177% Apr

[mish1953]

Im BR - have been since July .

I got an interesting piece of post to-day from Provident Personal Credit, address to me .. not usual mail shot.

A nice blurb about how they can get you a loan whatever your circumstances -- YOU COULD HAVE UP TO £500 ... hmm wonder where they got that odd figure from.

Then and example -- your gonna love this
Cash loan amount £300
55 weekly payments of £9
Total amount paybale £495
Typical apr 177%

I laughed so hard my socks fell off .


slainte
Mish

[Storm]

Thats about half of what it used to be - Provi APR was 300% at one time.........

[scaredkez]

wow 300% thats scandalous and people still went ahead with it!
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Storm]

Door step lending for you......... if you added it the number of times a loan was turned early the APR was even higher.

'None of this rule of 78 early settlement nonsence' as one of there directors once explained to me.

Everytime there agent makes a collection call they offer a topup and the cycle starts again.

[lily]

Dont mish, not that you would but they were one of mine, very upleasant when you cant pay, I was desperate at the time, needed the car through the MOT, should have realised I had hit rock bottom.

lily

[scaredkez]

i have actually been talking to a friend of mine tonight she took out a provi loan, the collector was ( i stress was) a friend of hers, and didn't turn up for the collections, ok what did she do but spent it of course, the collector had her whole family on the door threatening her when she couldn't pay the full amount, she complained to provident and they weren't interested basically, they have now sold the debt on, this all happened 4 yrs ago, and only now has she been asked for payment, but she owes over 7 times what she originally took out according to the debt collectors, never thought about it before when i originally posted, but she herself said she had hell from provi, the abuse etc.

kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Lisa2009]

I got that same letter today from Provident and so did hubby.

[Jo Rolland]

Provident, Greenwoods etc etc pray on desparate people, they are licenced loan sharks and it is absolutely disgusting what they get away with.

I was actually visiting a client once and the Provident collector turned up while I was there, the client told him that she couldn't pay, as advised by me, he started to threaten her and I heard every word. I then went to the door explained who I was and he went away with a flea in his ear. He never went back and the account was referred to their head office.

People talk about illegal loan sharks and their tactics, to me that would include Provident.

Please, anyone needing to resort to a loan from these companies, seek advice, don't do it, it is a vicious circle.

Jo Rolland
Debt Alternatives
www.debtalternatives.co.uk

[scaredkez]

my friend was getting that distressed today with them, as it was a letter from greenwoods she was contemplating taking a loan with a company she found in the paper who could guarantee her a loan as long as she paid £5o upfront, of course she doesn't know of my situation and all i kept saying was no don't do it sort your debts out without resorting to more credit, etc, as you can imagine, but she was so frightened after the greenwoods letter and also the phone call one chap said she could pay £6 per month then a lady phoned 10 mins later saying they would not accept less than £10 she is on benefits one parent family with 2 kids, could see she was desperate, been there told her not to do anything without talking to me first.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[mish1953]

No way would I want a loan anyway but I feel that companies like this should be closed down, I have never had anything from them before so I guess they got my name & addy from the Insolvency site .. please , please let them send someone round to try to sell me their money .. it would be entertaining watching them walk away after getting my size 13 steel toecap ..;-0

Dont get pulled into this sort of thing it's just daft .

Mish

[Adam Davies]

Hi
Be careful of companies who want £50 upfront to guarantee a loan.You will not always get one and very often if you are "lucky" enough to get one it is at a completely different rate than that originally quoted.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[pixie]

I got one too! I didn't even look at it, just ripped it up and put it were it belongs!!
Makes you wonder how many people get sucked into it though.

Pixie

[lily]

I was told it was against the law that the customer makes a payment before a loan would be approved or even by taking the first installment the same week as the loan was given. Things may have changed now though.

lily

[Phil]

HI I have just got an email from provident offering me a loan at 183.2%!!

P