Provident Personal Credit

karatedragon

I have never heard of these people EVER. I have NEVER EVER had any dealing with them. I am on the Mail and Telephone Preference Service.

Why then do I find a mailshot in my box this afternoon celebrating the fact I can borrow up to wooooohhhh... wait for it.....

£500

and pay back at £9 a week at a rate of 177% APR!!!! Thats One Hundered and Seventy Seven Percent!!! I had to look twice as I thought it was 17.7 Seventeen Point Seven!!!!

I rang them up asking how they had my details and queried the APR. Sure enough 177% APR. I asked if they enjoyed ripping people off and how many people have they conned into this. I asked the operator if he would take out money at this rate. I asked if they were "sub prime" lenders.

He took my details off and then tried to get rid of me sharpish!!!

inmypocketnottheirs

How much do you expect someone to charge for lending £500 and then employing individuals to operate a doorstep collection service. Then add in a provision for bad debts? It is unfair mechanism to use APR's to measure the cost of borrowing, especially against small amounts.

So tell me katedragon, how much would you expect to pay in interest for a £500 loan, with no security and weekly cash repayments?

magyar

They've been discussed on this forum before....

Not nice...

karatedragon

inmypocketnottheirs wrote:

How much do you expect someone to charge for lending £500 and then employing individuals to operate a doorstep collection service. Then add in a provision for bad debts? It is unfair mechanism to use APR's to measure the cost of borrowing, especially against small amounts.

So tell me katedragon, how much would you expect to pay in interest for a £500 loan, with no security and weekly cash repayments?

If I had no security and a weekly shoestring income I wouldnt take out a loan as I couldnt afford it. Seems to me these people might be praying on the unfortunate members of the populus and is that morally right. What I cant understand is how I got their great offer in my door as I have no mortgage or any loans

carolwat

here we go again. read the posts on the other thread please.

inmypocket - well said. ive thanked you

inmypocketnottheirs

karatedragon wrote:

If I had no security and a weekly shoestring income I wouldnt take out a loan as I couldnt afford it. Seems to me these people might be praying on the unfortunate members of the populus and is that morally right. What I cant understand is how I got their great offer in my door as I have no mortgage or any loans

You would be right not to. But unless you have been in that situation, it really is hard to say. They might in your opinion prey on the unfortunate, but who else provides this sort of service. Personally, I would like to see the promotion and development of Credit Unions as that would then create some competition in the market place.

I get all sorts of offers of goods and services through my door. If it doesn't interest me, then I bin it. We live in a consumer society where goods and services are advertised in a variety of ways. For example we have received bulk mailings for introduction agencies, but we live in an area of families. It just happens, don't get hung up over it.

carolwat

inmypocket i think it just bothers some people when they get a mailing from a company like provident as they think we only give credit to people of a lower class than themselves. they then feel wronged by provident and feel they have been labelled the same as others who perhaps need providents help. they dont like it that someone somewhere has sent them something they think they might be interested in. why would someone like them want anything from provident, they are too good for them. i know which type of people i prefer as customers. like i have said on here earlier today on another post i would rather have a customer who has nothing than a customer who works, has their own house and car etc. in my experience the ones with nothing are the nicer people who live on this planet and dont have their heads in the clouds. its the 'better class' that wont pay.

before i get jumped on im talking from experience and not labelling everyone who has a job. own house, car etc. i am one of those people too im just saying that with my customer base this is generally the case.

i too receive unwanted mail but it doesnt bother me, i just put in straight into the recycling box.

regards
carol

inmypocketnottheirs

carolwat wrote:

i too receive unwanted mail but it doesnt bother me, i just put in straight into the recycling box.

Exactly my point!

karatedragon

I am just really sensitive to mail shots and junk phone calls as I feel they are an invasion of your private space and agitate your ki energy. "Consumer Society" does this too.

I know in my mind what should come through the door each month (Bank Statement, internet bill BT bill once a quarter and chirstams and birthday cards at the right time and anything I am expecting I HAVE ASKED FOR. It has been like this for nearly three years until today.

Any deviation to this balance unbalances ki energy.

KarateDragon

Amanda_McLaughlan

I work for a credit union, where we offer our members easy savings and access to low cost loans. A provident loan of £500 taken out over a year costs £800+++ the same loan from you local credit union will cost £533!!!!! and you still have your savings...........My Credit Union has also been helping Farepak customers, if we didnot then thay would have to go to these unethical loan companies.

karatedragon

Credit Unions sound a nice idea