11th June, 2013
David from Northumberland contacted Five Lamps in February 2013, to discuss extended his current personal loan. Vince Rogers, Five Lamps Loan Of...
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24th April, 2012
Linda from Hartlepool came along to a Capacity Builders workshop and explained that she was worried about her debt. John Hird, Five Lamps’ Senior Loans Officer contacted Linda after speaking to her Support Worker. Linda explained to John that her main concern was with 2 small loans from a Cheque Centre that had an annual percentage rate (APR) of 2,115%. If these loans are not repaid in full each month, Linda can incur a charge of £25.00.
Due to changes in Linda’s financial situation she had been unable to make the full repayment each month to clear the loan, so she was continually being charged £25.00 and was unable to clear the outstanding capital. Some months she could not even pay the £25.00, so incurred further charges.
When John had assessed Linda’s personal finances the best solution was for Linda to repay the Cheque Centre with the help of a Five Lamps low cost loan with affordable weekly repayments, which would save her a huge amount of money in interest payments.
John contacted the Cheque Centre to inform them that we would be settling the outstanding balance for Linda and arranging prompt payment to close the account.
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