An initiative will use the proceeds of crime money to encourage people to start saving.

The England Illegal Money Team (IMLT) has teamed up with Lewisham Plus Bromley Credit Union to prevent people seeking the help of loan sharks.

Proceeds of crime money from convicted loan sharks will sponsor new credit union accounts.

Tony Quigley, Head of IMLT, said: “We’re pleased to be working with Lewisham Plus Bromley Credit Union to promote saving and protect residents against loan sharks.

“Loan sharks prey on the most vulnerable members in our society. These criminals may appear friendly at first but this behaviour soon changes once money is owed. If you or someone you know have been the victim of a loan shark, we urge you to seek help by contacting us in confidence on 0300 555 2222.”

Residents in Lewisham, Orpington and Sydenham can start a sponsored credit union account under the incentive.

According to IMLT, more than £70 million worth of illegal debt has been written off.

CEO of Lewisham Plus Bromley Credit Union, Ravi Ravindran, added: “We consider it our duty to provide people with affordable loans, so that they do not fall victim to unscrupulous lenders, who charge exorbitant interest rates.

“When borrowing from unauthorised money lenders, borrowers will fall further into debt and their financial situation will be worse. We encourage residents of Lewisham and Bromley to take advantage of this incentive which awards members with a £25 savings bonus once they have saved for the required period.”

You can report a loan shark on a confidential hotline on 0300 555 2222.