In March 2012, Susan, a widower in her 50s contacted Five Lamps to apply for a personal loan as she was having financial difficulties.
Vince Rogers, Five Lamps’ Loan Officer met with her to discuss her circumstances, establishing that Susan had a ‘Log Book Loan’ on her car with a Finance Company at a penal rate of 734%. She had borrowed an initial £550 over 6 months, to which was added interest and charges of £426. The total loan was therefore £926, requiring monthly payments of £163.
Having met her initial instalments, Susan started to struggle to meet the monthly repayments and was in danger of having her car repossessed; losing her main method of transport and her independence. She was becoming increasingly desperate, but heard of Five Lamps via Facebook – someone had posted a comment ‘If you are having problems contact Five Lamps they will help you!!’
At the appointment, Vince telephoned the Loan Company and obtained a settlement figure. A loan was quickly agreed and funds were sent to the Loan Company within a few hours of their initial face to face meeting.
Susan now has peace of mind, with affordable loan payments tailored to her disposable income, saving her around £120 per month. She said
“I’d never heard of Five Lamps before, but am so relieved you have been able to help me at such short notice. I feel like a weight has been lifted from my shoulders and I’m able to sleep at night for the first time in ages!!’’