Ipswich: Investment aim is to tackle loan sharks and high interest lenders in north west Ipswich

Ron Impey

Ron Impey

Officials at the Big Local Trust have agreed to invest thousands of pounds in a bid to tackle the problem of loan sharks in the north west area of Ipswich.

The Ipswich and Suffolk Credit Union will benefit from the £40,000 investment – which will be used to provide low cost loans.

It is hoped the initiative will give people living in the area an alternative to high-interest lenders.

Ron Impey, chairman of the Big Local Trust partnership, said: “We have considered this investment for some time and it is one of a number of actions contained within our Big Local Plan.

“The initiative will provide families and low income households with a means to borrow money without being threatened or intimidated.”

The north west Ipswich BLT was one of a number of organisations earlier this month to sign a charter to stop loans sharks in the area, as part of action to stop illegal lending.