Entirely North East

COUNTYDURHAM FINANCE NEWS

Monday November 21 2016


More than 1 in 3 people living in the north of England admit to being in debt


Financial inclusion organisation, Five Lamps, is helping people left out in the cold, break free from debt this winter.



More than 1 in 3 people living in the north of England admit to being in debt

A NEW study reveals almost half of people in the North (41%) admit to being in debt, with many of these feeling the strain just weeks before Christmas.

The YouGov poll, which was commissioned by responsible lenders Five Lamps, showed more than 1 in 3 people in the north had personal debt other than a mortgage or student loan.

It also revealed that more than 1 in 4 northerners ( 26%) said they were struggling to cope, feeling worried or stressed out by personal debt such as credit cards and loans – with some even revealing they felt trapped in a cycle of debt.

Now Stockton-on-Tees based Five Lamps has joined forces with leading supermarket Asda and other responsible lenders across the country to launch Affordable Loans – a partnership that aims to combat these feelings and help break the cycle of high cost borrowing and debt.

Chief Executive of Five Lamps, Graeme Oram, said: “It can be hard for people to admit that they are not coping with their debt and Christmas can cause extra stress and worry for people.

“We want to make sure that people in the North East no longer feel trapped by helping them to manage their debt in an affordable way. Some people are just one step away from being stuck in a cycle of debt and we offer products to change that and help people break free from high cost borrowing.

“Many are shut out from the best interest rates when they need it most, and this means they can be taken advantage of, being lured into taking out high interest loans or expensive credit cards to pay for Christmas.

“Debt can affect everyone from young workers to worried working families and beyond, so we are here to give as many people as possible fair access to loans they can afford.”

The Affordable Loans partnership, made up of Five Lamps, Scotcash, Scotwest Credit Union, Manchester Credit Union and Leeds Credit Union, has the backing of the Cabinet Office and credit score experts, Experian. 

It aims to make it easier for people with poor or no credit rating to access affordable loans, saving them hundreds of pounds in the process. Customers can go directly to the Affordable Loans website to get a quote or via Asda Money.

Katie Walley, head of Asda Money, said: “People can’t always be prepared for life’s little surprises. From pranged cars to pricey boiler repairs, it’s those unexpected curve balls that many of us don’t budget for. This can result in many being trapped in a destructive cycle of high rate borrowing which is why Asda has partnered with Affordable Loans.

“As you would expect from Asda, we want to help those who have been turned away by their bank or who have a poor credit history to get a fair and ethical deal when they need a loan. We hope in turn this will enable people to break the cycle of unaffordable debt and take control of their finances once again.”

For more on Affordable Loans and to get a quick quote visit www.affordableloans.credit or follow @loan_affordable on Twitter to find out more.

 



"We want to make sure that people in the North East no longer feel trapped by helping them to manage their debt in an affordable way. "
Graeme Oram, CEO of Five Lamps








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