provident help on incapacity. Any advice would be appreciated!

heshootspresidents

I took out a £500 loan over the christmas period because I was basically in dire straits! And I now owe provident £900 over two years on incapacity benefits!

My credit history is quite bad, hence the provident loan.

I'm trying to find a solution where I can pay back provident with help from
another company because of my situation, I really don't like someone coming to my door every week for money and it's taking a huge chunk of my benefits!

We all make mistakes and I'm now starting to regret my foolishness!

Any help would be appreciated!

Kind Regards

cos_2

The Provi don't provide two-year loans from what I can see - can you give us details of your agreement, please? Their business model is short-term.

adea

Are you a previous customer of theirs? If not ,then you should not have been able to borrow over 2 years.
If you don't mind my asking, how much are you repaying per week?
My suggestion is to contact your local office and explain that you are having problems paying them and see if you can come to an arrangement with them.

wayne99

a 500 quid loan from provident they would of had to check your finances to make sure you can pay, any loan with them over £250 they do this, so they must of thought you could repay, and like the others have said 2 years ? normally provi loans have to be settled in 50 / 52 weeks.

Why on earth did you borrow £500 for christmas, it must of been one hell of a christmas to cost that much, but i do understand we all make mistakes.

The best solution for you is to either, phone there office and explain your situation.

If you are in genuine hardship just pay them what you feel you can afford and tell them they cant have any more.

i think its after 12 or 16 weeks they refer it to debt collectors and you would be able to agree a reduced payment plan, but they would continue to call on your home to try and collect the loan until they pass it over as the agents are paid commission on the money they collect so iam sure you can understand why they will continue to call as the agents wages depend on the collections.

Also be aware that provident now report to all three credit reference agencys so they would more then likely place a default on your credit file prior to the handover so that will be your credit file shot for 6 years.

The other option is to visit or phone the CAB and get some advice, they may be able to write to provident on you behalf or offer some viable advice on how you can reduce the payment.

good luck

nomoneytoday

heshootspresidents wrote: »

I'm trying to find a solution where I can pay back provident with help from
another company because of my situation, I really don't like someone coming to my door every week for money and it's taking a huge chunk of my benefits!

How would getting another loan solve the underlying issue?
A new lender would still require their debt to be paid off.

Is it possible to either increase your income or decrease your expenditure elsewhere?

bigdave1973

The only way you would be able to achieve a lower APR is if you compromise elsewhere, for example arranging a guarantor to back your application.

Bear in mind though that whilst you'll have to payback £400 in interest, as long as you meet all the repayments on time this loan could really give your credit rating a massive boost. This could save you much more than £400 in the long run!