provident

snookey

Hi has anyone had dealings with Provident loans. The reason Im asking is that due to mortgage arrears I need toreduce my payments to them. At present we are paying two hundred and forty pounds per month and are on disability benefits.
I intend to fully pay them eventually but need the breather in between.

beanielou

Yes, you are doing the right things in reducing what you pay to Provident as they are an unsecured creditor & your priority is your mortgage arrears.
The best thing is to get in touch with your local office if you can.
Failing that speak to your collector but remember that they will want you to continue to pay as much as possible as they are paid commission on what they collect.

Delree

See if your local credit union can help, they exist in large part to help people who have loans with with Provident and other vile door step lenders. In my housing association we work closely with the local credit union as we regard provident and the like as a real scurge.

snookey

Thankyou Beanilou and Delree for taking the time to reply. Im in the credit union but have never used them[daft I know].

I let things slide as I was unable to deal with the finances due to mental illness so o/h had to deal with it . Now Im more able Im taking the reins. He always relied on me to keep things in order before and Isnt great with money . At least he tried and did take a lot of stress off me and that Im thankfull for him doing that.

struggling2011

Explain to your collection agent that you're struggling. They may be able to refinance the debt. Basically it means that you're borowing the outstanding balance to pay off the existing debt, but you may be able to reduce your payments on the new loan or to extend the payment time - say paying it off over 18 months instead of 12 months.

Once you've got your arrears cleared then overpay on the Provident loan to get it cleared quicker. If you repay early, they do reduce the overal interest charged.

It's not an ideal thing to do, but the mortgage arrears need clearing asap

beanielou

Dont refinance the debt as this just means yo.u pay interest on top of interest.