We applaud that Credit Unions are continuing to help raise awareness of anti-loan shark campaigns, as the need for access to affordable, regulated credit remains more vital than ever. A release published by ABCUL on 15^th December, highlights that 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.

Nationally, Illegal Money Lending Teams have secured more than 380 prosecutions for illegal money lending and related activity, leading to nearly 328 years’ worth of custodial sentences. They have written off £72.5 million worth of illegal debt and helped over 27,000 people.

The CCTA will continue to work with government, regulators and stakeholders such as ABCUL and the money advice charities to ensure there is access to affordable, responsible credit facilities for those in need of short-term financial assistance.

*As estimated and published by ABCUL – http://www.abcul.coop/media-and-research/news/view/961