Life started to unravel for Lorraine financially when one of her whānau was sent to prison and Lorraine started caring for their children. This involved travelling from Auckland to Hamilton regularly. “My car wasn’t really up to it and on top of that the cost of petrol on a regular basis was getting expensive,” she says.
Even before that, Lorraine already had a lot on her plate financially, including several loans that she had taken out to cover different expenses. “I stopped smoking and cut out a lot of things, but I couldn’t see how I was going to get on top of the situation. I wanted to help my whānau and I did my best, but I just couldn’t any more. “
Lorraine had worked with financial mentors in the past and went back when she realised she was ‘drowning in debt’ and had no way of getting out it. “I was trying to pay off the loans, but because of the types of loans I had, I wasn’t getting ahead. The interest I was paying each month was taking all of my money,” said Lorraine.
Lorraine’s financial mentor suggested that she apply for a GetControl Debt Relief Loan from Ngā Tāngata Microfinance. Her application was accepted, which she says immediately changed her life. “Being able to pay off just the loan amount – without all that high interest – made such a difference to getting the debt down. It came directly out of my bank account, so it was always paid and easy to manage.”
“My financial mentor was awesome,” said Lorraine. “I had been having so many sleepless nights and she took so much pressure off me. It was horrible having to deal with those high-interest loan companies and I’m so thankful I don’t have to do that again.”
Ngā Tāngata Microfinance was amazing as well. They supported me every step of the way and I am very grateful that they were there to help me. “
Note: some names including those of the loan companies have been changed. Any re-publishing of these case studies needs the permission of Ngā Tāngata Microfinance Ltd