Advice to help avoid loan sharks

By a County Press reporter

Thursday, April 17, 2014


EXPERT loan advice will be available from Isle of Wight Council help centres thanks to the Island’s credit union — a move designed to stop people turning to loan sharks.

Representatives from the Isle of Wight Credit Union, now called United Savings and Loans, will be based at Ryde and Sandown help centres at set times every week.

They will be at Ryde help centre in Ryde Library, every Monday, Tuesday and Friday between 10am and 3pm, to give advice about loans, credit issues and banking.

They will be at Sandown help centre, next to The Heights Leisure Centre, every Wednesday and Thursday between 10am and 3pm, the council said.

Credit unions offer loans designed to be more affordable, than those offered by high street and internet providers.

Isle of Wight Council deputy leader Cllr Steve Stubbings said: "With the new universal credit's being brought in, which is a single benefits payment instead of several smaller ones, it is important people budget properly and are not tempted to take out high interest loans or are targeted by loan sharks."

The credit union’s main office is in Pyle Street, Newport.

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