The Board meeting of 20 February was the first official meeting since the four members elected to the Board at the AGM officially took up post and it was my pleasure to welcome them officially as directors.

Representatives from Johnson Carmichael, our internal auditors, attended the start of the meeting and we received, discussed and approved six reports from them. We also received our standing reports on the accounts and loan book from the CEO and then moved on to a discussion around our consolidation loan product. Introduced in 2015 the product is designed to help people bring all their debt under one responsible lender. The interest rate of 19.5% is very competitive for this type of product and, as a result, we now have over 300 of those loans with an average balance of £4,500.

Yours in co-operation,
Stephen Wood, Vice Chair