A CAMPAIGN to raise awareness of the dangers of loan sharks has been launched in a north Durham village.

A week of action is underway in Pelton, near Chester-le-Street, to encourage people to report the crime if they have been a victim, as well as offering advice on affordable alternatives..

The England Illegal Money Lending Team, Cestria Community Housing, Durham Area Action Partnership, NEFirst Credit Union and Durham Trading Standards, are working with people in the area.

Durham County Councillor Brian Stephens said: “We hope as many Pelton residents as possible will take part in the week of action.

“Illegal money lenders cause great harm with their activities, more so because they tell their victims they are helping them when they are actually hurting them financially.

“They terms they offer are astronomical and so unfair that loans are paid back several times over and rarely, if ever, paid off.”

The campaign was launched with a charter signing at Pelton Community Centre.

Local agencies and residents came together to sign a pledge saying there will be a zero tolerance approach to loan sharks in Pelton.

To spread the Stop Loan Sharks message throughout the week, the campaign will be visiting residents in Pelton today and on Thursday, July 7 to speak to as many people as possible.

There will also be an incentive for joining the Credit Union within the week of action. The first 50 members who save for ten out of a possible 12 weeks will receive £25 into their accounts with the Durham First Credit Union.

The incentive money is from proceeds of crime money taken from convicted loan sharks, and is intended to encourage people to save so they will never need to use them.

Cestria Community Housing will credit any Children’s Accounts opened during the week with £5 if they too manage to save for ten out of 12 weeks.

Tony Quigley, head of the England Illegal Money Lending Team, said: “Illegal money lending is a despicable crime which causes nothing but harm to our communities.

“These lenders may appear to be offering a community service but borrowers are often forced to pay back far and above what they have borrowed and can afford.

“Many are subjected to threats, violence or other callous enforcement methods.”

A training session for volunteers and residents will be held on Wednesday, July 6, starting at 1pm at Pelton Community Centre.