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Launching the ‘Say No To Illegal Moneylenders’ campaign were, Sergeant Grace O’Connell, John O’Regan PRO Chapter 23 Kerry and West Limerick Credit Unions, Eamonn Foley of Kerry MABS, Paddy Kevane of S Vincent de Paul, Helen Courtney Power, Chairperson of Marketing with Chapter 23 Kerry and West Limerick Credit Unions and Suzanne Ennis, Marketing Manager at Cara Credit Union. Photo by Dermot Crean
“SAY no to illegal moneylenders” is the message from Kerry MABS, Kerry and West Limerick Credit Unions, Society of Saint Vincent de Paul and the Gardaí who have come together to highlight the fact that illegal money lending has no ending.
The message comes in the lead up to Christmas when vulnerable families feel the pressure to spend more and buy presents, thus getting into debt. But turning to illegal moneylenders is not the solution says John O’Regan, PRO, Chapter 23 Kerry and West Limerick Credit Unions.
“The lead up to Christmas can be a challenging time for a lot of vulnerable people who may be caught up in a cycle of moneylenders,” he said.
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“Loan rates can be very high and people can be caught in a vicious cycle of repeat borrowers without ever getting out of debt. Although we are all independent organisations, we have come together to advise people to avoid borrowing from illegal moneylenders in the lead up to Christmas”.
Support organisation MABS are on hand to help and offer free financial advice. The credit union can assist with a much lower rate of interest and flexible repayment terms.
The Society of Saint Vincent de Paul can also help to put practical measures in place and offer services such as meals on wheels, food hampers, fuel poverty, education etc.
Speaking to Eamonn Foley, Kerry MABS; “Illegal moneylenders and are not to be confused with legal moneylenders. While legal moneylenders charge very high interest rates they are regulated by the Central Bank of Ireland where legal credit agreements are in place and set code of practice under the Consumer Protection Code for Licensed Moneylenders must be adhered to.
Eamonn added; “Illegal moneylenders are different they are people who use their own money to lend to people. What may or may not start off as a gentleman’s agreement can end up turning very nasty. There are no legal credit agreements in place. In a lot of cases we have heard there may be intimidation, threatening behaviour and harassment.
“The Gardaí are involved in this campaign to highlight the level of illegal moneylenders activity in Kerry. We would ask people to think twice before getting involved with illegal moneylender activity, if you do go down this route and need support then we would encourage you to contact the gardai confidentiality who will investigate this matter,” he said.
