Provident Financial secrets revealed

yellow100

Provident Financial based in bradford is a door step lender, ala a modern day loan shark company, but dressed in suits and based in offices, so people think of them as reputable.people with very poor credit history or people who the banks won't lend to, are providents biggest customer base, so they target this customer base with emails, letters, card offers, vouchers, cold calling...........etcThey have 'agents' who are self employed and work on a commission basis, so the more loans they can get people to sign up for the more commission they stand to make. These agents target even pensioners, people over 70 years of age and get them to sign for loans, loans which they don't need.The agents give out loans to anyone, they don't care, as long as they make their commission!Staff are told to use the name 'ck edrupts solicitors' when you call them, so you think you are calling a real solicitors company, its the name they have on some of their letters, but in fact you are calling provident financial telephone staff, 'we act for provident financial' - but in reality there is NO ck edrupts solicitors - its just call centre staff based at providentwhen you call to make a payment, they will ask you to make a higher payment, example......if you offer to pay £5 a week, they will ask for £20 a week, then they will say 'let me speak to my manager' - now they will just put you on hold, there is no mananger, they you to want to think they are talking to manager!then they will say to you 'i just spoke to my manager, we can meet you half way at say £12 a week' - to avoid court proceedings, they use scare tacticswhen a customer calls provident staff will ask' HOW MUCH can you pay today' - they have been told to say this, so you WILL make a paymentYou DONT have to pay them, what they ask you to pay, you can offer them £1 a week and there is NOTHING they can do about it, besides making court threats, which they NEVER carry out on debts under £500 - because it costs the company more in court expenses, paper work...........etc, so its not viablethey treat they staff like slaves, underpay them, make they work silly hoursThe BEST way to NOT pay provident and ALL your creditors is to take out a DEBT RELIEF ORDER, which costs less than £100 to apply for, this will WIPE AWAY ALL your debts inc providents, after 6 months from application dateMAKE SURE you list provident personal credit or greenwoods personal credit on your DEBT RELIEF ORDER REFUSE to provide any further information after you have sent in the DEBT RELIEF ORDER to provident, DO NOT PROVIDE ANY INFORMATION ON A MORTGAGE, CARS, PENSIONS.........etc you have, as they will use this to object the DEBT RELIEF ORDER - saying this customer has money to pay for insurance for a car, car tax, petrol, has a mortgage, so he has money to pay usSO DON'T TELL THEM AND ALL YOUR DEBTS WILL BE WIPED CLEAR IN 6 MONTHS TIMEThey are also culling staff numbers before or after xmasAVOID provident financial, ask your friends or family for financial help, but stay clear of this company!A channel 4 documentary which will be shown this year or early next year on door step lenders, which will have covert footage on how they REALLY workThey also owned YES CAR CREDIT - that says it allThey con staff by giving them a £500 bonus at xmas, which is halved after tax, to make staff think 'yeah this company really cares about me, i love them' - its all a facade, your just a number to them!you can also take legal action against provident sending you letters for requsts for payments - its harrassment and you can claim ALL the interest on their loans and any PPI insurance you have taken out with themtake out a £1000 loan, then 2 weeks later go bankrupt and tell them when you signed for the loan, you didnt realise you financial circumstances would change and you would be bankrupt, they can't take the money from you!they buy debt cheap from other companies, which is why they are so keen to offer 'settelemnts' on your loan, so they could buy your debt from xyz company for £30 (you have £500 debt) and then they will say to you, 'we can offer you a settelemnt at £235' - making you think its a bargain, when in fact they bought your £500 debt for £35 and are asking you to make £235 as full final settlement - clever don't you think!

Penny-Pincher!!

But dont YOU have to sign the paperwork and apply for the credit initially...they dont make you! It's your choice at the end of the day, so you just dont apply in the first place.

They usually tell you exactly what you have to pay in the long run up front anyway.

yellow100

giving loans to pensioners is just plain silly, their agents work on commission and bonus rates besides their normal wage, so they are KEEN to make sure you do sign!once your signed up with provident, they will swamp you with offers for more loans!Barnardo’s, the children’s charity, accused Provident of driving poor families into “worrying levels of debt” and called for an inquiry into doorstep lending practices.It said that Provident, one of the biggest home credit providers in the UK and Ireland, charged “extortionate” annual percentage rates of up to 545 per cent to hard-up borrowersThey are also now offering loans to people to pay off existing debts at a discount - makes sense, get deeper and deeper in debt!a little rumour that provident have bought out Wescott. So they are now a DCA too running a scheme called freshstart

adea

What proof have you got to back up all you have put in your 1st post?
Yes agents work on a comission basis but that is from what they collect, not from the loans they offer,they do not get a normal wage as you put it.
Agents do not offer loans to anyone, anyone applying for a loan has to undergo a check to see if they are elligible.
No-one is made to sign up for anything they don't want.
If people don't want any information from them they can ask for their name to be taken off the mailing list, they do not email people, as they do not ask for an email address.

adea

yellow100 wrote: »

Provident Financial based in bradford is a door step lendertrue, ala a modern day loan shark company, but dressed in suits and based in offices, so people think of them as reputable.people with very poor credit history or people who the banks won't lend to, are providents biggest customer base, so they target this customer base with emails, letters, card offers, vouchers, cold calling...........etcThey have 'agents' who are self employed and work on a commission basis again true, so the more loans they can get people to sign up for the more commission they stand to make. These agents target even pensioners, people over 70 years of age and get them to sign for loans, loans which they don't need.The agents give out loans to anyone, they don't care, as long as they make their commission!not true, as i've posted previously, people applying for loans have to be checkedStaff are told to use the name 'ck edrupts solicitors' when you call them, so you think you are calling a real solicitors company, its the name they have on some of their letters, but in fact you are calling provident financial telephone staff, 'we act for provident financial' - but in reality there is NO ck edrupts solicitors - its just call centre staff based at providentwhen you call to make a payment, they will ask you to make a higher payment,false there is no call centre and agents collect the money, customers don't phone up to make payments, example......if you offer to pay £5 a week, they will ask for £20 a week, then they will say 'let me speak to my manager' - now they will just put you on hold, there is no mananger,each agent reports to a line manager who in turn reports to a manager above them they you to want to think they are talking to manager!then they will say to you 'i just spoke to my manager, we can meet you half way at say £12 a week' - to avoid court proceedings, they use scare tacticswhen a customer calls provident staff will ask' HOW MUCH can you pay today' - they have been told to say this, so you WILL make a paymentYou DONT have to pay them, what they ask you to pay, you can offer them £1 a week and there is NOTHING they can do about it, besides making court threats, which they NEVER carry out on debts under £500 - because it costs the company more in court expenses, paper work...........etc, so its not viablethey treat they staff like slaves, underpay them, make they work silly hoursThe BEST way to NOT pay provident and ALL your creditors is to take out a DEBT RELIEF ORDER, which costs less than £100 to apply for, this will WIPE AWAY ALL your debts inc providents, after 6 months from application dateMAKE SURE you list provident personal credit or greenwoods personal credit on your DEBT RELIEF ORDER REFUSE to provide any further information after you have sent in the DEBT RELIEF ORDER to provident, DO NOT PROVIDE ANY INFORMATION ON A MORTGAGE, CARS, PENSIONS.........etc you have, as they will use this to object the DEBT RELIEF ORDER - saying this customer has money to pay for insurance for a car, car tax, petrol, has a mortgage, so he has money to pay usSO DON'T TELL THEM AND ALL YOUR DEBTS WILL BE WIPED CLEAR IN 6 MONTHS TIMEThey are also culling staff numbers before or after xmasAVOID provident financial, ask your friends or family for financial help, but stay clear of this company!A channel 4 documentary which will be shown this year or early next year on door step lenders, which will have covert footage on how they REALLY workThey also owned YES CAR CREDIT - that says it allThey con staff by giving them a £500 bonus at xmas,where is the proof of this? my manager never got a bonus like this which is halved after tax, to make staff think 'yeah this company really cares about me, i love them' - its all a facade, your just a number to them!you can also take legal action against provident sending you letters for requsts for payments - its harrassment and you can claim ALL the interest on their loansthe interest is covered in the loan itself and how much you pay back and any PPI insurance you have taken out with them Provident do not offer PPItake out a £1000 loan, then 2 weeks later go bankrupt and tell them when you signed for the loan, you didnt realise you financial circumstances would change and you would be bankrupt, they can't take the money from you!they buy debt cheap from other companies,they do not buy debt from other companies, why would they do this when they are a loan company which is why they are so keen to offer 'settelemnts' on your loan, so they could buy your debt from xyz company for £30 (you have £500 debt) and then they will say to you, 'we can offer you a settelemnt at £235' - making you think its a bargain, when in fact they bought your £500 debt for £35 and are asking you to make £235 as full final settlement - clever don't you think!

Most of what you write is vitriol and sounds like you are confusing other companies.
You contradict yourself by saying that Provident are a doorstep lender on one sentence, then in the next say that people call them to make payments!
Yes sometimes people can call to make payments but they are never asked to pay more than the amount stated on the agreement they signed.

yellow100

adea wrote: »

Most of what you write is vitriol and sounds like you are confusing other companies.
You contradict yourself by saying that Provident are a doorstep lender on one sentence, then in the next say that people call them to make payments!
Yes sometimes people can call to make payments but they are never asked to pay more than the amount stated on the agreement they signed.

you fail to understand that provident is a door step lender, which use agents that go into peoples homes BUT they DO HAVE a call centre at their bradford headquarters and call centre staff that work there!They have one entire floor devoted to the call centre, so customers do ring in to make payments if they choose to do so! - you need to get your facts right!We are talking about the repayments each week on the loan taken out, the loan amount stays the say, but if you agreed to pay back a £100 loan at £2.50 a week, staff will start off by asking you 'how much can you oay today' - then try to push you into making a £5 payment instead of the agreed £2.50, telling you 'you will clear the debt faster, it will only take xyz months, instead of xyz months'so simple, why you cant understand this?

mikeandrach_2

yellow100 whats your background? are you a disgruntled customer? a competitor?

yellow100

They are also now offering loans to people to pay off existing debts at a discount - makes sense, get deeper and deeper in debt! a little rumour that provident have bought out Wescott. So they are now a DCA too running a scheme called freshstartprovident buy debt from other companies SO CHEAP such as wescot or moorecroft, say they buy your £250 debt for £25, then your debt belongs to provident, they can ask you to make a settlement, say £175 to close your £250 balance, (its only cost them £25 to buy your debt), you think great!, I only pay £175 to clear a £250 loan, but you don;t know the reason why they ask you to settle your debt and we will offer you a discount toady, is because they bought it at the cheap!

mikeandrach_2

yellow100, you don't like provident, we get the message. and the debt collection thing is common to all debt collection agencies, you are making a story out of a non story, its economics, deal with it.

adea

okay, so maybe i got it wrong about Bradford, but the majority of people will pay their agent and they choose to pay the extra, most agents i know do not push for the extra money, it is the customers choice and they could possibly get a rebate if they pay up quicker.
You seem to be basing your post in the few people who call to make payment as appose to the majority who pay their agent.
I don't fail to understand that Provident is a door step lender with agents, I used to be one myself, so i do know about repayments and agreements and how an area office runs.
You seem to have not responded to your claim of Provident buying up other loans.
Do you have personal experience with them and it was a bad one?
I ask as i have never come across anyone as hateful of provident as you seem to be.

Extant

...so?

It's not a crime to sell receivables as a going asset. It doesn't somehow reduce what you owe just because a company will sell it for less than what's owed.