As a platform, we take great pride in all that we've achieved since opening our doors for business nearly six years ago. We’ve
Case Study: Introducing borrower Christina
Chris lives in Lincolnshire, and after a great career as a Local Authority Manager, is in receipt of an occupational pension. Yet in 2014, she was dealt a dreadful blow, as she was diagnosed with an aggressive form of cancer. However, after making a full recovery, her life is steadily getting back on track in all respects, and she reveals how a loan from Lending Works has played an integral role in her progress.
The day my life changed
On 28 January 2014, I was diagnosed with endometrial cancer at Lincoln Hospital, and that same day they gave me a date for surgery at Nottingham City Hospital on 20 February. I had previously had a polyp removed and was told that everything otherwise had looked normal, so this was a complete shock for me.
The diagnosis was Stage 1B (early), but a Grade 3 type sarcoma (ie aggressive). I had a full hysterectomy and this was followed by a course of radiotherapy. The treatment was eventually completed on 22 May 2014. I was told that the chances of the cancer returning within 5 years was between 25 – 40%, but the radiotherapy would reduce the statistical chance of a return to 12.5% - 20%. In some respects it was encouraging, but they also told me that if the cancer ever returns it cannot be cured.
As you can imagine, it isn’t always easy living with that hanging over my head, but I made a vow to myself that I would not let it get to me, and to take positive steps forward with my life.
The impact on my finances
Fortunately I am in receipt of an occupational pension, with no mortgage or debt, so I did not have to worry about the financial situation surrounding my illness. However, I live on my own with three dogs and no family, so I had to rely on friends and neighbours to help me.
Nevertheless, the immediate effect of going through such an ordeal is that you want to be reckless with your money because you fear death! You don’t worry about the state of your house, you just want to enjoy life to the full. But I also quickly realised that I needed to marry that kind of zest with a considered approach to my financial future.
Why I took out the loan
Some friends had recently had solar panels installed and were very pleased with them. I wanted to maintain the value and saleability of my house so that if (and when) I decide to downsize, the panels may help the property to sell quickly. At the same time, the long-term benefit is to reduce fuel costs, and, being on a fixed income, this would be a help in old age.
So I decided to actively start seeking a loan to finance the panels, and after a brief search on some price comparison sites, I came across Lending Works. I was very impressed with the speed and efficiency with which they went about my application. It has been many years since I borrowed money but the process was very easy. I had a bit of uncertainty about something I needed to do online, but I made a call to Lending Works and received immediate guidance. I could not believe that within two working days, I had the money in my bank account.
Paying back the loan and my views on borrowing
I am content with the level of debt I have taken on, and have no worries about repayment. Debt sits uncomfortably with me in principle, but it is a better option to take out a short-term loan to finance home improvements than take out an equity release or reduce my capital. Once the solar panels are paid for, I am thinking of borrowing for a new kitchen and bathroom.
I think we are all quick to make judgements about how people spend money and yet are idiosyncratic in our own spending habits. Only 12 months ago, I might have borrowed a lump sum to take a holiday of a lifetime if my prognosis had been terminal, which on the surface may have appeared exciting to an outsider. But if that had been the case, to me it would have represented something sad - a coming to terms with the end of my life. In this instance, a home improvement might seem like ‘no big deal’, but it is a big deal to me because it represents another symbol of hope for the future.
The bottom line is that even the most mundane and dull purchase can represent something very special to the person spending the money.
Related articles:
- Why must I wait for my money to match?
- Will the ISA topple the pension?
- UK Student debt: Myths, musts & payday lenders
Get email updates for future blogs:
Our website offers information about saving, investing, tax and other financial matters, but not personal advice. If you're not sure whether peer-to-peer lending is right for you, please seek independent financial advice, and if you decide to invest with Lending Works, please read our Key Lender Information PDF first.
As with all investments, your capital is at risk.
Since opening our doors back in 2014, we’ve always prided ourselves on living and breathing two key principles at Lending Works: innovation, and putting the customer first in everything we do.
With the retail sector enduring its fair share of challenges, companies are looking at new ways to attract customers, and drive conversion. In an overcrowded, dog-eat-dog marketplace, with behemoths such as Amazon flexing their muscle, it’s easier said than done.
On 4 June 2019, the Financial Conduct Authority (FCA) released its new regulatory framework for peer-to-peer lending (P2P); a Policy Statement known as PS19/14. As you might imagine, it's a document which, following a three-month consultation, is a hefty read of no fewer than 102 pages.
When it comes to investing, there are numerous questions that need to be asked, and lots of things which need to be properly understood before committing your hard-earned money
Featured
In a difficult climate, customer acquisition and lead generation present stern challenges for UK retailers, and a great deal of marketing spend invariably gets directed towards getting feet through the door.
There is a variety of literature and research illustrating the importance of building brand loyalty, albeit with some degree of variance.
Over the last decade, there can be little dispute that the reputation of mainstream banks – and particularly the so-called ‘Big Four’ (HSBC, Barclays, Lloyds and RBS) – is at its lowest ebb.
The idea of peer-to-peer (P2P) lending is a simple one; you lend money to those who wish to borrow, with a view to receiving a great return for doing so.
The peer-to-peer (P2P) lending industry is now regulated by the Financial Conduct Authority (FCA). The regulatory framework has been designed to protect customers and promote effective competition.
Most popular
Ahead of the IMF’s world economic outlook last month, new managing director Kristalina Georgieva described the global economy as being in a ‘synchronised slowdown’, and the institution has subsequently trimmed growth forecasts for 2020.
The barely-anticipated Autumn Budget, perhaps predictably, fell by the wayside last week, with the country now heading to the polls next month.
- Summary of a post.
Last week we took stock of the labour market, with the latest Office for National Statistics (ONS) data showing that the tide may be beginning to turn on Britain's so-called 'jobs miracle'. Unemployment ticked up to 3.9 per cent for June to August (an increase of 0.1 per cent), with the number of people in work falling by 56,000.
Whenever discussion turns to Britain’s misfiring property market, the words ‘stamp duty’ are seldom far away. Indeed, over the past two decades, it’s been something of a political football – one which has had a profound impact on both housing transactions, and the coffers at the Treasury.
In recent months, it’s been interesting to observe the reception to Greta Thunberg, the 16-year old climate change activist who has been afforded some high-profile forums. The impassioned viewpoints she has shared have earned her legions of fans, albeit no shortage of detractors too. In particular, a speech at the United Nations climate change summit stirred fractious debate.
