NEWS STORY: APRIL 2008

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Northwards in the news

Take the bite out of sharks

picture of a shark
Shark alert: The Manchester Credit Union will help you swim clear of illegal money lenders.

A special new task force has helped wipe out more than £2million of illegal debt owed by some of Manchester's poorest residents.

Illegal money lending is a problem across north Manchester. Many people get bitten because they don't know what lies ahead - or that there are much better alternatives.

The city's 'illegal money lending team' tackles the problems caused by loan sharks. As well as causing financial misery, illegal money lenders are often involved in other areas of crime - the new team has seized guns and drugs and recovered more than £100,000 worth of counterfeit items.

Take the credit

If you need a loan, don't go to a shark; come and chat to one of the advisers from Manchester Credit Union (MCU). It's a local, ethical, financial co-operative, similar to a building society. It's owned and controlled by members and is open to anyone living or working in Manchester.

MCU are at our local Cheetham Hill office on Monday, Wednesday and Friday afternoons from 2pm to 4pm. For more information, phone: 0161 231 5222 or email info@manchestercreditunion.co.uk.

Our head of finance Alison Foster explains why a loan from MCU is much better than going to a loan shark: "If you borrow £500 over 55 weeks from a doorstep-lender you may have to pay back an extra £325 in interest. The same loan from MCU will cost just £32.94 in interest - a saving of almost £300."

More help and advice

We can help you with advice if you're facing financial difficulty. Our own money advisers are on hand to give you confidential advice and support - from checking your benefits to writing to those who are owed money.

Find out more about rent arrears and money advice.

Check you're getting the right benefit or claim benefit online - see Online benefit calculator and claim (City Council website).

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