Bristol credit experts: Stay away from the loan sharks

Credit experts have warned people not to be tempted by loan sharks – and say there are better ways of getting reasonable loans.

At an event held last night at Easton Community Centre in Kilburn Street, representatives from Bristol Credit Union (BCU), the South West Illegal Money Lending Team (SWIMLT) and Bristol Debt Advice Centre (BDAC) were on hand to help people who have got into trouble with debt.

Wendy Loades, from the enforcement team SWIMLT, said that illegal money lenders were known to be operating in the Easton area.

She said: "I'm here to encourage people that have experience with loan sharks to come forward.

"People sometimes say they feel they have been stupid or feel ashamed for going to a loan shark. People can come to us and tell us what has happened.

"We are finding that more and more elderly people are being targeted by loan sharks, and often the loan shark is a pillar of the community who knows everyone. Our message is: 'Don't go to illegal money lenders' – there are other ways of getting a loan, such as BCU."

Tony Billington, from BCU, said that the organisation was very different to most banks.

He said: "We are member-owned, and member-run, so we don't have any private shareholders or directors to give bonuses to.

"It is very simple to set up an account with us, and we can offer many of the services you would expect at any other bank.

"But we like to think we are much friendlier, people coming to us feel like they know the staff.

"And if you want to borrow a small amount of money – as little as £100 – you can come to us. As long as we think you can repay it, and can afford it, we will lend it to you.

"Unlike most banks, we won't decide the amount is too small and turn you away, or encourage you to take out a bigger loan you cannot afford."

Sim Ilyas, a caseworker with BDAC, said: "We find that people come to us with debts and money coming out of their account regularly, but don't always tell us what that is for. It is often clear that it is to pay an illegal money lender.

"People can come to us for advice about managing any debts that they have – whether they are from a loan shark or otherwise."

In the Easton area there are outreach sessions run by BCU at Easton Community Centre on Wednesdays from 12-2pm and at the Beacon Centre in Russell Town Avenue on Tuesdays from 9-11am.

If you have a problem with a loan shark you can call SWIMLT 24 hours a day on 0300 1234 247.

For more information on BCU, visit www.bristolcreditunion.org or call 924 7309.

To contact BDAC, call 954 3990 or visit www.bdac.org.uk.