Provident loan arrears?

Emmzi

adea wrote: »

The arrears that the OP mentions would be from when she didn't pay the full amount. Provident don't add any extra interest or charges.

Blimey. I'm surprised at that. But good news for OP then!

adea

dannimaycox wrote: »

So how will we have to pay the arrears back? Once the original loan is payed back (at the end of July) if we continue making payments will the arrears then go down?

I think that your mum would be best speaking to the office to find out how much per week you need to pay on the arrears(they won't speak to you due to the Data Protection Act), but when you continue to pay the arrears will go down, it will just take a little longer to pay off.
If you can afford to pay any extra off per week with you current payment, that will help to bring the figure down.
You can ask for a settlement figure at anytime and that will tell you how much you would have to pay to settle the outstanding balance of the loan.

dannimaycox

At the moment we really can't afford to pay any more than we are doing as we are both on benefits and struggling at the moment. When the loan is paid up do you think that they would let us pay the arrears off at say £10-£20 per week instead of the £45?

Emmzi

they'd probably rather have something than nothing :-) you can but ask!

DizzleUK

Right, with Provident they give you a book. In that book they write at the top how much you borrow, how much the interest is and the total goes in the top line. Every time they visit and you pay them something, that something gets deducted from the original figure.

Theoretically, 57 weeks at the same amount would bring the loan to zero, as planned and agreed.

If, however, you need to reduce your weekly payments, then that is fine, you won't be charged any extra. Keep paying amounts each week, whatever amount that is, until the figure reaches zero. If it takes you a year longer, then so be it.

As for your credit report, they do report on a monthly basis. I have a loan with them that was due to finish in december. I am still paying it back and have £87 to go. My credit report reads like this....

[2] 2 2 1 1 1 0 0 0 1 0 0

Despite not paying them anything for 2 months (because I moved, told the guy my new address, he turned up once, forgot to write the new address down in his book and then promptly forgot where I lived lol. He's been *replaced* and I get a nice new lady from next week) it never seems to move away from a 2 on my report, which ain't all that bad.

Hope this helps.

Bob_Jones_2

Provident dont add any interest or charges as others have said.

You can ask for a statement free of charge. I would check the agent hasnt made any "mistakes".

woody01

dannimaycox wrote: »

So how will we have to pay the arrears back? Once the original loan is payed back (at the end of July) if we continue making payments will the arrears then go down?

Of course you will.
The arrears are not extra charges.....they are payments that should've been made but weren't.

This isn't complicated.