177% Apr!

Tr@cker

In a letter from Provident this morning borrow £50-£500. How do these clowns get away with it ? Its aimed at the poorest, most desparate people in society (of which im not one) those least able to pay being absolutely screwed.

cattie1

yeah I know I found out the hard way!:eek:

southernscouser

I know what you are saying but these are normally short term loans for that amount.

If you borrowed £500 for a fortnight you would only pay around £35 in interest! Not that bad when you think about it!

Obviously when people start taking loans over longer periods it's madness but for short term things I think they do serve a purpose.

doelani

I would advise anyone who gets one of these letters to BIN IT. I worked for Provident for 3 years (10 years ago) first as a relief Agent or covering holidays then I got my own round.

I saw so many desperate people who were paying over most of their benefits or wages to make payments then every few weeks asking for more money. It was heartbreaking and I used to feel so threatened by some customers when I had to turn them down. In the end I had enough and packed it in. The company push and push their agents to get the customers to take loans especially at christmas and as no credit checks are done it is up to the agent if they get the money. when I took over my round I seen many people in over their heads becasue of the Agent who was their before me.

I was also a customer myself for many years from I was 18 and so was my mum. At one point I remember her paying 80.00 per week and she only had about 100.00 per week coming in. It is a vigious circle one you get into it.

HairyHandofDartmoor

It's not illegal, but it's not exactly moral. Sometime the law doesn't protect the most needy in society.

cattie1

I basically pay a months rent to them! :eek: I also worked for them (covering hols) and they hound you to get more loans especially if you are a good payer (which I was!)
everytime I paid a loan off they would give me another much bigger 1 and then they "talk" you in2 extending the other loans so you end up paying more!:mad:

Tiff_2

cattie1 wrote:

I basically pay a months rent to them! :eek: I also worked for them (covering hols) and they hound you to get more loans especially if you are a good payer (which I was!)
everytime I paid a loan off they would give me another much bigger 1 and then they "talk" you in2 extending the other loans so you end up paying more!:mad:

If you look back in the archives within the last couple of months, we had discussion on this very thing - indeed, I posted the whole of my experience.
I think it's legal highway robbery and still live in hope that MSE Martin will tackle these agencies.
Tiff x