OMG is this for real???

debtfreelondon

It's not just the loan sharks that try to catch out people with massive loan rates.

I had a flyer through from Barclaycard - as a "valued customer" for an unsecured loan of 24.9%!

I rang to complain about the vastly overpriced loan - the guy on the other end couldn't care less and said (to cap it all) that it was based on my credit score with them.

This was despite a £10k credit limit with them and zero balance.

Obviously I wasn't worth enough to them so they thought they'd try to entice me with their "market beating" offer.

Cancelled everything I had with them the very same day.

GreyPilgrim

...is it time to start one?

Spirited_2

I understand that over a short period of time the interest rates are more - I hesitate to say 'reasonable' - forgiveable. But I think it is entirely unethical to prey on vulnerable people and wave money or childrens' toys in their faces.

I would urge members spread the word to those who are regularly exposed to these ... er... thieves... about credit unions and freecycle for appliances etc, toy libraries for kids toys and all the other things that we have learnt about from here.

Tiff_2

Spirited wrote:

I understand that over a short period of time the interest rates are more - I hesitate to say 'reasonable' - forgiveable. But I think it is entirely unethical to prey on vulnerable people and wave money or childrens' toys in their faces.

I would urge members spread the word to those who are regularly exposed to these ... er... thieves... about credit unions and freecycle for appliances etc, toy libraries for kids toys and all the other things that we have learnt about from here.

:money: Martin - are you there??? .:A
In earlier posts, I thought it would be exactly the type of campaign for Martin to champion! He has made such strides on behalf of consumers & unfair practices.:T
With companies like Shopacheck, Provident, etc., it's not flyers thru your door, it's people and being on commission they tell you everything you want to hear. And yes you can say no, but read my earlier posts for my experiences. These companies seem totally unanswerable to anyone and the cost to your health stress-wise, as well as to your finances, is exorbitant. You can almost see their eyes light up the moment you mention state benefits and as I was told when I mentioned very poor credit and income support, "Don't you worry about that - we can work around that."
Until you miss a payment...

x_raphael_xx

freebird65 wrote:

an offer from Provident of a cash loan with a typical APR of 177%!!!!!!! :eek: :eek: I actually read it twice because I thought I was seeing things.

177% Hahahahaha
and I thought HFC were bad for asking 33% for a £1000 loan (now borrowed from friends instead) which would have meant £700 just in interest.

Oh thats really tickled me. Do they think people are stupid?!

postingalwaysposting

everyone for this great thread, i have ben reading it since the first post and i must say i have enjoyed reading all sides for the arguement for apr rates, its been fun reading and learning from other people misfourtunes, thanks :rolleyes:

Tiff_2

No, not stupid, just desperate.

freebird65

I've had a PM from an MSE'er with personal experience working for Provident but who, due to the stress they went through by WORKING for them, would like to remain anonymous and not join in the discussion here. I've asked permission to reproduce their PM and here is what it says:

"........................... I worked for them, as an agent, and you are actively encouraged to push the loans onto people trying to get out of debt. They have loan periods just over a year so that around christmas they can re-lend to customers.

After working there for a sort while to try and clear some of my own debt at the time, I was robbed and all the money I had collected that day (nearly £1000) was stolen, I went to the police and was promptly accused of taking it myself, despite having a black eye and broken teeth for my troubles. After being arrested I was never charged due to a lack of evidence (hmm wonder why that might be).

Provident also own one of the other companies, as memory serves it's greenwood or something similar. They also have ludicrous rates. Shopacheck are worse than provident on rates and as memory serves so are the others. It's modern day loan sharking, and it's legal, and they won't think twice about taking food out of a babies mouth."

benedictadams

These people were at Kings Heath Market earlier this year

Asked me once was i interested, said no

Asked me again and tried to start his pre-rehersed script, said no

Asked me a third time and told him that i wasn't interested and walked away as he was trying to ask a fourth time

I know that people need to earn a living and stuff but surely the company needs to look at their marketing especially after the posting above. To accuse a member of staff of nicking the money when they could see there was physical harm just beggars belief

carolwat

hi

i have been reading these forums for a while now and gaining some very useful information for myself and for others which i thank everyone for.

i have a feeling that after posting i will be jumped on and banished to some place where the evil go and burned alive.

i am a provident agent and have been for about 6 years now. i dont think i am evil, scum or any other words that have been used to describe people like me. i also dont prey on the vulnerable and force unwanted loans on people or wave toys in the face of children at christmas time so their parents feel they have to get a loan from me. infact i take toys etc that my own child has finished with for my customers children. i have also given away lots of other things to them to save them from having to buy those things themsleves. i help them in any way i can. while some customers dont have much they do their best and i can help with small loans i know they can afford when unexpected bills arrive or fridges break etc. where else can these people go. others have been customers for a long time and really dont need the loans but they like me to call as they like the company and chat. i dont force loans on people. callers like us do not receive our petrol money. we receive a commission that while it is is and pays the bills its not great. we have to pay for everything ourselves, no petrol, no company car, no company mobile. we pay our taxes and national insurance. i love my job and i am very fond of my customers. some are more like family. ok so im probably the most hated person on here right now but i felt that after reading all the names people like me have been called i had to post.

i hope those of you that use providents service are happy with your agent and feel that you are not being ripped off. those who have never needed to use us then i hope you realise you are luckier than others and that sometimes people do need us. maybe one day you will and then maybe when you cant afford to pay your money one week or month you have a sympathetic agent who will try to help and remind you that whilst you need to try and pay something we wont add extra interest or come to your door with a baseball bat.

regards
carol