Provident - unsure what to do?

cmjohnson_86

I've applied for various loans now so I can consolidate my debts but have failed with all applications I have submitted, So it looks like Provident could be the only way out?

Im looking to borrow between £2 -£3 thousand pound to pay off debts as it just doesn't seem to be going down at all and would really like to jus pay everything off and only pay off the loan.

I hear alot of bad things about provident and not to sure why, So if anyone has any info or has had bad experiences with them could you please let me know. It does seem though that Provident is the only way to sort my mess out.

Im only young and am not that good with all financial aspects of things so any help/info would be great. Thanks alot.

Carl

newmum1

hi ya cm johnson, (im a fellow brummie too) anyway provident charge very high interest on their loans not sure how much but think very carefully as you could end up paying a lot more than you owe now.

cmjohnson_86

Yea i recieved a leaflet from them and it did have there interest fee's on. I think if I borrowed £1k i'd end up paying £1700 or so, which in the long run would probably be cheaper than paying it off the way I am now 'cos of interest and overdraft fee's. Not really sure what to do.. Starting to get really depressed about the whole situation. I know its my own fault and that but im 19 and I just wish that there was more help out ther available.

newmum1

could you not transfer it to a 0% credit card???

cmjohnson_86

Probably wouldnt get one if I applied not really sure to be honest. Its my overdraft as well as my credit cards.

black-saturn

Nooooooooo, not a provvie loan please. Their interest rates are too high and if you cant pay they send the heavy mob round. Believe me it's happened when I was with my ex. Much better to get a bank loan or even another credit card if you cant pay it off the good honest way.

Perhaps if you posted us a list of your incomings and outgoings we could give you some pointers.

fuzzgun19

I would phone or write to all your creditors(including your bank re: overdraft)and explain that you are in financial difficulty at the moment, and ask them to reduce or freeze your interest. Then offer them a monthly payment that you can afford(this is what i have done).

I would REALLY advise against going to Provident because of the interest. Heres a thread about provident -

http://forums.moneysavingexpert.com/showthread.html?t=112839

If you go down the provident route you will end up with thousands of ££s more debt than the £3000 you already have.

Good luck!

eek

Speak to your bank. If they were happy to give you an overdraft they are usually happy to remove the overdraft and give you a monthly repayment loan in its place.

in*the*red_6

newmum1 wrote:

hi ya cm johnson, (im a fellow brummie too) anyway provident charge very high interest on their loans not sure how much but think very carefully as you could end up paying a lot more than you owe now.

I got a letter from them this week it's :mad: 177% APR :mad: - absoultely extortionate. DON'T GO ANYWHERE NEAR THEM THEY ARE NOTHING MORE THAN LOAN SHARKS WHO PREY ON THE POOR.

What do you owe currently and to whom?

cmjohnson_86

Well i owe

Barclaycard CC £900
Capital Once CC £300
Natwest Overdraft £850 - Currently at: £700 O/D

black-saturn

Do you earn anything? Can you pay these off without getting any other loan? Whatever you do DONT get a provvie loan otherwise I guarantee you will be back here in a couple of years time in more debt and more trouble.