Part 1 – Mrs Petrova
We know that it is easy to claim advantages and that no financial institution or lender can claim to be better than everyone else in at least one thing. Of course, there is nothing wrong with that. We all strive to differentiate ourselves from the competition with preferential offers, personal attention and lower fees. The problem comes when the focus falls too much on the technical part and we forget about the human part, namely the opportunity to help a person in financial difficulty.
For this reason, we have decided to launch the “Succeed with us” section, where we will briefly tell you stories of our clients who have managed to take control of their situation again after a loan from Light Finance. We will, of course, keep the identities of these people confidential and use sample names that have no connection to the borrower.
In November 2021, Ms Petrova applied online with us. The loan he needed was 23 000 BGN. She owns an apartment of about 50 square meters in Sofia. This is the real estate she offered to secure her loan to us.
The reason she came to Light Finance was that she already had 10 fast loans with a total amount of more than 15 000 BGN, some of them were overdue for more than a year. Although she has an unofficial income of more than BGN 1,000 per month, under her employment contract she takes the minimum wage, which is a serious obstacle for any bank.
In the process of reviewing the documents, we identified 5 foreclosures, two foreclosures on the property, a lien on the bank account, and tax liens on the property.
Although Ms Petrova can pay up to 700 BGN every month, the situation she was in did not allow her to get favorable credit terms with most lenders, and banks directly refused to grant credit.
However, after carefully reviewing her application, we decided to make her an offer. We gave her 14 days to read the terms calmly, to think about whether she was happy with them and, if so, to sign a contract accordingly. She was so thrilled with the individual approach and offer that she was ready the very next day.
From here on we took over. We have granted the requested amount of £23,000 with a monthly payment of £660 so as to accommodate her maximum ability to pay. We paid off all her obligations by performing:
- A transfer to the Metropolitan Municipality’s bank account to repay unpaid property taxes, administrative service charges and garbage fees;
- Transfers to two CSIs with claimant Toplofika Sofia EAD;
- Transfer to the CSI with claimant Sofiyska Voda AD;
- Transfer to the CSI in enforcement case X to lift the attachment on the client’s bank accounts;
We signed the contract with Ms. Petrova less than a month after the application. So far there has not been a single default and within the next 3 months the client has the opportunity to take advantage of our “Percent for You” program, which can reduce her interest rate by 1 point.
This is one of the many success stories we have at Light Finance because we value our clients and genuinely try to help them. If you are in a similar situation to Ms Petrova, you can contact us via our contacts here, apply online by
click here
, or visit us in person at one of
our offices
.
