Birmingham Fair Money
Earlier this month, I was pleased to help launch Birmingham Fair Money, a new campaign against illegal money lenders and legal high interest lenders in our city.
At this moment, we have high cost lenders trading in Birmingham who lend at APR rates of well over 1,000%. If you then add on their late payment and roll over fees these loans inflate very quickly. The result is rapid and brutal. Many of the clients of these companies are trapped in a spiral of unfair debt from which it is difficult to escape.
On top of that, we have cases of vulnerable people falling prey to unscrupulous illegal loan sharks.
Birmingham Fair Money is all about providing an ethical and affordable alternative for local people. Working with Citysave Credit Union and Moneyline, we’ve brought together a number of not for profit, community based lenders providing affordable and responsible lending.
A central loans shop, known as the Cabin, has now opened on Lower Bull Street in the city centre. It will be staffed by Citysave staff and community volunteers and will be open to the public from Tuesday 1st October to Christmas Eve. The Cabin has been funded with proceeds of crime money taken from convicted illegal money lenders and the England Illegal Money Lending Team, a specialist enforcement team who are based in Birmingham will be highlighting the dangers of illegal loan sharks and encouraging anyone who has been a victim of this crime to come forward.
As well as being able to visit the Cabin for a loan, you can also access information online at www.birminghamfairmoney.org.uk, which holds details of all of the not-for-profit lenders involved, along with other useful advice on maximising your income or getting help with debts and managing your money.
We’re also continuing to keep the loan sharks under pressure. To report a loan shark, you can call the 24/7 confidential hotline 0300 555 2222, text the word ‘loan shark’, together with your message, to 60003, email via email@example.com, or send a private Facebook message to the team at www.facebook.com/stoploansharksproject.
Posted on October 22, 2013, in Uncategorized and tagged Birmingham Fair Money, credit unions, Financial Inclusion Partnership, Illegal Moneylending Team, payday lenders. Bookmark the permalink. Leave a comment.