Provident - Non money saving tip of the week !

ukdrummajor

BexTech wrote:

Provident are there to make money, and to ensure low income people remain in debt, not to help them.

Borrow £500, you pay back £825. This means you are £325 worse off. If you were struggling on the money you had, you will be struggling on the money you are left with.

Provident simply prey on the vulnerable.

To work for Provident you need to have no morals.

Come on people, if you borrow money and have to pay back more than you borrowed you are going to be worse off, and then find you will have to borrow again, and again. This is why Provident when you get close to the end of your loan pester you into another one, because they know you will have less money than you would have had if you hadn't borrowed.

If you are getting into financial trouble, then look where you are wasting money, there is no reason why even on the minimum benefit that you can't live adequately day to day.

Get rid of the mobile phone, drop the phoneline for a while, stop subscribing to satellite or cable for a while, no more takeaways, buy food from a market and cook from fresh / frozen ingredients.

at best some of your comments are ill advised, at worst they are downright idiotic.

Cumbrian_Male

BexTech wrote:

Borrow £500, you pay back £825. This means you are £325 worse off. If you were struggling on the money you had, you will be struggling on the money you are left with.

This applies to any lender, they all charge interest you know, just of differing amounts.

BexTech wrote:

Provident simply prey on the vulnerable.

No they don't. Your comments are libellous.

BexTech wrote:

To work for Provident you need to have no morals.

So I have no morals then by your definition, as I do work for Provident.

BexTech wrote:

Come on people, if you borrow money and have to pay back more than you borrowed you are going to be worse off, and then find you will have (my bold) to borrow again, and again. This is why Provident when you get close to the end of your loan pester you into another one, because they know you will have less money than you would have had if you hadn't borrowed.

So do you save and pay cash for everything? Planned specific borrowing is fine, people do it all the time. Mortgages and car HP for example. There is no reason to have to borrow more if you don't want or need to. Like all members of society some borrow to meet wants others to meet needs.

Do you think other businesses don't have customer retention tactics? Ring Sky or a mobile provider and tell them you want to cancel and see what they will offer to you to keep your custom.

jamesd

Celtic, they are a legtimate business offering loans to high risk customers who can't get them anywhere else. Lender of last resort. The rates reflect the risk. Very high but it beats not being able to get credit at all.

BexTech, you're right that if the benefits system is working perfectly and nothing unexpected happens it's enough to live and even save on. But the catches about it having to work perfectly and nothing unexpected happen are real. Provident beats things like unarranged borrowing from banks or loan sharks.

burbs_2

BexTech wrote:

Provident are there to make money, and to ensure low income people remain in debt, not to help them.

Borrow £500, you pay back £825. This means you are £325 worse off. If you were struggling on the money you had, you will be struggling on the money you are left with.

Provident simply prey on the vulnerable.

To work for Provident you need to have no morals.

Come on people, if you borrow money and have to pay back more than you borrowed you are going to be worse off, and then find you will have to borrow again, and again. This is why Provident when you get close to the end of your loan pester you into another one, because they know you will have less money than you would have had if you hadn't borrowed.

If you are getting into financial trouble, then look where you are wasting money, there is no reason why even on the minimum benefit that you can't live adequately day to day.

Get rid of the mobile phone, drop the phoneline for a while, stop subscribing to satellite or cable for a while, no more takeaways, buy food from a market and cook from fresh / frozen ingredients.

You are talking complete and utter rubbish.

You say Provident are there to make money, not to help people. Well done Sherlock - how long did it take you to work that out. They are a business providing a service aimed at a high risk market. They will not do this for free, they need to make money, that is the way any business works.

You say that you have to have no morals to work for Provident. Is this also the case for people working for Barclays, Natwest and anyone else offering loans or is it just for companies that you decide are not good enough?

Drop this, get rid of that is all very easy to say but in real life it is not always possible.

Before you patronise me with the comments about either I work for Provident or I need help with budgeting and should PM you, I fall into neither category. Just think your comments are completly unhelpful.

nomoneytoday

ukdrummajor wrote:

at best some of your comments are ill advised, at worst they are downright idiotic.

And other comments on there are valid. Mobile phones, tv subs etc are not necessities.

nomoneytoday

burbs wrote:

You say that you have to have no morals to work for Provident. Is this also the case for people working for Barclays, Natwest and anyone else offering loans or is it just for companies that you decide are not good enough?

The banks aren't perfect, but they charge far more reasonable interest rates, and TRY to ensure people can afford to pay back what they borrow.

MORPH3US

black-saturn wrote:

Last christmas someone from Provident knocked on my door and offered to give me £250 worth of vouchers to spend straight away and said that next friday he would come round and take £2 off me as first payment. I'm not daft so I declined but before I did I pretended I was slightly interested and asked him what the interest rate was. I can't remember what it was now but I know it was a lot, over 100%. Then he started saying things like "Go on, go out now and treat the children, buy them loads of toys". I can't imagine how tempting that would be to some people. Then I watched through the window as he knocked on all my neighbours doors and some of them took the vouchers.

Someone doing the same on my doorstep would be greeted with a door slammed in their face (and that would be if I was in a good mood)!!

I hate people selling door to door but the GF refuses to let me put a "We DO NOT need ...." sign.

So we get everyone coming round selling double glazing mainly "but we already have double glazing", "yes but they are wooden frames sir" !!!!!!?!?!

M

EDIT

I'm also hacked off at the moment with junk mail. Its bad enough in itself, but the other day we had 3 leaflets in one go, one for flat roof replacements..... we don't have a flat room, one for automatic garage doors.... we don't have garage doors and one for double glazing..... we already have double glazing albeit in wooden frames.

carolwat

nomoneytoday wrote:

The banks aren't perfect, but they charge far more reasonable interest rates, and TRY to ensure people can afford to pay back what they borrow.

oh they ensure people can afford to repay their loans do they. please explain to me then why i get loan offers everyday that have been cleared already and just need me to sign on the line and the money will be in my account within hours. i certainly cant afford to repay what they are offering. the only money i have goin in my account it from child benefit and tax credits. i get paid in cash and the bank have no idea of my earnings. all they see if that my account is in credit and i pay my bills. is this what you call responsible lending. perhaps i will take then up on their offer as they are preying on me at a time of year i am vulnerable and have the expense of christmas. then whan i cant make the payment i can come on here and tell you all how evil they were making me get the money from them.

now get off your high horses about the likes of provident and get in the real world. businesses are all trying to make money, that is the nature of the game. if you are daft enough to believe the banks have your best interests at heart then more fool you. i as a provident agent do have the best interests of my customers at heart otherwise i would end up losing out with my commission pay based on collections when they cant pay.

carol

Cumbrian_Male

nomoneytoday wrote:

The banks aren't perfect, but they charge far more reasonable interest rates, and TRY to ensure people can afford to pay back what they borrow.

Because Provident are home based lenders, we have a true view of a customers circumstances.

You don't get unsolicited credit increases from Provident, unlike remote lenders such as banks who will increase limits on credit cards just because minimum payments are made and they keep spending.

Yes we are more expensive than main stream lenders but dealing in cash involves bank charges for cashing cheques for float and again to deposit takings. We also lend to a higher risk customer base so we pay higher interest rates on our borrowing from our banks.

Does a bank come to your door for your payment or rely on direct debit?
You don't get charged £25 for an arrears letter from Provident or any late payment interest.

Many people don't like the idea of home collected credit but we provide a valuable service to a disenfranchised sector of the market.

Contains_Mild_Peril

If you are getting into financial trouble, then look where you are wasting money, there is no reason why even on the minimum benefit that you can't live adequately day to day.

Get rid of the mobile phone, drop the phoneline for a while

What, you mean while trying to get a job?!? :rotfl: :rotfl:

Rafter wrote:

If you were on benefits or a low income and your washing machine broke for example, would you be prepared to pay £9 a week for a year in return for a new one, rather than have to go down the laundrette?

If I'd been on Income Support or Jobseekers' Allowance for at least 6 months, I'd apply for an interest free Social Fund Budgeting Loan from the DSS.