Provident Personal Credit - What could they do to me ??

spevster1

Hi there,

I currently owe money to Provident Personal Credit door stop lenders which I've been with for the last 2 years. I'am nearly paid up with them, but am planning on lending £1000-£2000 off them for Christmas I know the interest is high. But no other lender would lend me money as I went bankrupt approx 2 years ago. Repaying the repayments is no problem as my benefits will cover them.

But if my benefits were for some reason terminated and I still owned provident the the £2000 loan. Does anyone know what they could do to me ? I currently live with my parents so I would of thought they cant take anything of mind off me, also with the loan being classed as unsecured they have no legal right, do they ?

I do intend to pay it all back as I have never missed a payment with them also settling alot of my debts with them early. But with me maybe lending £1000-£2000 it would play on my mind a little if my benefits would for whatever reason stop.

Many thanks for any advice guys.

All the best

Lee

Zebedee69

Well, they will annoy you for ages coming around. They are known for that.

Also if you didnt pay you would pretty much end your chances of credit from anywhere again, a great way of ruining your life.... If your at all in doubt you wont pay back then dont even think about it. Unless your stupid in which case I cant help you.

My mate did the exact thing your doing. He didnt pay and he is currently 34, living at home and no hope of ever leaving.

spevster1

Hi there,

Thanks for the reply. I recently did two credit reports. Provident are not even listed on there with no history activy. Looks like they don't register themselves to your credit history. I suspect as to not improve my credit score so I don't end up going elsewhere. So I cant see how it would damage my credit report anymore if the worst should happen, or am I wrong in assuming this ?

I'am not really to fussed about my Credit score. As long as I have a bank account and can pay things like normal bills etc I'am not to bothered. Also if and when I'am in a position to buy a house (sorry should I say the banks house, because thats what most people are doing when they think they own there own home), it would most likely be in my girlfriends name. After hearing yesterdays predictions of house prices in the UK raising by 77% by the year 2011 with the average house price being in the region of £250,000 up north I doubt anyone would be able to own there own home, credit worthy or not. I would hate to have a massive mortgage hanging over my head. With the repercussions of repossession always ever looming if there were anything to happen to my job.

Anyway I'am planning to come off benefits as soon as they can sort whats wrong with my kidneys hopefully its nothing to serious. Then I'am off to the USA with my girlfriend to live with my uncle whos got a job waiting for me with his company. You get so much more for your money over there than rip off Britain. With Britain and its dull weather, stupid prices, and high taxes. No wonder more and more people are immigrating.

Regards Kev

JohnInDebt

spevster1 wrote:

Hi there,

I currently owe money to Provident Personal Credit door stop lenders which I've been with for the last 2 years. I'am nearly paid up with them, but am planning on lending £1000-£2000 off them for Christmas I know the interest is high. But no other lender would lend me money as I went bankrupt approx 2 years ago. Repaying the repayments is no problem as my benefits will cover them.

But if my benefits were for some reason terminated and I still owned provident the the £2000 loan. Does anyone know what they could do to me ? I currently live with my parents so I would of thought they cant take anything of mind off me, also with the loan being classed as unsecured they have no legal right, do they ?

I do intend to pay it all back as I have never missed a payment with them also settling alot of my debts with them early. But with me maybe lending £1000-£2000 it would play on my mind a little if my benefits would for whatever reason stop.

Many thanks for any advice guys.

All the best

Lee

Hopefully my response wont come across too judgemental. You should first work out how much exaclty you will need to borrow, £1000-£2000 is a wide range and is this all just for Christmas? It seems a lot of debt just for 1 day.

Although they probably don't register with the CRA's (maybe someone can confirm this) they would probably issue a CCJ against you if you stopped paying them, that would then seriously affect your ability to gain any credit for 6 years.

If you're on benefits I would seriously consider not lending this amount of money if at all. It really isn't worth the stress should something go wrong with your benefits payments.

rog2

PROVIDENT would be more of a pain in your backside than you could ever imagine - whether thay do the chasing, or get a legalised criminal of a Debt Collection Agency to do it, probably adding further charges to the debt. If it does end up in court your credit record would be stuffed for a further 6 years.
You say that you were discharged from bankruptcy 2 years ago - whilst I appreciate that many mainstream lenders will not view this favourably, I am sure that you would still be able to find credit (if you genuinely need it) at more favourable rates than Provident.
Have you tried the Credit Unions?

AMILLIONDOLLARS

You would do well to check things out as it will take you a long time to pay back £2000 especially on benefits and it could stop you going to the US to work and live as the American look into your financial status as part of their screening process.

AMD

PS. If you live with your parent and you have just got a girlfriend, why on earth do you need £2000 for xmas, it does seem a total waste of money for just one day:eek:

carolwat

im hoping that im not going to get jumped on again here just for trying to help but ill give it a try anyway. i am an agent for provident and i have to say i agree with others that have asked you why you need this much money for xmas. surely your girlfriend/family understand that you are on benefits and cant afford to spend so much money. if not then ok but i would suggest you dont get a loan like that as from what you say its going to be difficult for you to pay it back. im not being nasty here but if i was your agent i wouldnt give you it. not for any other reason than it just wouldnt be responsible lending and that wont help you or me in the long term.

having said all this you will probably go ahead and get it anyway which of course is your choice provident do not register your account on your credit file so whether you pay or not it wont show up on there unless your account is passed onto a debt collection agency. provident will not add extra interest onto your account should you find you cant pay, it is because of risky people like you that the rates are what they are. again not having a go just stating a fact. provident will not send your account to a debt collection agency so long as you are paying an agreed reduced amount each week and showing willing to pay your balance owed. if you do this then noboby but your allocated agent will call at your house therefore provident wont be hounding you all the time. they will also not take anything from your/parents house, we just dont do that ever.

hope this helps you. i really do hope that you decide against taking the loan though but like i said it is your choice.

regards
carol

spevster1

Many thanks for all your reponses guys. I've looked at credit unions but its a no go at the moment. As for still lending money off provident. If I do, it will now mostly be no more than a £1000 as that would work out as being a total of £1600 over 1 year which I dont consider that bad really. Plus I tend to pay off my debts quicky with provident so would end up getting some sort of rebate maybe on top. I really cant see me coming off benefits in that time frame, and even if I did there probelry wouldnt be much left to owe on it.

Listening to you guys though has made me think about how much to lend carefully though, as you can easly get carried away with lending to much.

Thanks again

AMILLIONDOLLARS

Spevster1

Paying £600 to borrow £1000, sounds and looks pretty bad to me:eek: I am sure your family will understand that you cannot go around giving out expensive presents whilst your on benefit, Please, please look again at your budget for Xmas, at the moment its not worth tying yourself to this amount of debt for one day!!!


AMD

ianian99

what benefits are you on that you can afford to pay back £30+ per week for christmaqs presents

ianian99

what benefits are you on that you can afford to pay back £30+ per week for christmaqs presents