Safer, warmer, happier – Colin’s story

Loan Scheme:Home Improvement Loan

Location:Bath

Partner:Bath & North East Somerset Council

Colin lives in a village on the outskirts of Bath and has lived in his semi-detached house since he was four years old.

When he lost his parents some time ago, he inherited the house and lived there alone, but Colin didn’t want to move as the house held many fond memories and he also had some great friends nearby as well as good local facilities in the area. Colin was also able to live independently without a mortgage to pay. However, as time went on and the house started to become cold and damp and the bills were going up, Colin struggled, and his home started to become a bit of a problem. However, relying on a state pension and limited income and at aged 67, a loan to make some home improvements was not an option from a mainstream lender. Colin discovered Lendology, a not-for-profit organisation in the South West who use funds from local councils to provide homeowners with loans to fund a range of improvements to homes.

After the initial enquiry, Colin was visited by a Lendology personal Adviser, Andy, who explained the service to Colin and talked him through a range of loan products available. Upon completing a financial assessment and credit score and despite being 67 years old at the time, Colin was eligible for a loan and was offered an ‘interest roll-up’ loan. Because Colin had limited income, but equity in his house, loan payments did not need to be made on a regular basis that can often be the case with loans. With an interest roll-up loan, at such a time that Colin’s house sold, for whatever reason, the loan amount plus the interest is fixed (4.2% APR), would be repaid in full.

Lendology used funds from Bath and North East Somerset Council, the local authority, to lend Colin £8,350 to pay for new double-glazed windows and external doors throughout his house, which was approved within four weeks. The work also included building some steps at the rear of his house so he could access the back garden safely. Somerset Care & Repair, who work together with Lendology, carried out all of the work to Colin’s delight. From the initial enquiry to the completion of all the work, took less than three months.

“I couldn’t believe that I got so much help with my home when I needed it and didn’t really know what to do. I’m very happy living here and it’s so much safer and warmer and I am so grateful to Andy at Lendology and his colleagues at We Care Home Improvements for making such a difference to my life.”

Colin originally secured his loan in 2012, and although he didn’t need to make monthly payments as a result of his circumstances and as the loan would be repaid upon the sale of his house, Colin has diligently saved money every year and has recently paid off his loan in full.

A loans adviser for Lendology said: “The help and support available for other homeowners like Colin is out there and by sharing Colin’s wonderful story, I hope that others who may be struggling in their homes will get in touch with us at Lendology as we may be able to help.

“Each year since I approved his loan, Colin contacts me to say he’s saved up some money and he makes a payment to clear some of his total loan amount. In February 2019, seven years after taking the loan, I couldn’t believe it when Colin rang me to say he wanted to make his final payment; he’s the first person I’ve had in ten years of working at Lendology where this has happened! I’m delighted for Colin and his new and improved home and I wish him many more happy years there to come.”

For more information about our range of home improvement loans, contact us on 01823 461099 or email enquiries@wrcic.org.uk.

“I really am pleased to be able to carry on living in my lovely home where I grew up and now having paid off all of my loan; it feels great! I’m sure there’s lots of others out there like me, so I’d definitely recommend getting in touch with Lendology to get some help, you’ve got nothing to lose.”

Colin

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