Provident mmmm

FOURCANDLES_2

Hi as some may have seen through my older posts I am helping a friend who has a little financial woe. Anyway an update he contacted me this morning due to the fact he has received a letter from Provident from what I have read about these on google they are one of these very high interest loan company. The letter states that provident has beenask to collect the debt. It goes on to say they can help by knocking %10 of the amount owing spread over 50 weeks for no extra charges.Then says they will send a rep to the door to talk about it . It the goes on to say if you are interested in the new repayment plan and sign a Request to call the original claimant will assign the debt to provident for collection .:cool:
OK the payments they request are £30 pm month than what he is paying direct to the original creditor , so he cant afford it for starters. Also from what I understand does he have to sign this request to call for them to visit? in order to ask for the money ? it all sounds very odd to me it goes on then to say if he does it it will show on his credit file that he is paying regular payments and they may be able to offer him credit in the future (I do not think that would be an issue at those interest rates) So any advice in order for me to pass on should he pay as he is doing now?, I have advised that having anything to do with this comapany would be a bad idea .

Ames

Provident are now a debt collection agency as well as a loan company. If they're in charge of the debt then you'll have to speak to them. First of all I'd write asking for proof that they're allowed to chase the debt (someone will be along with a template soon). Then it's just deal with them as you would any DCA.

FOURCANDLES_2

Ames wrote: »

Provident are now a debt collection agency as well as a loan company. If they're in charge of the debt then you'll have to speak to them. First of all I'd write asking for proof that they're allowed to chase the debt (someone will be along with a template soon). Then it's just deal with them as you would any DCA.

So he now stops payment to the company and sends it to provident? after they give the proof etc , does he need to ask for it as he knows he owes the debt

Ames

Yes, you need to ask for proof to make sure that they're allowed to collect the debt. when you've got that then start paying them instead of the first company.

WRINKLES

Provident operate their debt collection activites under the name of Greenwood , they try to get you to take out a loan with them as they say to pay the original debt off ,you now owe Provident even more money , be careful .

FOURCANDLES_2

WRINKLES wrote: »

Provident operate their debt collection activites under the name of Greenwood , they try to get you to take out a loan with them as they say to pay the original debt off ,you now owe Provident even more money , be careful .

Hi thanks for that it is not me but my friend who I am helping out I have convinced a do net be a borrower or lender be, his days of credit are over he intends not to ever borrow again especially from the likes of this provident crew

Arwen

WRINKLES wrote: »

Provident operate their debt collection activites under the name of Greenwood , they try to get you to take out a loan with them as they say to pay the original debt off ,you now owe Provident even more money , be careful .

No they don't.Where did that come from? :cool: Greenwoods is a subsidiary of Provident and do their own products.

CK Edrupt and Wisemans are the DCA side of Provident.

WRINKLES

Arwen wrote: »

No they don't.Where did that come from? :cool: Greenwoods is a subsidiary of Provident and do their own products.

CK Edrupt and Wisemans are the DCA side of Provident.

Some time back greenwoods knocked on a posters door and asked them to take out a loan to pay the debt owed to another company , i told them this was illegal , they were trying to make more money , i will try and find the post .

WRINKLES

Arwen wrote: »

No they don't.Where did that come from? :cool: Greenwoods is a subsidiary of Provident and do their own products.

CK Edrupt and Wisemans are the DCA side of Provident.

I have found the thread , thread is called Greenwoods started by Cherryblossoms ,5/5/2010 , have a look .

GoodCaptain

Provident buy debts from other companies and then try to collect the monies owed. In order to entice you to pay, they offer you a 10% discount on the outstanding debt, and the remainder is paid at 0% interest. Because strictly speaking this is done via an interest free loan, they need to get a request to call completed prior to doing the rest of the paperwork the following day (in accordance with consumer credit legislation)

The benefits to provident are that they do make a profit on the debt, if you actually pay, plus (more importantly) you will then be a customer of theirs which means that they will be able to offer you loans in the future.

barbiedoll

I used to work for Provident, (in the office, not collecting money!) their agents are very good at making friends with their debtors and encouraging them to borrow more and more, especially at Christmas, during school holidays etc etc. If your friend is going to end up paying his debt to Provident or Greenwood, get him to request a payment schedule by standing order, rather than having an agent call on him at home. It is very very easy to get sucked into borrowing more money, the agent will end up coming into his home, having a cup of tea and listening to his "tales of woe" about how skint he is. Suddenly, the odd £50 or £100 at a couple of quid a week is a big lure, especially for the cash-strapped. I don't know if they can accommodate bank payments but if they make waves, get him to tell them that he cannot guarantee that he will be home when an agent calls and that he want to ensure that his instalments are paid regularly. I don't see how they can refuse the offer. Or else maybe he can pay you and you can pay the agents instead?
Tell him to be very careful of Provident, they have been around for a long time and they are very good at what they do!