CASH confiscated from loan sharks will be used to reward people who save responsibly through a Dudley credit union.

Castle & Crystal Credit Union has launched a new initiative to encourage residents to save for a rainy day instead of turning to loan sharks when they need emergency cash.

The first 50 people to join the credit union - and save a minimum of £10 per month for the first three months - will get a £25 savings boost directly into their account.

The cash will come from money confiscated from convicted loan sharks at court under the Proceeds of Crime Act, with the initiative being run jointly with the England Illegal Money Lending Team.

Currently, the offer is only available to Dudley, Brierley Hill and Coseley residents, but if successful, it could be rolled out further across the borough.

Dharminder Dhaliwal, the credit union's business and finance manager, said the scheme would help people to "establish a healthy savings pattern", adding: “We’re really pleased to have the support of the England Illegal Money Lending Team and are committed to ensuring people in need have an alternative to loan sharks and illegal lenders in their local community.”

Those interested in joining the credit union should call 01384 815771 or pop in to the New Street branch to speak to a member of the team.