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: We hear from borrower Carol
Carol is an Educational Development Executive for a global travel company, and hails from Avonbridge in Falkirk. She has lived in Scotland her whole life, but always dreamed of retiring to Spain, where she had often holidayed with her family, and previously owned a property. Recently the dream was set to become reality when she found the ideal home, but an unforeseen complication put the purchase of her new Spanish home in jeopardy. Luckily, that’s where a loan from Lending Works came in…
Carol’s dream move
I owned a property in Spain many years ago, but had to sell it after my marriage break-up. But it was always my dream to go back there. My eldest son, who is now almost 28-years old, had not been back to the area where we had our home since he was 14, and he so wanted to have a chance to go back there. He had been hospitalised for over four years due to a serious mental illness, so it really was his ‘pipe dream’, as well as mine.
I sold my UK home a few years ago, and kept all my savings to put towards a new Spanish property, which will, initially, be used as a holiday home for my family, but hopefully, enable me to retire there in the future. I held on to these savings as I was awaiting a huge pension pay-out after a divorce settlement, but I was unable to receive the funds until I reached the age of 55.
A cruel twist of fate
The clock ticked over, and, as soon as the birthday celebrations died down, I was on the phone to the pension administrator. However, to my horror I was told that they had already paid out the full amount to my ex-husband, who somehow managed to make a fraudulent claim. I have been fighting ever since to try and get my money, but to no avail.
When the chance came up for me to purchase an affordable house, we couldn't have been happier, but, at the very last minute, I realised we were short of funds, as the Spanish banks require you to take out house/life insurance with them for the whole term. Whilst I was putting a big deposit down, I was left a bit short when I didn't get the money due from my pension, and I had to complete the purchase within two weeks, or lose out on it.
A loan to the rescue
The loan from Lending Works enabled me to pay for the ‘extras’, and complete the purchase.
I can't tell you how it made me feel to see the look in my son's eyes when I took him back to his beloved Spain, and realised that we were finally home.
We simply would not have been in this position were it not for the loan, which was so quick and easy for me to get. Sure, having an obligation like this wasn’t necessarily something I was anticipating at this stage of my life. But it is only for five years, and the repayments are very affordable – nothing a bit of careful budgeting can’t take care of.
More importantly, after many, many stressful years, this has been a very happy ending (or beginning) for me, and it’s been a long time since I’ve been this excited about the future. Many happy days of Tapas and sunshine lie ahead, and we couldn’t be happier!
Related articles:
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
January tends to be a comedown following the Christmas festivities, and, from a personal finance perspective, a time for many Britons to lick their wounds. In particular, for those who’ve over-extended their credit card, it may feel like the walls have started to close in.
A new year, and indeed a new decade has dawned. Reflecting on 2019, what seemed to have got lost in the noise and political hysteria was the fact that the UK economy actually held up remarkably well.
As the good times rolled in the mid-2000s, only a precious few sounded the alarm as lending became increasingly reckless. Northern Rock's infamous 'Together' 125 per cent mortgage epitomised the rush for high loan-to-value (LTV) deals at a time when it was thought that house prices would just keep going up forever.
For those with an eye on the economy, 'GDP day' is always one to mark off in the calendar each month. And it's been a hot topic for the UK in 2019, with the latest update showing zero growth for the period from August to October.
One of the perceived strengths of the auto-enrolment pension scheme is its simplicity – indeed, it is actually a greater effort for an employee to opt-out of a workplace pension than it is to be enrolled into one. No further actions are required, and the retirement fund grows as the months and years pass by.
On Monday this week, a new FCA regulatory framework came into effect for peer-to-peer (P2P) lending in the UK, in line with June’s PS19/14 Policy Statement.
Recent
The Lending Works Shield does not give you a right to a payment so you may not receive a pay-out even if you suffer loss. The Lending Works Trustee has absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the Lending Works Shield when considering whether or how much to invest. For more information click here.