Franchisee Paul West talks about the rewarding side of the industry...

“Sometimes in the endless chase for business, bringing in fees and being politically correct in line with the ever increasing guidelines, we maybe lose sight of the tremendous job we do in helping many clients.

“Yesterday I met with a 73-year-old single lady living alone in sheltered accommodation in a one-bedroom bungalow. Her only living relative is a niece who was doing her utmost to help her aunt.

“The lady’s home was spotless and well kept, but freezing cold. It is no exaggeration to say that it felt warmer outdoors than inside, and the lady normally took to her bed in the afternoon just to keep warm.

“She lived on a pension income in the region of £600 per month and as her rent was just £5.60 per week and she paid no council tax - she should have been relatively okay.

“That is, had it not been for Messrs Barclays, Capital One and Bank of Scotland, who between them had managed to loan her almost £30,000 and this month were looking for immediate payment of in excess of £1,700.

“The sad fact was that she had had very little benefit from the money and it had been mainly used for repaying the ever increasing number of loans and ‘top ups’ supplied by the above three musketeers.

“She had no relatives to help, the Citizens Advice Bureau were uncontactable and as she is, perhaps, not the most proficient when it comes to ‘form filling’.

“She was trapped in the downward spiral giving every penny she could lay her hands on to her creditors. Indeed only two days ago she paid the Bank of Scotland £400 which she had borrowed from her niece.

“So, any thought of heating and lighting her home had completely gone out of the window.

“My immediate advice was that she should go bankrupt as she had no assets and nothing to lose but, as with so many people of that generation, she was adamant that she could not deal in any way with the courts and the perceived shame, but also felt she had a duty to repay her debts.

“With a great deal of juggling we managed to sort a DMA with some financial help from her niece and leave her in a relatively comfortable financial position.

“None of this would have been possible without the professional and reassuring way the lady was dealt with when the initial head office appointment was made, and who ever made the appointment deserves not only my thanks, and the thanks of the client, but also the highest praise for the caring and skilful way the appointment was made.

“Also, I must also praise Stacey at MoneySave for the caring and understanding way she dealt with the client whilst we were opening a Secure Trust Bank account.

“Whilst I am not sure that the client totally understood everything that Stacey had to tell her about during the call, I am sure that the lady was happy at the end of the call and really appreciative of the time and care Stacey gave her.

“Without being melodramatic, I do feel that we may have helped save this lady from starving or freezing to death and map out a more secure future, none of which would have been possible without the skill and professionalism of the team at head office.

“I would really appreciate it if you would pass on my heartfelt thanks to the people involved.

“Unfortunately, the lady in question is not unique, and in my seven years in the industry I have come across many similar cases. In times of ‘plenty’, the banks had been actively calling the lady on regular intervals to advise that, ‘as interest rates had fallen’, she automatically qualified for a top up loan.

“There was never a thought as to how these loans would be repaid. Ultimately, the lady was borrowing extra just to service existing debts with the logical disastrous result.

“The lady is like so many of her generation who feel bankruptcy is somehow wrong and unfair on the banks. I’m not sure I share that belief!”

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