RESIDENTS of Bradford, Kirklees and Craven are being warned to steer clear of loan sharks and high-cost lenders, as new data reveals more than 300,000 people in those districts are in financially-vulnerable circumstances.

They are also being urged to make the most of three key sources of support, including credit unions, community lenders and free benefits calculators.

New data from Fair4All Finance shows that over 300,000 people in Bradford, Kirklees and Craven are in financially vulnerable circumstances, and the national picture also looks troubling as many as 1.1 million Brits may already be in the hands of illegal lenders.

'A vicious cycle of debt and misery'

Cath Williams at The England Illegal Money Lending Team, which operates as Stop Loan Sharks across Bradford, Kirklees and Craven, said: “Loan sharks are currently preying on people’s desperation the region right now and offer nothing more than a vicious cycle of debt and misery in return.

“If you are worried that you may have been targeted by a loan shark, we urge you to take action and contact our team for help. We'll give you confidential support and help you find a way out of your situation.”

What help is there for people in need?

Now, local credit unions including Bradford District Credit Union and other community lenders, have been described as a “potential lifeline” by Fair4All Finance, which supports the community finance sector.

Credit unions and other community finance providers help thousands of people in Bradford to get credit to cover essential or unexpected expenses. They also support members to put what money they can set aside as savings, even whilst borrowing.

An alternative to high street banks, local credit unions are not-for-profit and will only lend if it is right for an individual’s finances.

Ian Brewer, financial inclusion officer at Bradford District Credit Union, said: “We have over 9,000 members across the Bradford, Kirklees and Craven districts and we are here to help you through the ‘cost of living crisis’ by helping you get into a savings habit and providing access to low-cost loans.”

Fair4All Finance is also urging the public to make sure they are claiming the correct benefits by using online benefits calculators.

Benefits calculators can help families increase their benefits income by hundreds of pounds a month, as around £15 billion of benefits go unclaimed in the UK each year.

Ms Williams added: “We are proud to support the vital work of credit unions and other community lenders as they help build financial resilience in communities.”

For more information visit FindYourCreditUnion.co.uk or FindingFinance.org.uk

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