A special offer for anyone opening a savings account with us before 30th November. Save at least £10/month for 3 months and you’ll receive a £25 bonus (doesn’t apply to junior savings accounts). Just the thing to help with Christmas spending! Open an account online or at one of our collection points.
NEW SAVINGS SCHEME OFFERS £25 FREE (NOW CLOSED)
As part of its 20th anniversary celebrations, Stroud Valleys Credit Union has partnered with the England Illegal Money Lending Team to offer a special savings scheme with a £25 bonus, free of charge. This applies to those who open a new savings account with the credit union and save regularly for 3 months. This appealing windfall comes from money confiscated from loan sharks by the Illegal Money Lending Team who want to use the proceeds of crime to raise awareness of the dangers of using loan sharks and to encourage people in Stroud district to save – especially as Christmas is now less than 100 days away!
This scheme is available to the first 50 people living and/or working in Stroud district and Tetbury who open a new savings account (excluding junior savers’ accounts) with Stroud Valleys Credit Union before 30th November. They’ll receive the £25 boost if they save at least £10 a month for 3 months. A quick response to this offer means new savers will find they’ve saved a lump sum just in time for the big Christmas spend. As there are now less than 100 days to go to this splurge of spending, this could help people keep out of debt. An account opened later will provide a welcome sum when the full cost of this annual event makes paying post-Christmas bills difficult.
It’s often not realised that loan shark activity is illegal. This scheme is part of the England Money Lending Team’s work to raise awareness of the problem. 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.
Tony Quigley, Head of the Illegal Money Lending Team said:
“Loan sharks are a scourge on our communities, and can have a hugely detrimental impact on the lives of their victims. Through schemes such as this, we are able to use this money for something positive and help to prevent these criminals from operating in the future.
“We urge anyone who has been the victim of a loan shark to contact us in confidence on 0300 555 2222 and help us bring these unscrupulous lenders to justice.”
John Appleton, Chair of Stroud Valleys Credit Union believes the savings scheme fits perfectly into the credit union’s ethos.
“We exist to help our local community and want to do whatever we can to help people become more financially secure and avoid being trapped by these cycles of debt caused by loan sharks and payday lenders. We’re run by local people for local people and provide a savings and loans service that is a fair and responsible alternative to the lenders charging exorbitantly high rates of interest.”
For more information about how to open a savings account, call 01453 298785, email firstname.lastname@example.org or pop into a branch at The Old Town Hall, Stroud: Mon, Wed-Sat 11am-1pm; Arkell Community Centre, Forest Green: Weds 2.30-4pm; TreeTops Children’s Centre, Dursley: Fridays 2.30-4pm; Berkeley Town Hall: Tuesdays 9.30-11am; The Baptiste Church, Wotton-under-Edge: 1st Saturday of the month, 10am-12noon. Website: www.svcu.org.uk.
To report a loan shark call the 24/7 confidential hotline 0300 555 2222 or visit www.stoploansharks.co.uk.
Nationally, Illegal Money Lending Teams have secured more than 380 prosecutions for illegal money lending and related activity, leading to nearly 329 years’ worth of custodial sentences. They have written off £73.7 million worth of illegal debt and helped over 28,000 people.
To open a savings account:
- join online at https://svcu.org.uk/join-the-credit-union-online-today/
- visit one of our collection points in Stroud, Dursley, Nailsworth, Berkeley and Wotton-under-Edge: see the website for details of location and opening times in the ‘Contact Us’ section
- ring our office on 01453-298785.