A single parent gets an affordable loan to help clear debts and buy essential baby goods
Louise 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 taken out credit 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 responsible finance provider 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 over a seven 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.”