Meet Loqbox member, Precious. She spent time in the hospital undergoing cancer treatment. When she came home, she was met with bills and an eviction notice. She focused on rebuilding her financial life, made money moves with Loqbox, and has her eyes on the future. Here’s her story.
When financial challenges hit hard
Several years ago, Precious received a cancer diagnosis and spent six months in the hospital receiving treatment and recovering.
When she returned home, she discovered the money challenges were just beginning.
She was in debt, had loads of bills to pay, and she felt like she had lost control of her future and her financial wellbeing. “I was broke,” she says.
“I came home to a pile of brown envelopes. I knew exactly what they were. The mortgage had not been paid, and I was given a letter of eviction.”
Precious sought help from a debt charity, which supported her for three years while she got back on her feet, but the emotional impacts were longer-lasting.
“I completely lost confidence when it came to handling my money.”Even in the face of uncertainty, she was clear about money moves she wanted to make: “I wanted to move out of London, and to sell, but I knew there was no chance anyone would lend me money because my credit was rubbish.”
When she returned home, she discovered the money challenges were just beginning.
She was in debt, had loads of bills to pay, and she felt like she had lost control of her future and her financial wellbeing. “I was broke,” she says.
“I came home to a pile of brown envelopes. I knew exactly what they were. The mortgage had not been paid, and I was given a letter of eviction.”
Precious sought help from a debt charity, which supported her for three years while she got back on her feet, but the emotional impacts were longer-lasting.
“I completely lost confidence when it came to handling my money.”Even in the face of uncertainty, she was clear about money moves she wanted to make: “I wanted to move out of London, and to sell, but I knew there was no chance anyone would lend me money because my credit was rubbish.”
Rebuilding credit confidence
It was in the turbulence of debt recovery that Precious discovered Loqbox: “They were really trying to help people get their credit rating back up. You give them X amount of money every month and report it to the credit reference agencies, like Equifax and Experian.”
Precious joined Loqbox and set aside small amounts of money, reliably and regularly, each month. “I observed how that impacted my credit score. It’s gone up, I get better interest rates, and I’ve been more confident about managing my finances.”[1]
Precious realised she could get her savings back, too. “At the end of the 12 months, I had an email saying: ‘You can withdraw the money.’ I had this pot of money, it was beautiful.”
Precious joined Loqbox and set aside small amounts of money, reliably and regularly, each month. “I observed how that impacted my credit score. It’s gone up, I get better interest rates, and I’ve been more confident about managing my finances.”[1]
Precious realised she could get her savings back, too. “At the end of the 12 months, I had an email saying: ‘You can withdraw the money.’ I had this pot of money, it was beautiful.”
Taking the first step
“The journey for me is not about being in debt,” she explains, “it’s about improving my credit reports so I can get a mortgage somewhere in the future.”“You have to be proactive about your finances,” she continues, “you can’t bury your head in the sand.”
“I recommend Loqbox because I’ve been with them for three years, and I’ve seen how it’s made a difference to my life. You don’t have to put huge amounts of money in, just start small and see what difference it makes to you.”
“My goal is to try and pay the mortgage off as early as possible.” If you need support with your debt, chat to our partner StepChange.
[1]Improvements to your credit score are not guaranteed.
Missing payments to Loqbox or other credit accounts may harm your score.Precious is a Loqbox member. She kindly shared her story with us and received compensation for her time.
“I recommend Loqbox because I’ve been with them for three years, and I’ve seen how it’s made a difference to my life. You don’t have to put huge amounts of money in, just start small and see what difference it makes to you.”
“My goal is to try and pay the mortgage off as early as possible.” If you need support with your debt, chat to our partner StepChange.
[1]Improvements to your credit score are not guaranteed.
Missing payments to Loqbox or other credit accounts may harm your score.Precious is a Loqbox member. She kindly shared her story with us and received compensation for her time.
Join LoqboxImprovements to your credit score are not guaranteed.
Missing payments to Loqbox or other credit accounts may harm your score.
.png){kind=small}