CASH recovered from illegal money lenders in the North West is to be used to help savers working in Bolton and Bury

Employees of Carrs Pasties and Bury Council are being offered a cash boost to help them save more as part of a new credit union initiative in partnership with Stop Loan Sharks,

Employees who join Hoot Credit Union between February and May this year, and start saving via their payroll, will qualify for a £10 matched savings bonus after four weeks of saving. There is also a chance to get a further £200 savings boost if they carry on saving until May.

The bonus is being paid by the England Illegal Money Lending Team (IMLT), also known as Stop Loan Sharks, and funded by money confiscated from illegal money lenders under the Proceeds of Crime Act.

Chris Canham, Community Engagement Manager at Hoot, said: “Hoot has been providing ethical savings and loans services to the people of Bolton and Bury since 2005, and work with a number of local employers encouraging employees to save through payroll. Building savings is the first line of defence to be able to cope with financial emergencies, and Hoot has 6,000 savers from a wide range of the community.

Sadly, many people in the Borough are falling into the hands of loan sharks.

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.

“We want to make loan sharks history in our borough, so we’re delighted to work in partnership with England Illegal Money Lending Team (IMLT) to offer this incentive to payroll savers and show people there is a better, safer and more affordable way to manage their money.”

Anyone who thinks they, or someone they know, may have been targeted by an illegal lender in the area is urged to contact the Stop Loan Sharks team’s specialist officers for help and advice.

There is a 24-hour confidential hotline on 0300 555 2222 and a Live Chat facility available on the website Monday to Friday, 9am to 5pm. For more information visit stoploansharks.co.uk 

To find out more about payroll saving with Hoot Credit Union go to www.wisewithmoney.org.uk/payroll-saving