Provident - unsure what to do?

dirtycash_2

Hiya,
Mate dont do a provident loan iv just looed on thre web site,

To borrow £500 you pay back £32 for 23 weeks = APR 497.4

No wonder so many people get in debt when we have scum like the provident out there.

dirtycash_2

sorry abt the spelling above lol, just got back from the pub lol

lee3276

Borrowing from peter to pay paul is not really a good idea, unless it's 0% or lower than your current APR, I wouldn't touch provident with a barge pole, ever heard the saying staying in is the new going out, enjoy your xmas then in the new year work overtime, stay in and pay the debts off. I'm in the same situation as you, but I've got £6500 to pay off, you have a girlfriend stay in watch a movie, cinema anything thats really cheaper than an expensive night out.

Regards
Lee

Below was my current debt, until 9 weeks ago when finacee ended it i blew over £2000 partying, Thick as S*** i know but its helped me get over her

johanne

cmjohnson_86 wrote:

My main outgoings are on non-essential items

At least you acknowledge main outgoings are NOT essential.. so it will be easier for you to justify cutting back.

I go to Raves and nights out, Not as much as I used to but its the only time I ever really enjoy myself.

Maybe you need to find something other than raves/nights out to enjoy? Footy in the park with your mates? Going for walks with your girlfriend? Having nights IN with your mates/girlfriend with a couple of cans? Just reducing the amount you go out by one or two nights a month will make a difference.

Also take my gf out to the cinema every now and again

Does you girlfriend pay anything towards these trips? I.e. You pay for the tickets - she gets the popcorn and drinks? Or vice versa? how about staying in and getting free dvd rentals to watch together instead with shop bought popcorn and coke etc?

I know that people will say, dont go out and stuff but im 19 and I dont really want to stay in all the time and im pretty sure my gf would get fed up if we never done anything or went anywhere.

You dont need to stay in all the time... just cut down - even just while your paying off the debts... short term cut backs for long term gain! Plus if your girlfriend is a decent girlfriend and cares about you then im sure if you explain the situation she wouldnt mind cutting down on your nights out and other things you do together. Love comes for free and theres nothing nicer - specially in the winter than just cuddling up under a duvet watching a dvd and keeping each other warm (;) ) or going for long walks in the summer evengings. Quality time together doesnt have to mean spending money.

Oh and at £150 a week and hardly any outgoings you could easily pay the debt off without having to take out another loan - especially from the provident. Dont even consider that!!

One thing to consider would be to open a basic bank account with no overdraft etc and get your wages paid into that so it isnt eaten up straight away by re-paying your overdraft meaning you go back into it instantly. Just transfer enough to cover any bills you have coming out of your existing account now (such as sky etc) plus something towards paying off the overdraft - depending what you can afford.

I really would suggest posting a budget here i.e. your income/outgoings and your APRS on your debt etc and people will be able to help you sort out the best and quickest way to pay it all off.

cmjohnson_86

I agree with all of the help you have given me and I thank you all very much for it. Its made me look at things in a different way too now. Im really going to sort this out and get my life back on track and stop being so stupid sometimes.

Will definately be opening a new bank account and ill see about the 0% cc. Have just brought Martin Lewis's new book to so that will also give me extra tips on how to cut back. All you MSE's are great, im now more determined than ever to help myself and get this debt under controll.. Thanks once again!

black-saturn

Good luck and let us know how you get on :xmassign: