Credit Crunch 2.0
'Neither a borrower, nor a lender be' is being taken perhaps a little too literally by the financial sector right now. As credit continues to crunch, high street banks have been tightening their belts amid the fastest rates of consumer borrowing in five years.
When Martin Campbell needed £1200 to repair the guitar he built as a teenager, he decided to bypass the banks altogether, and instead pitched for a loan online. is an online marketplace that allows people to lend and borrow money with each other. It's one of a number of websites that aim to bring social, eBay-like principles to personal finance. Here's how Martin made his .
When I was 19 (I am now 47) I made a beautiful electric guitar. I couldn't play and knew nothing about guitars but sheer hard work and tenacity paid off and she was lovely by the time I finished her. Like an idiot, as soon as I finished it I sold it for £170 in 1981, and immediately lost touch with the chap I sold it to.
20 years later the midlife crisis kicked in and I decided I should learn to play the guitar after all. After buying a couple I realised the right thing to do was track down the one I made and buy her back.
This took me years - especially as the chap I sold it to had long since lived in LA in the States! He had given it to a friend years earlier. Tracked him down, made an offer he couldn't refuse and he sent it back over to the UK. When I opened the package I almost cried. Hadn't seen her for 23 years but I remembered every twist of the grain...
The years had taken their toll - and the neck in particular was pretty knackered. But the sound was wonderful!
I have since tracked down the guitar builder who rebuilt Brian May's (yes, THAT Brian May) very first guitar for him and has since built replicas of the famous electric Brian himself made. This chap has been taken with my story and has agreed to rebuild my baby for me, including making a new neck and doing some further work on the body.
I need the money to pay for this project, as although I am lucky enough to enjoy a well paid job as a self-employed consultant, cash flow at this time of year is always a little tight.
Pauline Brocklehurst is a self-described 'Zopaholic' who noticed Martin's listing and lent him £120 towards the project. She and Martin told iPM why they chose to go online with their money.
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