News Date: Monday 8th October 2007
Tim supports 'anti-loan shark initiative' from West Sussex Council
In an attempt to stop loan sharks charging vulnerable families up to 1,400% interest on money borrowed and encouraging local people to make regular savings, East Worthing and Shoreham MP Tim Loughton has pledged his support for the West Sussex Credit Union.
The West Sussex Credit Union is a savings and loans scheme whereby members can save money on a regular basis. The money invested is protected by the national Financial Services and Compensation Scheme. Once they become a member, local people will be able to apply to take out low interest loans.
It is hoped that the credit union will assist those living on or below the poverty line who cannot access mainstream banks and are susceptible to being targeted by loan sharks who offer money at astronomical rates of interest. To sign up to the Union or find out more about it you can find out www.westsussexcreditunion.co.uk
"This is an excellent scheme from West Sussex County Council and I am delighted to be supporting it. In mid-September I attended the launch event in the Pavilion at Worthing and heard all about how the Union will work to save my constituents from paying over the odds in interest rates and will promote easy ways of saving money on a regular basis.
"This scheme really is going to be available for everybody - however small their income - people can invest as a little as ?1 a week to become a member and as the Union will be registered with the Financial Services Authority they can rest assured that their investments will be secure.
"I would encourage people to visit www.westsussexcreditunion.co.uk and sign up to pledge their support for the Union - as I have done - so we can get it up and running as soon as possible."