OMG is this for real???

black-saturn

I've had a Friends Provident rep on my doorstep just before Christmas before trying to get me to have shopping vouchers. They have these shopping vouchers in their hand and the talk is "You take this £500 worth of vouchers now, go and treat yourself, buy the kids a present and then I will come back next week and take £20 off you". I didn't fall for it but I can imagine how tempting it would be to someone struggling with cash.

rog2

mummyyummy wrote:

and i also know for a fact they dont offer to lend you more money a few weeks down the line like so many of you assume. Yiou gotta be with them at least a few months, and even then, you gotta pay off your first loan before they'll give you another one......look at yourselves

are yous the fortunate ones???

No I am not one of the fortunate ones - I am skint and, as I said, the offer of £500.00 is tempting indeed - I certainly can't get credit from my bank at any rate.
Yes, I accept that I am making assumptions about this type of lender, and that you are quite happy with your experiences with them. However, these ARE exorbitant rates, whichever way you look at them, and I would suspect that for every satisfied customer, as you doubtless are, there will be at least one customer who has a different tale to tell.
All that I, as most people, am advocating is that we make every effort, in the pursuit of getting out of a debt nightmare, to avoid companies who are deliberately out to profit from our misfortune.
I am not passing judgement on you - honest!

wannabedebtfree_2

I can understand why people would go through them, I have had them knock on my door a few years ago just before xmas offering high street vouchers, and I must say I was sorely tempted, until they told me what I would pay back, thank god I have a quick brain for maths, and when I worked out what the interest would be I told the chap I would rather stick it on credit cards if I needed to.

They prey on the people who are the most needy, and I'm sure they have in some twisted way helped people in dire straits, but then with interest rates of 177%+ they need to be nice to people!!!

Penny-Pincher!!

My friend used to work for Provident and they do allow you to take a further loan but you have to pay your current loan off with the new loan! So if you owed £500 and wanted £1000, they would give you £500 cash then use the other £500 to wipe the old debt IYSWIM.

I think the rates of interest they charge are extorninate (sp) but...it does help those who need a quick fix of money. Many of my friends clients had phone bills or gas bills that they couldnt pay and no one to ask for help, so they took a provy loan.

Some people have nowhere else to go and unfortunatly Provident are taking advantage of this factor. At least this way is above board and much better than going to a loan shark.

PP
xx

seven-day-weekend

Penny-Pincher!! wrote:

My friend used to work for Provident and they do allow you to take a further loan but you have to pay your current loan off with the new loan! So if you owed £500 and wanted £1000, they would give you £500 cash then use the other £500 to wipe the old debt IYSWIM.

I think the rates of interest they charge are extorninate (sp) but...it does help those who need a quick fix of money. Many of my friends clients had phone bills or gas bills that they couldnt pay and no one to ask for help, so they took a provy loan.

Some people have nowhere else to go and unfortunatly Provident are taking advantage of this factor. At least this way is above board and much better than going to a loan shark.

PP
xx

How awful that people are in a position where they have to pay 177% for their utility bills.

There surely must be a better way - won't the utilities themselves give them a payment plan?

seven-day-weekend

Wouldn't a credit union be better? I know you have to pay some in as well as take some out, but AFAIK the interest rates are much lower - and surely if you can afford a fiver to pay to Provident you can afford it to a credit union.

lil_me

Oh yes I know loads of people in serious debt with them and similar door collection companies.

I was offered last xmas a special offer. £50 worth of high street vouchers for £4 a week, oh yes you guessed it over 25 weeks. Paying back £100 for £50 in vouchers, robbing b*stards. She said she couldn't remember when I asked how many weeks would be over, she just said oh 6 months maybe a bit longer and it'll be paid off.

meece

I've just seen Uncle Buck (short term loans) on the web, and their typical APR is 1413!!!!!

lazy&indebt

meece wrote:

I've just seen Uncle Buck (short term loans) on the web, and their typical APR is 1413!!!!!

WHAT?!!!!!

Princessa_2

about these christmas things... my mama had someone knock the other day and was offering to sell her high street vouchers for xmas. i've seen these in catalogues like the hamper type pnes, but didn't know of people knocking on doors selling them. What's the deal with it?