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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15th May, 2012
Amanda and Michael first met with Michael Sunderland, Five Lamps’ Loan Officer and it was whilst helping them through the process of their Helping Hands application that he noticed they had an arrangement in place with a Debt Management company. After Michael looked further into the arrangement it came to light that the company were actually taking 40% of the regular monthly payment as a charge for handling their case.
Michael chatted to them both and said that Five Lamps would be able to help them with this problem without charging a fee and he would refer them onto a colleague.
Michael referred the case to John Hird, Five Lamps Senior Loans Officer who arranged a visit and spoke to Amanda and gathered all the information regarding their current financial situation and chatted about the options available to them. When John had studied their finances and outstanding debts he was then able to put a case together and contact the 11 creditors.
As Amanda and Michael could afford the monthly payment they were making, John wrote to all their creditors offering to increase the current monthly payments being made. It was possible to do this because Five Lamps were offering this service free of charge so the money that was previously being taken as a monthly fee could now be put towards actually repaying more of the debt.
The good news is that because more money is being assigned to the debts they will now be repaid over a much quicker period helping Amanda and Michael to move on from this problem.
Michael Sunderland has continued to support Amanda and Michael to apply for an affordable loan through the ‘Helping Hand’ scheme so that essential improvements can be made to their home. Work is currently being carried out on their property to install new windows and repair work to their roof. Once work is complete, their home will be more comfortable for them to live in.
Since the start of the Helping Hand scheme, Five Lamps working in partnership with all 12 North East Councils have supported 334 homeowners with affordable loans.
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