindon, where you can save or withdraw money, or make an application for a loan.
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The more you save, the better you are a regular repayemnts, the more products you take out with us all effect your score.
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If you have an existing loan and would just like to "TOP IT UP" then please choose the loan type you already have, e.g. Home Improvement, and then apply for the top up amount.
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If you are still unsure even after reading the help information, please call 01722 421881 or email office@wascu.co.uk
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Savings – All members must save a minimum of £10 per month/4 weeks and should enter the amount you wish to save at part (a). If you are not taking advantage of the Express Loan all you now need to do is sign and date your application.
If you are taking advantage of the Express loan and paying by salary deduction, add your savings and loan payments together and enter this amount at part (b). If you are paying by direct debit use part (c)
If you work for Civil Nuclear Constabulary, Ministry of Defence Police, or you are retired it is not possible to make your payment by salary deduction. Please complete the direct debit mandate provided and indicate which of the four collection dates you would prefer. Please also read the Important Information section below with regards additional paperwork we require from you.
Please ensure you have signed the application form and the direct debit mandate.
If you are not able to pay by salary deduction your membership application must be accompanied by original documents proving your identity and residence.
Copies will only be accepted if they have been authenticated by a Wiltshire & Swindon Credit Union representative or board member who has seen sight of the original documentation. Please contact us on 0141 771 1314 and we will provide you with the names of representatives or board members in your area.
The following documents are acceptable to prove identity: - Passport or Photographic Driving Licence.
The following documents are acceptable to prove residence: - current bank statement, council tax or utility bill. (internet copies or mobile phone bills cannot be accepted)
All original documentation will be returned to you by Recorded Delivery. There is no charge for this service.
All members must save a minimum of £0.00000 per month/4 weeks.
The amount you enter in the savings field will be in addition to any repayments you make on loans.
Once you have selected the amount you wish to save, select the method of payment from the drop down. Further instructions and fields will appear on screen depending on the option you choose. These new fields will need to be completed.
