LOAN SHARKS PREY ON LOCAL FAMILIES THIS XMAS

Truro and Falmouth Liberal Democrat PPC Terrye Teverson has joined the local Credit Union in a bid to encourage people not to borrow from loan sharks this Christmas.

With continuing worries about the state of the economy and the threat of job losses across Cornwall, more and more people are turning to loan sharks, who charge astronomical interest rates, to tide them over through the Christmas holidays.

"It seems a long time ago that credit was being handed out by the carefree banks," Mrs Teverson said.

"Many local families are now finding it a struggle to keep a roof over their heads, let alone find the money for Christmas. There is a real concern that more and more people will turn to loan sharks to see them through the next month."

Kerrier and The Fal Credit Union want people to think twice before they decide to borrow money from unscrupulous lenders.

Eileen Coleman, a founder member of the Union said: "The Credit Union is a democratic financial co-operative owned and controlled by its own members,"

"We have an annual fee of £1, and savings can be as little as £1 a week. Anyone can open an account with us - even if your retired, unemployed or still in school. Loans and repayments are based around individuals and there are no hidden charges."

"It's such a shame that people will turn to loan sharks when we may be able to help them or give advice on ways to borrow money this Christmas."

Mrs Teverson also met with Jim McKenzie from Truro Citizens Advice Bureau last week to discuss the worrying rise in house repossessions and the effect the credit crunch is already having in the area.

Latest CAB figures show that clients who are in mortgage and loan arrears rose by 67% last month.

"As a businesswoman, employer, homeowner and mother this economic downturn is really worrying. It affects all of us," Mrs Teverson said.

"There are some great organisations like the Credit Union who make a real difference to people's lives by loaning money when other institutions wouldn't look twice."

"The real message to people this Christmas is not to be tempted by the offer of easy money from these loan sharks. A loan is a loan, and it always has to be paid back. Borrowing money from illegal lenders is a dangerous and risky game, and one most people come to regret."

"If you are facing financial difficulties this Christmas the message is to contact your nearest Citizens Advice Bureau or Credit Union before thinking about borrowing money from loan sharks."

For more information on the Kerrier and The Fal Credit Union telephone 01209314449 or visit their website www.kfcu.org.uk.