Financial Inclusion

Five Lamps are thrilled to announce that they have been short-listed for the North East Charity Awards 2019 in the award category Outstanding Social Enterprise Award.

The Journal and The Newcastle Gazette are hosting the awards for the fifth year, which recognise and celebrate the hard work and creative thinking by local charities and individual fundraisers, whilst also highlighting local businesses and employees who help to support the work of local charities.

The Outstanding Social Enterprise award celebrates the excellent work of a local social enterprise or a trading arm within a charity that delivers significant social impact by trading to achieve their social purpose.

Five Lamps delivers an integrated range of social, economic and financial inclusion services within which they seek to transform lives, raise aspirations, remove barriers and offer choice. Five Lamps Trading Ltd, (brand name Conduit) is a responsible lender offering fair and affordable personal loans as an alternative solution to high cost credit providers including pay day and door step lenders. Conduit is much more than a loan provider. Loans enable people many of whom are excluded from main stream banking, to access credit and over time improve their credit score and history. Conduits affordable loans are also making a positive social impact by reducing outgoings and increasing people’s disposable income.

As Conduit is solely owned by the Charity, the profits made are gifted back to the Charity to support their brilliant charitable activities, which includes youth services, domiciliary care, business start-up support and also employability to help people find and sustain employment. It is intended that the profits will also be used to help support more financial inclusion products and services.

Lisa Pickard, Group Chief Executive said,

“High cost credit has a devastating impact on so many individuals and families but with *millions of households in the UK having no savings, when faced with an unexpected spend and / or a poor credit history or score, high cost credit has become a lifeline. Our Conduit Loans offer a really affordable alternative that on average saves our customers *£230 per year. £4.42 per week back in families’ pockets many of whom are juggling finances makes a huge difference. But our commitment to financial inclusion and social impact doesn’t stop there. I am proud of this unique and innovative model that ensures all profits are reinvested into our charitable activities. Between our charity and trading company we are committed to changing lives and creating opportunities.”

For more information on Conduit, please visit, www.conduit.org.uk

*(Stat taken from House of Commons Treasury Committee, 18 July 2018)

*(Figure is a Representative example: A £500 Conduit loan over 52 weeks; total charge for credit £197.32; 52 repayments of £13.41 per week. Repay £697.32 at 99.8% APR (Fixed). Compared to some lenders, we can save you up to £230.00 in interest. See www.conduit.org.uk for more information)

Five Lamps Trading Limited are celebrating as last night their personal loan service ‘Conduit’ won Best Newcomer in the 2019 Consumer Credit Awards.

The Consumer Credit Awards are unique as they are voted for by customers rather than a judging panel. Over 27,000 customers took part in the voting process.

Conduit are delighted to have won this prestigious award especially as it is voted for by customers. Our customers are at the heart of what we do. We first entered the personal lending market place through our Charity Five Lamps in 2007 as we recognised there was a need within our communities for customers to access fair and affordable credit. We also recognised the impact that debt and poorly designed lending products have on our customer’s emotional and physical health, as well as being a barrier to them sustaining employment. Since 2007, our lending service has grown and we identified a need to set up Conduit as a Limited Company, which enabled us to secure additional capital investment from a range of social and charitable investors.

Our customers are not able to access mainstream forms of credit and often reply on high interest companies or doorstep lenders and loan sharks. These companies are profit driven, unfairly targeted at those who can least afford it and do not often take into account customer circumstances. We know our customers struggle with their finances so we don’t charge any additional fees such as an admin fee to get the loan set up or any late or missed payment fees. Our loan product is fairly priced as we are not about profit over purpose – any profits made within Conduit are gift-aided back into our Registered Charity Five Lamps for financial, social and economic inclusion activities.

Having access to fair and affordable credit is key for our customers as it’s helps to meet their day to day financial needs and absorb any unexpected financial shocks. Over 3 million people access high cost credit in the UK and more than 16m people have less than £100 in savings.

Our customers can save on average around £230 in interest compared to some lenders. This saving makes a significant impact to our customers and helps to reduce the worry and stress they face when dealing within an unexpected bill or having piece of mind that they can get essential repairs to their car enabling them to get to work.

Lisa Pickard, Group Chief Executive said

“We are beyond thrilled to win a Consumer Credit Award. Our Conduit product is intended to disrupt the high cost credit market and support people, many of whom experience poverty premiums and don’t have access to mainstream banking, to access affordable loans. Not only is this award special because it’s voted for by our customers, but it will also support our campaign to raise awareness of the alternatives to pay day lenders and loan sharks. We aim to lend fairly and change lives. This award gives us confidence that our customers value both our product and services. Safe to say I am proud to lead such a brilliant organisation”

The Consumer Credit Awards Ceremony took place on 11 July 2019 at Café de Paris in London.

To find out more information about Conduit, please visit www.conduit.org.uk or call us on, 0300 111 0556.

Conduit (Five Lamps Ltd) is proud to announce that we are shortlisted as a finalist in the 2019 Consumer Credit Awards for the Best Newcomer category.

The Consumer Credit Awards is an annual campaign that asks customer to share their feedback about the credit firms they deal with. It is an excellent achievement to make the finals of the awards and we are in the line-up with some of the biggest lenders in the UK.

As well as the Best Newcomer award, we may also have the chance to receive one of the other top 6 level awards, including; Firm of the year and Treating Customers Fairly. To see the other four remaining top level awards and a list of all of the finalists please click here.

Voting was open for 10 weeks and in total 20,000 customers submitted their votes for the awards.

Michael Fotis, founder of Smart Money People said,

“The Consumer Credit Awards truly are a marathon of endurance it’s great to see firms like Conduit, who offer lower cost alternatives among our Finalists this year.”

Nicola Garrett, Director of Corporate Services said

“We are thrilled to be finalists for the Consumer Credit Awards, especially as we strive to be a different kind of lender which means our customers are at the forefront of all of our personal lending decisions. We are committed to treating our customers fairly  and providing an alternative to high cost credit.”

The Award Ceremony will take place on the 11th July 2019 at Café de Paris in London.

Conduit is a responsible lender offering for fair and affordable personal loans. Our core business serves those not supported by mainstream lenders and who have few alternatives to accessing affordable and responsible credit. We’re not just a loan maker. Conduit is a wholly own subsidiary of Five Lamps, a charity which offers services to interest compared to high cost lenders. These savings put additional money into low income households at times of greatest need.

To find out more information about Conduit, please visit www.conduit.org.uk or call us on 0300 111 0556.

Conduit (Five Lamps Trading Ltd) is proud to announce that we’re a named finalist in the 2019 Credit Awards for Responsible Lender of the year.

It is an excellent achievement to make the finals of the awards and we are in the line-up with some of the biggest lenders in the UK. To see all of the finalists please click here.

This year, the Credit Awards 2019 marks its 20th year as the industry’s most respected awards programme. The Credit Awards are made up of 29 categories to recognise businesses of all sizes in the credit industry for outstanding achievements.

Lisa Pickard, Group CEO said;

“We are delighted to be finalists in the Credit Awards, as not only are we committed to keeping APR below 100% which is significantly less than other charge , we also gift aid back to the charity. We are not just any Responsible lender we’re a socially responsible one too!”

The award ceremony will take place on 16 May 2019 and will be hosted by comedian Jimmy Carr.

Conduit are a responsible lender offering fair and affordable personal loans and who present an alternative solution to high cost credit. We’re not just a loan maker.  Conduit are a wholly owned subsidiary of Five Lamps, a social enterprise which offers services to create opportunities and transform lives.

To find out more information about Conduit, please visit; www.conduit.org.uk

Miriam Dean is the ‘adoptive Grandmother’ of her community and when her mobility scooter broke everyone tried to come together to solve her problem.

One of her friends recommended applying for a personal loan with Conduit. Initially Miriam was a bit wary and unsure about taking out a loan but after going without a scooter for several months, she decided to contact Conduit.

Miriam went through her income and expenditure, collected the correct documents and quickly completed her application with the help of the call centre staff. Shortly after, she received her loan and was now able to buy her mobility scooter.

After receiving her scooter the community came together and decided to get Miriam a little gift. They had bought her a number plate for new vehicle with her nickname ‘Supa Gran’ and she was now ready to go!

Miriam expressed how Conduit has saved an “old lady” from boredom, and has said;

“From the first phone call to receiving the loan the staff has been so helpful and I couldn’t ask for more. They really helped me get the money I need with affordable payments that fit around me. I felt completely at ease with all the staff. Thank you very much, A five-star service!”

For more information or to apply for a personal loan, please visit www.conduit.org.uk or telephone 0300 111 0556.

Conduit is the brand name of Five Lamps Trading Limited, a wholly owned subsidiary of Five Lamps.

Mr and Mrs Craggs from Stockton-On-Tees were referred to Five Lamps through the Warm Homes Healthy People project as they required some advice regarding debt on their electricity bill

Paying for their consumption via a prepayment meter was the preferred payment method for Mr and Mrs Craggs, as they were able to budget their money accordingly and did not have to worry about receiving high bills.

Unfortunately due to Mr Craggs ill health; he requires electrical medical equipment to be in use at all times. If the electricity is disconnected due to insufficient funds on the meter this affects his medical equipment which takes weeks for the hospital to reconnect.

Due to this Mr and Mrs Craggs had to have their electricity prepayment meter replaced with a credit meter. However, a few months after the credit meter was installed, Mr and Mrs Craggs began to receive bills that they could not afford to pay and the electricity bill soon built up.

Mr and Mrs Craggs contacted Stockton Council’s Warm Homes Healthy People Project, who referred them to Amy Baker at Five Lamps.

Amy Baker, Five Lamps, Executive Support Assistant, discussed different payment options with Mr and Mrs Craggs so they could set up a payment plan to ensure they were making affordable and sufficient payments to their on-going consumption.

They also worked together to submit an application form to the Npower Energy Trust fund to clear their electricity debt.

The application to Npower Energy Trust fund was a success, and Mr and Mrs Craggs had been provisionally awarded a grant to clear their electricity arrears. Mr and Mrs Craggs continued to make sufficient on-going payments to their electricity and three months later, they received a letter to say their outstanding electricity debt of; £919.00 had been cleared.

Amy also advised Mr and Mrs Craggs that they are eligible for the Warm Homes discount scheme which is a £140 rebate to their electricity through the Winter Months.

Mr and Mrs Craggs said:

“I don’t think there is any better service you can do than what you have done for us we would recommend Amy to anyone who is in trouble, the way she make’s people feel at ease and not guilty at getting into debt”

Five Lamps are currently working with Stockton Council on the Warm Homes Healthy People project helping people in Stockton on Tees who are suffering from fuel poverty.

Louise 34 is a single parent from Middlesbrough who had suffered from domestic violence

The violence had also led to Louise accruing a large amount of debt as her ex-partner had cancelled all of the payments for the household bills and had also taken out creditors in her name.

After the relationship had finally broken down she moved into another property with her children and decided to take control of her finances again.

The outstanding sum was a significant figure, however Louise spoke to all of her creditors and arranged to make regular affordable repayments to bring her finances back under control and reduce the balances.

Due to her previous credit issues and with her income being reliant on benefits she was unable to access mainstream finance so Louise approached Five Lamps in June 2014. She applied for a low cost personal loan and John Hird, Senior Loans Officer at Five Lamps arranged to meet Louise face to face to discuss her suitability for a personal loan.

Louise spoke about how she had gotten into financial difficulties but was now much happier that her finances were finally under control.After completing an in depth income and expenditure assessment John agreed that Louise could afford to repay a personal loan of £300.00 over a 7 month term.

John also explained to Louise that Five Lamps offer ongoing support which would be available if she had any issues making repayments outlined in her repayment schedule.

Five Lamps contacted Louise eight months later for an update on her circumstances. Louise had used the personal loan to purchase essential baby items as she was pregnant at the time of making her application for a personal loan.

Louise has also cleared the balance on her original loan and has applied and been accepted for an additional loan which she is currently paying back with no missed payments.

Louise said:

“The personal loan from Five Lamps has helped me out a lot, I would not have been able to afford to pay for some of the items I needed for the new baby. The repayments are affordable and easy to manage as the payments come straight from my bank account on the day I get paid, Thanks to John for all of his help.”

Charlie Morrison from Thornaby approached Five Lamps’ Financial Inclusion Team in January 2014, seeking an additional personal loan

At that time he was on benefits and doing voluntary work at the Moses Project in Stockton which offers support and mentoring to men suffering problems as a result of addictions or personal problems.

Charlie and his partner, who have a young son were finding the post– Christmas period difficult with increased bills and heating costs. Vince worked with Charlie and was able to support his application for an affordable personal loan.

Vince also supported the family by referring them onto Five Lamps’ Warm Homes Healthy People Project. John Hird, Five Lamps Senior Loans Officer met with Charlie and explained that he would be eligible for The Warm Homes Discount scheme, which provides a discount on electricity bills.

Charlie wrote to Five Lamps recently to advise that he received a £135 rebate on his electricity bills. He also explained that he had also secured a full-time role as a Drugs and Alcohol Support Worker and said

“My family and I would like to thank Vince, John and the Five Lamps’ team for their assistance. The support we received was second to none – it just takes a few nice people to take a chance on a family like mine, and you can change lives. Please keep up the good work!!”

Five Lamps provides affordable credit to financially excluded individuals and last year provided loans to over 12,000 customers, enabling them to move away from high interest credit.

Five Lamps are also currently working with Stockton Council on the Warm Homes Healthy People project helping people in Stockton on Tees who are suffering from fuel poverty.

Judith who lives in Billingham was referred to Five Lamps by Stockton Council for help on the Warm Homes Healthy People project as she was struggling with her finances and especially her utility bills

Being in financial difficulty was also having an adverse effect on her health and she was suffering from depression and anxiety and also having regular sessions with a counsellor to help her get back on her feet. She had also been made redundant which did not help her financial situation.

Judith’s main concern was her outstanding Gas and Electricity bill of £1,764.00 which had been an issue dating back to 2010 when her supplier had failed to replace her meter or issue any bills that she requested and she had even taken her case to the industry Ombudsman.

Whilst Judith was managing to make small repayments to her other debts she could not afford to deal with her utility arrears and she did not know what to do. When she came to Five Lamps for support she worked with both John Hird, Senior Loans Officer and Amy Baker, Executive Support Assistant.

John looked at her income and expenditure and after completing the assessment he submitted a Grant Application to the EDF Energy Trust which was successfully approved in October 2013 for the outstanding amount of £1,764.00 and he was pleased to be able to give Judith the excellent news.

Amy worked closely with Judith and looked to see if she could save her some more money by switching her utility supplier. This was also successful and Amy managed to find Judith a fixed 1 year contract and save her a further £66.25, there were also no tie-ins so she is free to move if a cheaper tariff is introduced in the next 12 months.

Judith said

“I would like to thank Five Lamps for helping me get access to the energy grant which has now cleared all of my utility arrears which had built up due to my redundancy last year. I can now focus on the future and making a new start with my finances. Even when you are very independent you need the help and support of organisations like Five Lamps to help ease the pressure which was also affecting my health and for this I am very grateful to the team who worked on this for me”

Five Lamps are currently working with Stockton Council on the Warm Homes Healthy People project helping people in Stockton on Tees who are suffering from fuel poverty.

Emma South, 27 and Ryan Bligh, 25 from Middlesbrough approached Five Lamps to apply for a small personal loan to help them purchase household goods as they were moving into a new property

Helen Manners, Five Lamps Loan Officer assessed their application and established that they needed a fridge freezer, a single bed and a double bed.

Helen was aware of the support available from The Saint Vincent de Paul Society (SVP) and identified that they may be able to help source some of these items from their household donations. Helen rang and spoke to SVP to see what they had available.

SVP rang Helen back to inform her that they had a single bed and mattress available for delivery later that day. Helen contacted Emma and arranged for the bed to be delivered that afternoon.

Five Lamps were also able to offer Emma and Ryan a small affordable personal loan towards the purchase of other essential items they needed for their new home.

Emma said

“Because of the help received from Five Lamps and SVP I was able to buy essential household items we needed and my step daughter now has a proper bed to sleep in. We are very happy with the prompt service we got from both Five Lamps and SVP”

Helen said

“Five Lamps works hard to ensure we provide the best outcomes for our customers. In Emma and Ryan’s case it was great to be able to refer them to SVP so they could get some of the key items they needed as a donation”

SVP is an international Christian voluntary organisation dedicated to tackling poverty and disadvantage by providing practical assistance to those in need. For more information visit http://www.svp.org.uk/

Five Lamps provides affordable credit to financially excluded individuals and last year provided loans to over 12,000 customers, enabling them to move away from high interest credit.