Provident loans :(

leanneslow

Hi, very stupid I know but I have yet another provident loan...

I owe about £1000 which includes interest. I repay £24.50 per week and have had the loan about a month. Would provident let me renegotiate payments and pay either a lesser amount each week or let me pay via direct debit?

Please can someone help?

DarkConvict

You had the loan a month, and need to reduce payments already, not been judgemental but what happened in the last month that lowered your income so you could not afford it.

With regards to payments, you pay back what you can afford, even if they agree to it, its an informal arrangement so defaults/late payments on your credit file are possible.

true27

Hi Leanne,

I was able to negotiate lower payments with them - I had to talk to the manager of my agent's office, but they wouldn't let me pay by direct debit. Try giving the office a call, they would always rather you pay something than nothing at all.

HTH x

Tixy

Hi Leanne

Be very careful if you renegotiate that you are not signing up for even higher interest rate charges.

I know nothing of your situation but I note you say another provident loan. Have you sat down and worked out a realistic income & expenditure account and had some advice from a debt charity as to what your best options are (which are very unlikely to be provident loans).

ju34514

Hi,

Like above, I had to ring manager of agents office, they agreed to lower payments and didn't add any more interest.

leanneslow

Thanks to everyone that replied. I will give the office a ring. Just a bit nervous what my agent will say when they come round next...will the agent be told of the changes?

thanks x

MARBLES

Hi,
If you are feeling like you are struggling financially, please talk to your Citizens Advice Bureau. The interest is often so high,to cover non-payers etc. A problem shared really can be a problem halved. It`s soooo easy to get into this situation. I agree with the person who said that making any payment is always better than none. Maybe give yourself a bit of breathing space and say to the agent when they next call that you are only to pay half for the next couple of weeks as you have had a change in circumstances and are seeking advice.

Best Wishes. You are honestly not the only person who needs to do this although you may be feeling that way at the moment.

bloojeans

I have two provident loans, my agent is good, if i cant pay full amount, she just takes what i can afford. They will both be cleared this year. SO NO MORE PROVIDENT FOR ME. Since coming on this site i have learnt lots. I could scream when i think of how much money they have had off me. In the past it never bothered me. But now i learning to be money savvy, it does bother me. I save pennies and pounds all over the place now. I can save at least half my payment out of my housekeeping money on a real good bargain hunting week.

Jo x

beanielou

Just remember the agents are paid on commission & may try to make you pay more than you can afford,be strong!
Have you thought about credit unions at all?

leanneslow

Without sounding daft, what is a credit union?

leanneslow

oh, my agent said to me before that i might get a manager come knocking on my door for being behind on repayments. would they really do this?